Two-Story Office
For Sale
Contact for pricing
173 W Election Rd, Draper, UT 84020
Two-story, Class B office building built in 1998 with large floor plates and abundant natural light.
Property Size75,400 SF
Lot Size5.40 Acres
Price / SF$169.76
Days on Market82
Property Features for 173 W Election Rd
General Information
Standard status
Active
Size
75,400 SF
Class
Class B
Lot size
5.40 Acres
Property subtype
OFFICE
Building Details
Year Built
1998
Buildings
1
Stories
2
Listing Agency:
JLL | Salt Lake City
(801) 456-9510
Listed By:
Jami Marsh · License #5488712-PB00
(801) 456-9514
Source:
Moodyscre
Added: Jun 24
Changed: Sep 10
Last Checked: Sep 13 at 5:49AM
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 JLL | Salt Lake City
Investment Insights
Based on property information with market context.
A two-story Class B office building totaling 75,400 SF, built in 1998 and set on 5.4 acres. The building offers large, efficient floor plates of approximately 37,700 SF per floor and is described as providing abundant natural light.
Previously occupied and institutionally maintained by a single corporate publicly traded Fortune 500 company, the property is positioned for straightforward corporate office use.
Located in the Silicon Slopes area—described as a crossroads of deep tech talent with easy access for both Salt Lake and Utah Counties—the building supports day-to-day office operations with a straightforward two-floor layout and substantial floor plate sizes.
Previously occupied and institutionally maintained by a single corporate publicly traded Fortune 500 company, the property is positioned for straightforward corporate office use.
Located in the Silicon Slopes area—described as a crossroads of deep tech talent with easy access for both Salt Lake and Utah Counties—the building supports day-to-day office operations with a straightforward two-floor layout and substantial floor plate sizes.
Key Highlights
- 75,400 SF two‑story Class B office building
- Built in 1998
- Approximately 37,700 SF per floor floor plates
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
$1,093,225
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
8.54%
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%
$21,864,500
$21.9M
Cap Rate 7%
$15,617,500
$15.6M
Cap Rate 9%
$12,146,944
$12.1M
Market Conditions
NOI Build-Up for 75,400 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
$1.62M $21.48/SF
− Vacancy
−$162.0K −$2.15/SF
EGI
$1.46M $19.33/SF
− OpEx
−$364.4K −$4.83/SF
NOI
$1.09M $14.50/SF
Area
Salt Lake County, UT
Vacancy
10.00%
Lease Rate
$21.48 /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%
$21,864,500
Cap Rate 7%
$15,617,500
Cap Rate 9%
$12,146,944
Alternative Uses
Best Use
Office B
$15.62M
$13.67M – $18.22M
NOI $1,093,225 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1,003.98M
$878.48M – $1,171.31M
NOI $70,278,514 @ 7.0% cap · market cap 549.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,405
Businesses Nearby
Explore this area
Business Placement
Demographics for 84020, UT
51,017
Population
16,865
Households
3
Avg Household Size
34
Median Age
51%
College-Educated
97%
High-School Grad
27.2 sq mi
ZIP Area
1,876
Density / Sq Mi
$130,680
Median Household Income
$55,377
Median Earnings
$1,812
Median Rent
$726,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Two-story, Class B office building built in 1998 with large floor plates and abundant natural light.
Where is this office building located?
The property is located at 173 W Election Rd Draper, UT.
What is the asking price?
The asking price for this property is $12,800,000.
What are key features of this property?
This property features: 75,400 SF two‑story Class B office building; Built in 1998; Approximately 37,700 SF per floor floor plates
