Building Details

Building Size 69,212 SF

Year Built 2023

Tenancy Multi

Listed By: Zachary Hatch Show Phone

Source: Naiglobal

Added: May 8 Changed: Oct 16 Last Checked: Oct 23 at 4:32AM

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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 Zachary Hatch

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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.

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 / Yr

$669,252

Cap Rate

3.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$13,385,040 $13.4M

Cap Rate 7%

$9,560,743 $9.6M

Cap Rate 9%

$7,436,133 $7.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 69,212 SF

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 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 (±1% cap)

NOI $669,252 @ 7.0% cap · market cap 3.72%

Second Best

Industrial

$7.87M

$6.89M – $9.19M (±1% cap)

NOI $551,149 @ 7.0% cap · market cap 3.06%

Theoretical Best

Office A

$19.08M

$16.69M – $22.26M (±1% cap)

NOI $1,335,515 @ 7.0% cap · market cap 7.42%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick HVAC Service Hair Salon (Bike/Boat/Book/etc) Store Locksmith Parking Lot & Garage Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

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

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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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 West 3450 North 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