Redwood Road Flex
For Sale
Contact for pricing
215 N Redwood Rd, North Salt Lake, UT 84054
Flex property with storefront glazing, grade-level loading, and CG zoning near two interstate routes.
Property Size4,426 SF
Price / SF$178.49
Days on Market212
Property Features for 215 N Redwood Rd
General Information
Standard status
Active
Size
4,426 SF
Property subtype
Industrial, Retail
Zoning
CG
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Power
100 amps
Voltage
208 V
Three-Phase Power
Yes
Listing Agency:
KREA|Knight Real Estate Advisors
(801) 913-4990
Listed By:
Stew Knight · License #UT 5472670-PB00
Source:
Crexi
Added: Jan 30
Changed: Aug 30
Last Checked: Jul 17 at 11:58PM
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 KREA|Knight Real Estate Advisors
Investment Insights
Based on property information with market context.
This 4,426-square-foot flex property combines an attractive storefront with functional industrial features. The building includes one 10’ x 12’ GL door, a 16’ clear height, and 3-phase 100A 120/208V electrical service, supporting a range of commercial and light industrial operations. The property is zoned CG.
Located on Redwood Road, the site recorded 11,000 AADT in 2023. Interstate access is within 1 mile of I-215 and 3 miles of I-15, providing connectivity to the surrounding trade area.
Located on Redwood Road, the site recorded 11,000 AADT in 2023. Interstate access is within 1 mile of I-215 and 3 miles of I-15, providing connectivity to the surrounding trade area.
Key Highlights
- 4,426‑square‑foot flex property
- One 10’ x 12’ GL door
- 16’ clear height
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
Industrial
$395.9K
$346.5K – $461.9K
NOI $27,716 @ 7.0% cap · market cap 3.51%
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
1
Drive-in doors
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex property with storefront glazing, grade-level loading, and CG zoning near two interstate routes.
Where is this flex space located?
The property is located at 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: 4,426‑square‑foot flex property; One 10’ x 12’ GL door; 16’ clear height
