Flex Space with Grade-Level
For Sale
Contact for pricing
229 Harris Avenue South, Salt Lake City, UT 84115
Vacant office and warehouse property with three-phase power, flexible configuration, and immediate occupancy potential.
Property Size18,443 SF
Price / SF$195.20
Days on Market125
Property Features for 229 Harris Avenue South
General Information
Standard status
Active
Size
18,443 SF
Class
C
Property subtype
Industrial
Zoning
MU11
Investment Type
Owner/User
Additional Details
Three-Phase Power
Yes
Amenities
3-phase power
generous clear heights
multiple grade-level doors
Building Details
Year Built
1976
Year Renovated
2025
Buildings
2
Tenancy
Multi
Building Size
18,443 SF
Listing Agency:
Align Real Estate
(801) 580-4945
Listed By:
Jonah Hornsby · License #UT 6409658SA00
Source:
Crexi
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 6:02PM
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 18,443-square-foot flex property combines office and warehouse areas within a 1976-built facility. The building offers adaptable interior configurations, clear-height warehouse space, three-phase power, and multiple grade-level doors. It is currently vacant, allowing a new owner or occupant to plan its use without an existing tenancy in place.
The property is located at 229 Harris Avenue South in Salt Lake City’s Granary District. MU11 zoning is identified for the site. Its combination of office and industrial functionality supports a range of commercial occupancy needs while retaining direct access for grade-level loading and warehouse operations.
The property is located at 229 Harris Avenue South in Salt Lake City’s Granary District. MU11 zoning is identified for the site. Its combination of office and industrial functionality supports a range of commercial occupancy needs while retaining direct access for grade-level loading and warehouse operations.
Key Highlights
- 18,443‑square‑foot flex property
- Office and warehouse configuration
- Three‑phase power 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
$267,405
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
7.43%
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%
$5,348,100
$5.3M
Cap Rate 7%
$3,820,071
$3.8M
Cap Rate 9%
$2,971,167
$3.0M
Market Conditions
NOI Build-Up for 18,443 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
$396.2K $21.48/SF
− Vacancy
−$39.6K −$2.15/SF
EGI
$356.5K $19.33/SF
− OpEx
−$89.1K −$4.83/SF
NOI
$267.4K $14.50/SF
Area
Salt Lake City, UT
Vacancy
10.00%
Lease Rate
$21.48 /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%
$5,348,100
Cap Rate 7%
$3,820,071
Cap Rate 9%
$2,971,167
Alternative Uses
Best Use
Office B
$3.82M
$3.34M – $4.46M
NOI $267,405 @ 7.0% cap · market cap 7.43%
Second Best
Flex RnD
$2.90M
$2.54M – $3.38M
NOI $202,836 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$4.97M
$4.35M – $5.80M
NOI $347,817 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,606
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84115, UT
27,588
Population
13,899
Households
2
Avg Household Size
33
Median Age
33%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
4,523
Density / Sq Mi
$61,505
Median Household Income
$43,785
Median Earnings
$1,263
Median Rent
$396,200
Median Home Value
Market
Vacancy Rate% for Office in Salt Lake City, UT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant office and warehouse property with three-phase power, flexible configuration, and immediate occupancy potential.
Where is this flex space located?
The property is located at 229 Harris Avenue South Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 18,443‑square‑foot flex property; Office and warehouse configuration; Three‑phase power service
