New Construction Multi-tenant Warehouse
For Sale
Contact for pricing
198 W 3450 N, Spanish Fork, UT 84660
Two new multi-tenant warehouse buildings are 100% leased to nine tenants under NNN leases with annual increases.
Property Size35,980 SF
Price / SF$260
Days on Market133
Property Features for 198 W 3450 N
General Information
Standard status
Active
Size
35,980 SF
Property subtype
INDUSTRIAL
Occupancy
100%
Additional Details
Cap Rate
5.37%
Building Details
Year Built
2024
Buildings
2
Tenancy
Multi
Listing Agency:
NAI Premier
(801) 255-3333
Listed By:
John Blatter
(801) 822-6125
Source:
Moodyscre
Added: Jun 18
Changed: Oct 25
Last Checked: Oct 26 at 2:00PM
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
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Investment Insights
Based on property information with market context.
Two multi-tenant warehouse buildings totaling 35,980 square feet were newly constructed in 2024. The portfolio is 100% leased to nine national and local tenants, with 24% characterized as credit tenants.
The leases are structured as NNN with annual increases. The weighted average lease term is 3.34 years, supported by a diversified expiration schedule.
For buyers evaluating a net-leased warehouse investment, the property is presented with a 5.37% cap rate and a diversified tenant and expiration profile across the two buildings.
The leases are structured as NNN with annual increases. The weighted average lease term is 3.34 years, supported by a diversified expiration schedule.
For buyers evaluating a net-leased warehouse investment, the property is presented with a 5.37% cap rate and a diversified tenant and expiration profile across the two buildings.
Key Highlights
- 35,980 square feet across two multi‑tenant warehouse buildings
- New construction completed in 2024
- 100% leased to nine national and local tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$347,912
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,958,240
$7.0M
Cap Rate 7%
$4,970,171
$5.0M
Cap Rate 9%
$3,865,689
$3.9M
Market Conditions
NOI Build-Up for 35,980 SF
Gross rent
$431.8K $12.00/SF
− Vacancy
−$22.5K −$0.62/SF
EGI
$409.3K $11.38/SF
− OpEx
−$61.4K −$1.71/SF
NOI
$347.9K $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 Rate 5%
$6,958,240
Cap Rate 7%
$4,970,171
Cap Rate 9%
$3,865,689
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 authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Similar Off Market Nearby
- Springville Self Storage — 1165 1950 W, Springville, UT 84663
- Springville Home Storage Center — 1672 w 700 s st, springville, ut 84663
Frequently Asked Questions
What type of property is this?
Warehouse - Two new multi-tenant warehouse buildings are 100% leased to nine tenants 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: 35,980 square feet across two multi‑tenant warehouse buildings; New construction completed in 2024; 100% leased to nine national and local tenants
