Restaurant Building with Roll-Up
For Sale
$3,150,000
145 W Pierpont Ave, Salt Lake City, UT 84101
Freestanding three-level restaurant building with three glass roll-up doors and 14' ceilings on the main level.
Property Size12,800 SF
Price / SF$246.09
Days on Market146
Property Features for 145 W Pierpont Ave
General Information
Standard status
Active
Size
12,800 SF
Zoning
D-3
Restaurant
Commercial Hood
Yes
Grease Trap
Yes
Additional Details
Clear Height
14 ft
Taxes and HOA fees
Annual Taxes
$26,018
Building Details
Year Built
1909
Stories
3
Listing Agency:
Internet Properties Property Management
(801) 413-8902
Listed By:
Nico Priskos · License #8228033-SA00
(801) 413-8902
Source:
Exprealty
Added: Apr 1
Changed: Aug 23
Last Checked: Aug 14 at 8:05AM
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 Internet Properties Property Management
Investment Insights
Based on property information with market context.
Freestanding 12,800 SF restaurant building with a history dating back to 1909. Zoned D-3, the property offers a versatile three-level layout, with the main level featuring (3) glass roll-up doors and lofty 14' ceilings. Existing kitchen hood and grease trap infrastructure are included, and the lower level has the ability to operate independently from the main/upper levels.
The property is located at 145 W Pierpont Ave in Salt Lake City, near the Salt Palace Convention Center, and within the area described as the Delta Center and an emerging downtown entertainment district.
With its established hospitality infrastructure and flexible, multi-level configuration, the building is set up for food-and-beverage concepts and other uses that can take advantage of the independent lower-level operation.
The property is located at 145 W Pierpont Ave in Salt Lake City, near the Salt Palace Convention Center, and within the area described as the Delta Center and an emerging downtown entertainment district.
With its established hospitality infrastructure and flexible, multi-level configuration, the building is set up for food-and-beverage concepts and other uses that can take advantage of the independent lower-level operation.
Key Highlights
- 12,800 SF freestanding, three‑level restaurant building (built 1909) with a versatile layout.
- Main level features 14' ceilings and three glass roll‑up doors for a prominent storefront entrance.
- Existing kitchen hood and grease trap infrastructure supports restaurant use.
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
$213,408
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
6.77%
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%
$4,268,160
$4.3M
Cap Rate 7%
$3,048,686
$3.0M
Cap Rate 9%
$2,371,200
$2.4M
Market Conditions
NOI Build-Up for 12,800 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
$291.8K $22.80/SF
− Vacancy
−$7.3K −$0.57/SF
EGI
$284.5K $22.23/SF
− OpEx
−$71.1K −$5.56/SF
NOI
$213.4K $16.67/SF
Area
Salt Lake City, UT
Vacancy
2.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$4,268,160
Cap Rate 7%
$3,048,686
Cap Rate 9%
$2,371,200
Alternative Uses
Best Use
Specialty Retail
$3.05M
$2.67M – $3.56M
NOI $213,408 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.02M
NOI $241,395 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
7,615
Businesses Nearby
296k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 33%
Apparel 32%
Dining 26%
Shops & Services 9%
Nordstrom
Apparel
93,717 visits/mo
0.4 miles
McDonald's
Dining
41,636 visits/mo
0.3 miles
Building At 60 Exchange Pl
Hotels & Casinos
21,123 visits/mo
0.3 miles
Hyatt House Salt Lake City/Downtown
Hotels & Casinos
15,268 visits/mo
0.4 miles
Kimpton Hotel Monaco Salt Lake City
Hotels & Casinos
14,880 visits/mo
0.2 miles
Demographics for 84101, UT
8,140
Population
5,605
Households
1.5
Avg Household Size
34
Median Age
51%
College-Educated
95%
High-School Grad
1.8 sq mi
ZIP Area
4,522
Density / Sq Mi
$70,391
Median Household Income
$55,238
Median Earnings
$1,336
Median Rent
$541,100
Median Home Value
Market
Vacancy Rate% for Retail in Salt Lake City, UT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding three-level restaurant building with three glass roll-up doors and 14' ceilings on the main level.
Where is this conventional restaurant located?
The property is located at 145 W Pierpont Ave Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 12,800 SF freestanding, three‑level restaurant building (built 1909) with a versatile layout.; Main level features 14' ceilings and three glass roll‑up doors for a prominent storefront entrance.; Existing kitchen hood and grease trap infrastructure supports restaurant use.
