Industrial Flex Building with Core &
For Sale
$5,640,000
138 N Country Way, Washington, UT 84780
Core-and-shell industrial flex space with high clear heights, insulated metal panel envelope, and flexibility to demising into two units.
Property Size24,000 SF
Price / SF$235
Days on Market117
Property Features for 138 N Country Way
General Information
Standard status
Active
Size
24,000 SF
Listing Agency:
Equity Real Estate (Results)
(801) 358-9865
Listed By:
Daniel Richey
(801) 358-9865
Source:
Exprealty
Added: Apr 14
Changed: Jul 10
Last Checked: Aug 8 at 9:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Equity Real Estate (Results)
Investment Insights
Based on property information with market context.
This institutional-quality industrial flex building is offered as core & shell and designed for tenant or buyer customization. The project includes three buildings totaling 68,000 SF, with Building #36 (24,000 SF) currently under construction and anticipated completion in August 2026. The exterior envelope is constructed with insulated metal panels (IMP) to support thermal performance and help maintain interior comfort and energy efficiency. The layout is configured for industrial and flex users, with high clear heights and the ability to demis into two 12,000 SF units. Each unit can be set up with separate utilities, HVAC systems, and entrances. The facility is also structured for site utility and operations flexibility, as each of the three buildings can be individually fenced to create a yard area specific to that building.
The property is located within Sunrise Valley Industrial Park in Washington County. It is being positioned to deliver modern, high-quality industrial space as part of a growing industrial development. Access and configuration are intended to support both single-tenant occupancy and split-use scenarios through the planned demising options.
For tenants, the combination of core & shell delivery and demising capability supports build-to-suit interior improvement planning, including potential office, kitchen, and restroom upgrades incorporated into lease terms. For owner-users or investors, the option to occupy part of the building while leasing the remainder is built into the unit design, with separate entrances, utilities, and HVAC systems to support independent operations.
The property is located within Sunrise Valley Industrial Park in Washington County. It is being positioned to deliver modern, high-quality industrial space as part of a growing industrial development. Access and configuration are intended to support both single-tenant occupancy and split-use scenarios through the planned demising options.
For tenants, the combination of core & shell delivery and demising capability supports build-to-suit interior improvement planning, including potential office, kitchen, and restroom upgrades incorporated into lease terms. For owner-users or investors, the option to occupy part of the building while leasing the remainder is built into the unit design, with separate entrances, utilities, and HVAC systems to support independent operations.
Key Highlights
- Institutional‑quality industrial flex building in Sunrise Valley Industrial Park, offered for sale or lease
- Project includes three buildings totaling 68,000 SF (24,000 SF, 22,000 SF, 22,000 SF); Building #36 (24,000 SF) under construction
- Building #36 completion anticipated in August 2026
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$203,135
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,062,700
$4.1M
Cap Rate 7%
$2,901,929
$2.9M
Cap Rate 9%
$2,257,056
$2.3M
Market Conditions
NOI Build-Up for 24,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$259.2K $10.80/SF
− Vacancy
−$20.2K −$0.84/SF
EGI
$239.0K $9.96/SF
− OpEx
−$35.8K −$1.49/SF
NOI
$203.1K $8.46/SF
Area
Washington County, UT
Vacancy
7.80%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,062,700
Cap Rate 7%
$2,901,929
Cap Rate 9%
$2,257,056
Alternative Uses
Best Use
Warehouse
$2.90M
$2.54M – $3.39M
NOI $203,135 @ 7.0% cap · market cap 3.60%
Second Best
Flex RnD
$2.45M
$2.15M – $2.86M
NOI $171,659 @ 7.0% cap · market cap 3.04%
Theoretical Best
Specialty Retail
$6.61M
$5.78M – $7.71M
NOI $462,627 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84780, UT
28,025
Population
12,922
Households
2.2
Avg Household Size
36
Median Age
35%
College-Educated
94%
High-School Grad
61.8 sq mi
ZIP Area
453
Density / Sq Mi
$94,103
Median Household Income
$42,098
Median Earnings
$1,581
Median Rent
$511,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Core-and-shell industrial flex space with high clear heights, insulated metal panel envelope, and flexibility to demising into two units.
Where is this flex space located?
The property is located at 138 N Country Way Washington, UT.
What is the asking price?
The asking price for this property is $5,640,000.
What are key features of this property?
This property features: Institutional‑quality industrial flex building in Sunrise Valley Industrial Park, offered for sale or lease; Project includes three buildings totaling 68,000 SF (24,000 SF, 22,000 SF, 22,000 SF); Building #36 (24,000 SF) under construction; Building #36 completion anticipated in August 2026
