New Construction Multi-tenant Warehouse
198 W 3450 N Spanish Fork, UT 84660
For Sale
Contact for pricing
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 Market42
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
Changed: Jul 29
Last Checked: Jul 29 at 3:04PM
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 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 authorities.
Property Analytics
Location Intelligence
Current Use
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
