Warehouse and Showroom Office
For Sale
$790,000
2-215 N Redwood Rd, North Salt Lake, UT 84054
Single unit in South Building with warehouse, showroom/office, and storefront glass along Redwood Road.
Property Size4,426 SF
Price / SF$178.49
Days on Market312
Property Features for 2-215 N Redwood Rd
General Information
Standard status
Active
Size
4,426 SF
Site & Location
Traffic Count
11,000 vehicles/day
Highway Access
Yes
Warehouse & Industrial
Clear Height
16 ft
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$4,556
Listing Agency:
Knight Real Estate Advisors
Listed By:
Stew R Knight · License #5472670-PB00
(801) 913-4990
Source:
Exprealty
Added: Nov 4, 2025
Changed: Sep 11
Last Checked: Sep 11 at 5:19PM
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 Knight Real Estate Advisors
Investment Insights
Based on property information with market context.
South Building, Unit 2 offers a combined warehouse and showroom/office configuration totaling 4,426 square feet, with 1,505 square feet of warehouse space and a 1,416 square foot showroom/office area on the second level. The unit features 16' clear height, with 3-phase 100A 120/208v electrical service. A storefront glass front adds street-facing presence for customer-oriented use.
The property is positioned for strong visibility on Redwood Road, with 11,000 AADT (2023) reported for the corridor. It is approximately 1 mile from I-215 and about 3 miles from I-15, supporting regional access.
This is a practical layout for businesses that need both warehousing and customer-facing showroom/office space within the same unit.
The property is positioned for strong visibility on Redwood Road, with 11,000 AADT (2023) reported for the corridor. It is approximately 1 mile from I-215 and about 3 miles from I-15, supporting regional access.
This is a practical layout for businesses that need both warehousing and customer-facing showroom/office space within the same unit.
Key Highlights
- South Building, Unit 2 with 4,426 SF total available: 1,505 SF warehouse and 1,416 SF showroom/office
- 16' clear height in the warehouse
- 3‑phase 100A 120/208V electric service
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
$59,576
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
7.54%
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%
$1,191,520
$1.2M
Cap Rate 7%
$851,086
$851.1K
Cap Rate 9%
$661,956
$662.0K
Market Conditions
NOI Build-Up for 4,426 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
$97.2K $21.96/SF
− Vacancy
−$5.5K −$1.25/SF
EGI
$91.7K $20.71/SF
− OpEx
−$32.1K −$7.25/SF
NOI
$59.6K $13.46/SF
Area
Davis County, UT
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,191,520
Cap Rate 7%
$851,086
Cap Rate 9%
$661,956
Alternative Uses
Best Use
Flex RnD
$851.1K
$744.7K – $992.9K
NOI $59,576 @ 7.0% cap · market cap 7.54%
Second Best
Warehouse
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.02M
$894.4K – $1.19M
NOI $71,555 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
11,000 VPD
Traffic count
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84054, UT
21,552
Population
7,658
Households
2.8
Avg Household Size
31
Median Age
41%
College-Educated
94%
High-School Grad
8.6 sq mi
ZIP Area
2,506
Density / Sq Mi
$107,889
Median Household Income
$50,071
Median Earnings
$1,648
Median Rent
$472,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Benji’s — 55 N Redwood Rd, Salt Lake City, UT 84116
Frequently Asked Questions
What type of property is this?
Flex space - Single unit in South Building with warehouse, showroom/office, and storefront glass along Redwood Road.
Where is this flex space located?
The property is located at 2-215 N Redwood Rd North Salt Lake, UT.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: South Building, Unit 2 with 4,426 SF total available: 1,505 SF warehouse and 1,416 SF showroom/office; 16' clear height in the warehouse; 3‑phase 100A 120/208V electric service
