Orem Mixed-Use Property For
For Sale
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1797 State St, Orem, UT 84097
Retail storefront with warehouse space and fenced yard.
Property Size8,781 SF
Price / SF$222.07
Days on Market279
Property Features for 1797 State St
General Information
Standard status
Active
Size
8,781 SF
Class
C
Property subtype
Retail, Office, Industrial
Zoning
Commercial
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1967
Tenancy
Single
Listing Agency:
Real Estate Essentials Commercial
(801) 472-8800
Listed By:
Brandon Johnson · License #5497335-SA00
Source:
Crexi
Added: Nov 5, 2025
Changed: Aug 8
Last Checked: Aug 11 at 12:20PM
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 Real Estate Essentials Commercial
Investment Insights
Based on property information with market context.
Located on State Street in Orem, this mixed-use property features a retail storefront with warehouse and workshop space in the back. The property includes a small fenced yard. It is situated less than 10 minutes from I-15. The property size is 8781 square feet.
Key Highlights
- Prime location on State Street in Orem
- Retail storefront with warehouse/workshop space
- Less than 10 minutes from I‑15
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
$146,978
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
7.54%
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%
$2,939,560
$2.9M
Cap Rate 7%
$2,099,686
$2.1M
Cap Rate 9%
$1,633,089
$1.6M
Market Conditions
NOI Build-Up for 8,781 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
$219.2K $24.96/SF
− Vacancy
−$9.2K −$1.05/SF
EGI
$210.0K $23.91/SF
− OpEx
−$63.0K −$7.17/SF
NOI
$147.0K $16.74/SF
Area
Utah County, UT
Vacancy
4.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,939,560
Cap Rate 7%
$2,099,686
Cap Rate 9%
$1,633,089
Alternative Uses
Best Use
Retail
$2.10M
$1.84M – $2.45M
NOI $146,978 @ 7.0% cap · market cap 7.54%
Second Best
Warehouse
$1.21M
$1.06M – $1.42M
NOI $84,909 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,438 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,486
Businesses Nearby
Explore this area
Business Placement
Demographics for 84097, UT
23,038
Population
7,237
Households
3.2
Avg Household Size
30
Median Age
50%
College-Educated
98%
High-School Grad
6.0 sq mi
ZIP Area
3,840
Density / Sq Mi
$97,034
Median Household Income
$34,536
Median Earnings
$1,414
Median Rent
$506,900
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?
Mixed-use property - Retail storefront with warehouse space and fenced yard.
Where is this mixed-use property located?
The property is located at 1797 State St Orem, UT.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Prime location on State Street in Orem; Retail storefront with warehouse/workshop space; Less than 10 minutes from I‑15
