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 Market88
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: Sep 6
Last Checked: Sep 12 at 11:40AM
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.
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 = 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
$347,912
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%
$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
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
$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 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%
$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.
Property Analytics
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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
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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
