Small-Bay Flex Industrial
For Sale
Contact for pricing
198 - 258 E 3450 N, Spanish Fork, UT 84660
New construction small-bay, multi-tenant light industrial/flex asset for sale in Spanish Fork.
Property Size69,212 SF
Price / SF$259
Days on Market136
Property Features for 198 - 258 E 3450 N
General Information
Standard status
Active
Size
69,212 SF
Property subtype
Industrial
Zoning
I-1
Occupancy
100%
Lease Type
NNN
Net Operating Income
$966,445
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
NAI Excel - Lehi
Listed By:
Zach Hatch · License #10898120-BB00
(435) 628-1609
Source:
Crexi
Added: Apr 22
Changed: Aug 28
Last Checked: Aug 31 at 5:26AM
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 NAI Excel - Lehi
Investment Insights
Based on property information with market context.
This newly constructed small-bay, multi-tenant light industrial and flex property is offered for sale. The asset is designed to provide functional, efficient space within a warehouse/flex format.
The property is located at 198–258 E 3450 N in Spanish Fork, UT 84660. It totals 69,212 square feet across the multi-tenant arrangement.
If you are evaluating flex/industrial space for small to mid-size operations, this configuration may fit a range of light industrial and flexible use needs within a supply-constrained market.
The property is located at 198–258 E 3450 N in Spanish Fork, UT 84660. It totals 69,212 square feet across the multi-tenant arrangement.
If you are evaluating flex/industrial space for small to mid-size operations, this configuration may fit a range of light industrial and flexible use needs within a supply-constrained market.
Key Highlights
- Built in 2024, new construction small‑bay, multi‑tenant light industrial/flex asset in Spanish Fork
- Small‑bay layout designed for multiple tenants within a light industrial/flex building
- Located at 198–258 W 3450 N, Spanish Fork
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
$669,252
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
3.72%
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%
$13,385,040
$13.4M
Cap Rate 7%
$9,560,743
$9.6M
Cap Rate 9%
$7,436,133
$7.4M
Market Conditions
NOI Build-Up for 69,212 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
$830.5K $12.00/SF
− Vacancy
−$43.2K −$0.62/SF
EGI
$787.4K $11.38/SF
− OpEx
−$118.1K −$1.71/SF
NOI
$669.3K $9.67/SF
Area
Utah County, UT
Vacancy
5.20%
Lease Rate
$12.00 /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%
$13,385,040
Cap Rate 7%
$9,560,743
Cap Rate 9%
$7,436,133
Alternative Uses
Best Use
Warehouse
$9.56M
$8.37M – $11.15M
NOI $669,252 @ 7.0% cap · market cap 3.72%
Second Best
Industrial
$7.87M
$6.89M – $9.19M
NOI $551,149 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$19.08M
$16.69M – $22.26M
NOI $1,335,515 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84660, UT
45,959
Population
13,162
Households
3.5
Avg Household Size
28
Median Age
38%
College-Educated
94%
High-School Grad
362.2 sq mi
ZIP Area
127
Density / Sq Mi
$98,398
Median Household Income
$40,509
Median Earnings
$1,393
Median Rent
$452,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - New construction small-bay, multi-tenant light industrial/flex asset for sale in Spanish Fork.
Where is this flex space located?
The property is located at 198 - 258 E 3450 N Spanish Fork, UT.
What is the asking price?
The asking price for this property is $17,995,000.
What are key features of this property?
This property features: Built in 2024, new construction small‑bay, multi‑tenant light industrial/flex asset in Spanish Fork; Small‑bay layout designed for multiple tenants within a light industrial/flex building; Located at 198–258 W 3450 N, Spanish Fork
