Four-Story Class A Office
For Sale
$20,022,895
2162 W Grove Pkwy, Pleasant Grove, UT 84062
Four-story Class A building in a 320,000 SF campus with abundant parking and immediate I-15 freeway access.
Property Size79,927 SF
Price / SF$250.51
Days on Market52
Property Features for 2162 W Grove Pkwy
General Information
Standard status
Active
Size
79,927 SF
Class
Class A
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
upscale 2-story lobby
panoramic mountain views
abundant parking
Building Details
Stories
4
Listing Agency:
Salt Lake City - Millrock
Listed By:
Andrew Whitworth · License #11794882-SA00
(801) 453-6838
Source:
Colliers
Added: Jul 24
Changed: Sep 6
Last Checked: Sep 12 at 3:29AM
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 Salt Lake City - Millrock
Investment Insights
Based on property information with market context.
Grove Creek Center is a four-story Class A office building totaling 79,927 square feet, positioned as part of a larger 320,000 square foot office campus. The property features an upscale two-story lobby and is set up for professional office use, supported by abundant parking.
The building is located at 2162 W Grove Pkwy in Pleasant Grove, offering freeway access off the Pleasant Grove I-15 interchange (Exit 275) with I-15 visibility. The surrounding area includes close proximity to new restaurants and hospitality amenities, and the property is described as offering panoramic mountain views.
Designed for an established office campus setting, Grove Creek Center combines a multi-story office layout, a prominent lobby presence, and convenient access for tenant and visitor arrivals.
The building is located at 2162 W Grove Pkwy in Pleasant Grove, offering freeway access off the Pleasant Grove I-15 interchange (Exit 275) with I-15 visibility. The surrounding area includes close proximity to new restaurants and hospitality amenities, and the property is described as offering panoramic mountain views.
Designed for an established office campus setting, Grove Creek Center combines a multi-story office layout, a prominent lobby presence, and convenient access for tenant and visitor arrivals.
Key Highlights
- Four‑story Class A office building totaling 79,927 SF
- Located within a larger 320,000 SF office campus
- Immediate freeway access off the Pleasant Grove I‑15 interchange (Exit 275)
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
$1,122,175
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
5.60%
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%
$22,443,500
$22.4M
Cap Rate 7%
$16,031,071
$16.0M
Cap Rate 9%
$12,468,611
$12.5M
Market Conditions
NOI Build-Up for 79,927 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
$1.92M $24.00/SF
− Vacancy
−$422.0K −$5.28/SF
EGI
$1.50M $18.72/SF
− OpEx
−$374.1K −$4.68/SF
NOI
$1.12M $14.04/SF
Area
Utah County, UT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$22,443,500
Cap Rate 7%
$16,031,071
Cap Rate 9%
$12,468,611
Alternative Uses
Best Use
Office B
$16.03M
$14.03M – $18.70M
NOI $1,122,175 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.03M
$19.28M – $25.70M
NOI $1,542,271 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
Explore this area
Business Placement
Demographics for 84062, UT
47,771
Population
14,649
Households
3.3
Avg Household Size
28
Median Age
43%
College-Educated
96%
High-School Grad
50.7 sq mi
ZIP Area
942
Density / Sq Mi
$101,584
Median Household Income
$41,079
Median Earnings
$1,617
Median Rent
$479,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Four-story Class A building in a 320,000 SF campus with abundant parking and immediate I-15 freeway access.
Where is this office building located?
The property is located at 2162 W Grove Pkwy Pleasant Grove, UT.
What is the asking price?
The asking price for this property is $20,022,895.
What are key features of this property?
This property features: Four‑story Class A office building totaling 79,927 SF; Located within a larger 320,000 SF office campus; Immediate freeway access off the Pleasant Grove I‑15 interchange (Exit 275)
