Office Condo Unit
For Sale
Contact for pricing
240 North 1200 East, Lehi, UT 84043
Office condo offering 24-hour access, ADA compliance, ample parking, and quick access to I-15.
Property Size2,936 SF
Price / SF$360.01
Days on Market11
Property Features for 240 North 1200 East
General Information
Standard status
Active
Size
2,936 SF
Class
B
Property subtype
Retail, Office
Additional Details
Highway Access
Yes
Amenities
24 Hour Access
ADA Compliance
Listing Agency:
Newmark Mountain West
(801) 456-8800
Listed By:
Ryan Stewart · License #UT 7890408-SA00
Source:
Crexi
Added: Aug 6
Changed: Aug 14
Last Checked: Aug 16 at 8:17AM
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 Newmark Mountain West
Investment Insights
Based on property information with market context.
Office condo Unit #104 is offered with 2,936 of stated property size and features ADA compliance, 24-hour access, and on-site parking. The space is identified as suitable for medical, professional office, boutique, and related commercial uses. A tenant is in place, and tours should be scheduled without disturbing the occupant.
The property is located at 240 North 1200 East in Lehi, Utah, with quick access to I-15. Its access, parking, and accessibility features support a range of office-oriented commercial applications.
The property is located at 240 North 1200 East in Lehi, Utah, with quick access to I-15. Its access, parking, and accessibility features support a range of office-oriented commercial applications.
Key Highlights
- 2,936 stated property size for Office Condo Unit #104
- 24‑hour property access
- ADA‑compliant office condo
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
$49,143
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
4.65%
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%
$982,860
$982.9K
Cap Rate 7%
$702,043
$702.0K
Cap Rate 9%
$546,033
$546.0K
Market Conditions
NOI Build-Up for 2,936 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
$73.3K $24.96/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$70.2K $23.91/SF
− OpEx
−$21.1K −$7.17/SF
NOI
$49.1K $16.74/SF
Area
Utah County, UT
Vacancy
4.20%
Lease Rate
$24.96 /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%
$982,860
Cap Rate 7%
$702,043
Cap Rate 9%
$546,033
Alternative Uses
Best Use
Retail
$702.0K
$614.3K – $819.1K
NOI $49,143 @ 7.0% cap · market cap 4.65%
Second Best
Office B
$588.9K
$515.3K – $687.0K
NOI $41,221 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$809.3K
$708.2K – $944.2K
NOI $56,653 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Explore this area
Business Placement
Demographics for 84043, UT
76,954
Population
23,408
Households
3.3
Avg Household Size
26
Median Age
50%
College-Educated
97%
High-School Grad
31.1 sq mi
ZIP Area
2,474
Density / Sq Mi
$125,598
Median Household Income
$49,643
Median Earnings
$1,802
Median Rent
$567,500
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?
Office units - Office condo offering 24-hour access, ADA compliance, ample parking, and quick access to I-15.
Where is this office units located?
The property is located at 240 North 1200 East Lehi, UT.
What is the asking price?
The asking price for this property is $1,057,000.
What are key features of this property?
This property features: 2,936 stated property size for Office Condo Unit #104; 24‑hour property access; ADA‑compliant office condo
