Highly Visible Retail
For Sale
Contact for pricing
2194 Fort Union Boulevard, Salt Lake City, UT 84121
Retail building with strong frontage and flexible owner-user potential for healthcare, wellness, or service uses.
Property Size2,100 SF
Price / SF$456.19
Days on Market104
Property Features for 2194 Fort Union Boulevard
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
6
Property subtype
Retail, Office
Zoning
Commercial
Investment Type
Owner/User
Building Details
Year Built
1955
Buildings
1
Stories
2
Listing Agency:
Align Real Estate
Listed By:
Jody Jones · License #UT 9333926-SA0
Source:
Crexi
Added: Jun 15
Changed: Sep 14
Last Checked: Sep 26 at 7:02AM
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 Align Real Estate
Investment Insights
Based on property information with market context.
This for-sale retail property offers a standalone, highly visible building with approximately 2,100 square feet of space, designed to support a variety of storefront and service-oriented uses. The asset is presented as a flexible owner-user opportunity, with room for concepts such as boutique retail, beauty services, specialty food, pet services, and related professional offerings.
The building is located along Fort Union Boulevard in Cottonwood Heights, within one of Salt Lake County’s established commercial corridors. The property benefits from frontage exposure on a primary thoroughfare and is positioned to serve a trade area described as educated and affluent.
For tenant or owner-operators, the current configuration is well suited to wellness and healthcare-adjacent businesses, including med spa operations, dental or orthodontic practices, and similar specialty services. The same storefront footprint can also support tutoring centers, fitness concepts, and professional-service retailers seeking a prominent retail address in a concentrated commercial setting. This is an opportunity for an owner to align the space with a targeted consumer-facing use while leveraging the property’s visibility on a major retail corridor.
The building is located along Fort Union Boulevard in Cottonwood Heights, within one of Salt Lake County’s established commercial corridors. The property benefits from frontage exposure on a primary thoroughfare and is positioned to serve a trade area described as educated and affluent.
For tenant or owner-operators, the current configuration is well suited to wellness and healthcare-adjacent businesses, including med spa operations, dental or orthodontic practices, and similar specialty services. The same storefront footprint can also support tutoring centers, fitness concepts, and professional-service retailers seeking a prominent retail address in a concentrated commercial setting. This is an opportunity for an owner to align the space with a targeted consumer-facing use while leveraging the property’s visibility on a major retail corridor.
Key Highlights
- 2,100 SF retail building on Fort Union Boulevard in Cottonwood Heights
- Strong frontage on one of Salt Lake County’s established commercial corridors
- Flexible owner‑user potential with retail and service use suitability
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
$31,377
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
3.28%
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%
$627,540
$627.5K
Cap Rate 7%
$448,243
$448.2K
Cap Rate 9%
$348,633
$348.6K
Market Conditions
NOI Build-Up for 2,100 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
$46.1K $21.96/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$44.8K $21.35/SF
− OpEx
−$13.4K −$6.40/SF
NOI
$31.4K $14.94/SF
Area
Salt Lake City, UT
Vacancy
2.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$627,540
Cap Rate 7%
$448,243
Cap Rate 9%
$348,633
Alternative Uses
Best Use
Retail
$448.2K
$392.2K – $523.0K
NOI $31,377 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$565.8K
$495.1K – $660.1K
NOI $39,604 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
145k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 47%
McDonald's
Dining
29,824 visits/mo
0.5 miles
Taco Bell
Dining
15,335 visits/mo
0.5 miles
Sinclair
Shops & Services
14,029 visits/mo
0.1 miles
Starbucks
Dining
12,009 visits/mo
0.4 miles
Dollar Tree
Shops & Services
11,316 visits/mo
0.1 miles
Demographics for 84121, UT
41,628
Population
16,669
Households
2.5
Avg Household Size
40
Median Age
52%
College-Educated
97%
High-School Grad
64.5 sq mi
ZIP Area
645
Density / Sq Mi
$114,912
Median Household Income
$56,990
Median Earnings
$1,732
Median Rent
$614,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Salt Lake City, UT
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail building with strong frontage and flexible owner-user potential for healthcare, wellness, or service uses.
Where is this storefront property located?
The property is located at 2194 Fort Union Boulevard Salt Lake City, UT.
What is the asking price?
The asking price for this property is $958,000.
What are key features of this property?
This property features: 2,100 SF retail building on Fort Union Boulevard in Cottonwood Heights; Strong frontage on one of Salt Lake County’s established commercial corridors; Flexible owner‑user potential with retail and service use suitability
