Flex Space with
For Sale
$790,000
215 N Redwood Rd #2, North Salt Lake, UT 84054
Flexible commercial unit combines warehouse capacity with second-floor showroom and office space.
Property Size4,426 SF
Price / SF$178.49
Days on Market28
Property Features for 215 N Redwood Rd #2
General Information
Standard status
Active
Size
4,426 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
16 ft
Warehouse Space
1,505 SF
Office Build-Out
1,416 SF
Power
100 amps
Voltage
208 V
Three-Phase Power
Yes
Additional Details
Floor
2
Building Details
Year Built
1999
Listing Agency:
Knight Real Estate Advisors
(801) 913-4990
Listed By:
Stew R Knight · License #5472670-PB00
Source:
Thehonorgrouputah
Added: Aug 2
Changed: Aug 27
Last Checked: Aug 28 at 1:01PM
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.
Unit 2 in the south building offers 4,426 square feet of flex space, including a 1,505-square-foot warehouse and 1,416 square feet of second-floor showroom and office area. The unit includes storefront glazing, 16-foot clear height, and 3-phase 100A 120/208V electrical service. Constructed in 1999, the property supports a combination of operational and customer-facing functions within one commercial unit.
The property is located at 215 N Redwood Rd in North Salt Lake. Redwood Road recorded 11,000 AADT in 2023, and the site is approximately 1 mile from I-215 and 3 miles from I-15.
The property is located at 215 N Redwood Rd in North Salt Lake. Redwood Road recorded 11,000 AADT in 2023, and the site is approximately 1 mile from I-215 and 3 miles from I-15.
Key Highlights
- 4,426 SF flex unit in the south building, Unit 2
- 1,505 SF warehouse plus 1,416 SF second‑floor showroom/office area
- 16' clear height and 3‑phase 100A 120/208V power
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
Office B
$768.8K
$672.7K – $896.9K
NOI $53,813 @ 7.0% cap · market cap 6.81%
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
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
658
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial unit combines warehouse capacity with second-floor showroom and office space.
Where is this flex space located?
The property is located at 215 N Redwood Rd #2 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: 4,426 SF flex unit in the south building, Unit 2; 1,505 SF warehouse plus 1,416 SF second‑floor showroom/office area; 16' clear height and 3‑phase 100A 120/208V power
