Commercial Building Near Fashion Place
For Sale
Contact for pricing
184 E 5900 S, Murray, UT 84107
2,972 SF commercial building with value-add opportunity near Fashion Place.
Property Size2,972 SF
Price / SF$243.94
Days on Market198
Property Features for 184 E 5900 S
General Information
Standard status
Active
Size
2,972 SF
Property subtype
Office
Zoning
C-3
Listing Agency:
Investment Realty Advisors
(435) 485-7070
Listed By:
Elliot Abel · License #UT 94166337-SA00
Source:
Crexi
Added: Jan 26
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 Investment Realty Advisors
Investment Insights
Based on property information with market context.
This well-located commercial building offers 2,972 square feet of space, complemented by an additional unfinished basement of approximately 600 square feet, suitable for storage or other ancillary purposes. The property is currently leased on a month-to-month basis at $3,000 per month NNN, presenting immediate flexibility for an owner-user or a value-add opportunity through lease-up at market rates. Comparable properties in the area are achieving $4,000–$5,000 per month. The property is located just south of Fashion Place Mall, in a central Salt Lake location with access to I-215. The surrounding area features strong demographics, established retail and service uses, convenient ingress/egress, and proximity to major transportation and transit corridors. This property is suited for investors seeking stable in-place income with upside, or owner-users looking for a strategically located building with future income potential.
Key Highlights
- Highly desirable central Salt Lake location near Fashion Place Mall with excellent I‑215 access.
- Value‑add opportunity through lease‑up at market rates ($4,000–$5,000/month) from current $3,000/month NNN.
- 2,972 SF commercial building** with a ±600 SF unfinished basement for storage.
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
$43,091
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
5.94%
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%
$861,820
$861.8K
Cap Rate 7%
$615,586
$615.6K
Cap Rate 9%
$478,789
$478.8K
Market Conditions
NOI Build-Up for 2,972 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
$63.8K $21.48/SF
− Vacancy
−$6.4K −$2.15/SF
EGI
$57.5K $19.33/SF
− OpEx
−$14.4K −$4.83/SF
NOI
$43.1K $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%
$861,820
Cap Rate 7%
$615,586
Cap Rate 9%
$478,789
Alternative Uses
Best Use
Office B
$615.6K
$538.6K – $718.2K
NOI $43,091 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$39.57M
$34.63M – $46.17M
NOI $2,770,129 @ 7.0% cap · market cap 382.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,778
Businesses Nearby
Explore this area
Business Placement
Demographics for 84107, UT
37,713
Population
17,287
Households
2.2
Avg Household Size
34
Median Age
38%
College-Educated
93%
High-School Grad
7.5 sq mi
ZIP Area
5,028
Density / Sq Mi
$73,469
Median Household Income
$46,098
Median Earnings
$1,387
Median Rent
$426,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 2,972 SF commercial building with value-add opportunity near Fashion Place.
Where is this office building located?
The property is located at 184 E 5900 S Murray, UT.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Highly desirable central Salt Lake location near Fashion Place Mall with excellent I‑215 access.; Value‑add opportunity through lease‑up at market rates ($4,000–$5,000/month) from current $3,000/month NNN.; 2,972 SF commercial building** with a ±600 SF unfinished basement for storage.
