New Multi-Tenant Warehouse
198 W 3450 N Spanish Fork, UT 84660
198 W 3450 N, Spanish Fork, UT, 84660
Contact for pricing
For Sale
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Two newly built multi-tenant warehouse buildings are 100% leased under NNN leases with annual increases.
Property Size35,980 SF
Price / SF$260
Days on Market34
Property Features for 198 W 3450 N
General Information
- Standard status
- Active
- Size
- 35,980 SF
- Property subtype
- INDUSTRIAL
Listing agency
NAI Premier
(801) 822-6125
Listed by
John Blatter
(801) 822-6125
Source
Moodyscre
Added: Jun 18 Updated: Jul 21 at 3:04AM Checked: Jul 21 at 3:04AM
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 Premier
Investment Insights
Based on property information with market context.
This offering features two multi-tenant warehouse buildings constructed in 2024, presenting a fully leased portfolio with nine tenants in place. The leases are structured on a NNN basis with annual increases, and the tenant mix is described as including national and local tenants with 24% credit tenants. A diversified expiration schedule is noted, with a 3.34-year weighted average lease term (WALT).
The property is located in Spanish Fork, Utah. The reported overall capitalization rate is 5.37%, reflecting the current stabilized occupancy of 100%.
The property is located in Spanish Fork, Utah. The reported overall capitalization rate is 5.37%, reflecting the current stabilized occupancy of 100%.
Key Highlights
- Two multi‑tenant warehouse buildings built in 2024
- 100% leased with NNN leases and annual increases
- Nine (9) national and local tenants with 24% credit tenants
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $431.8k | $12.00 |
| − Vacancy | −$22.5k | −$0.62 |
| EGI | $409.3k | $11.38 |
| − OpEx | −$61.4k | −$1.71 |
| NOI | $347.9k | $9.67 |
35,980 SF · lease $12.00/SF/yr · vacancy 5.20% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$4.97M
$4.35M – $5.80M
NOI $347,912 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.92M
$8.68M – $11.57M
NOI $694,270 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Warehouse - Two newly built multi-tenant warehouse buildings are 100% leased under NNN leases with annual increases.
Where is this warehouse located?
The property is located at 198 W 3450 N Spanish Fork, UT.
What is the asking price?
The asking price for this property is $9,354,800.
What are key features of this property?
This property features: Two multi‑tenant warehouse buildings built in 2024; 100% leased with NNN leases and annual increases; Nine (9) national and local tenants with 24% credit tenants
