Flex Industrial Condo with
For Sale
$570,000
2437 N 1500 W #2, Ogden, UT 84404
Ground-floor office and warehouse space includes a heated warehouse, roll-up door, and dedicated parking.
Property Size3,350 SF
Price / SF$170.15
Days on Market11
Property Features for 2437 N 1500 W #2
General Information
Standard status
Active
Size
3,350 SF
Warehouse & Industrial
Clear Height
20 ft
Mezzanine
700 SF
Drive-In Doors
1
Building Details
Year Built
2002
Listing Agency:
Signature Real Estate Utah (Cottonwood Heights)
(801) 815-6557
Listed By:
Josh Floisand · License #12167681-SA00
Source:
Liveutah
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 30 at 7:03PM
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 Signature Real Estate Utah (Cottonwood Heights)
Investment Insights
Based on property information with market context.
This flex industrial condo combines ground-floor office and warehouse space with an additional usable mezzanine reached by stairs. The main level contains 2,650 sf, while the mezzanine adds approximately 700 sf. The warehouse is heated and configured with 20' ceilings and an at-grade roll-up door. Dedicated parking serves the unit.
Built in 2002, the property is located at 2437 N 1500 W #2 in Ogden, with access to I-15 within minutes. The combination of office area, warehouse functionality, vertical clearance, mezzanine space, and dedicated parking creates a practical flex configuration.
Built in 2002, the property is located at 2437 N 1500 W #2 in Ogden, with access to I-15 within minutes. The combination of office area, warehouse functionality, vertical clearance, mezzanine space, and dedicated parking creates a practical flex configuration.
Key Highlights
- 2,650 sf of ground‑floor office and warehouse space
- Approximately 700 sf of usable mezzanine space with stair access
- 20' ceilings and an at‑grade roll‑up door
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
$40,453
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
7.10%
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%
$809,060
$809.1K
Cap Rate 7%
$577,900
$577.9K
Cap Rate 9%
$449,478
$449.5K
Market Conditions
NOI Build-Up for 3,350 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
$58.7K $17.52/SF
− Vacancy
−$4.8K −$1.42/SF
EGI
$53.9K $16.10/SF
− OpEx
−$13.5K −$4.03/SF
NOI
$40.5K $12.08/SF
Area
Weber County, UT
Vacancy
8.10%
Lease Rate
$17.52 /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%
$809,060
Cap Rate 7%
$577,900
Cap Rate 9%
$449,478
Alternative Uses
Best Use
Office B
$577.9K
$505.7K – $674.2K
NOI $40,453 @ 7.0% cap · market cap 7.10%
Second Best
Warehouse
$357.3K
$312.7K – $416.9K
NOI $25,012 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$772.7K
$676.1K – $901.4K
NOI $54,086 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84404, UT
66,382
Population
23,907
Households
2.8
Avg Household Size
32
Median Age
22%
College-Educated
89%
High-School Grad
96.3 sq mi
ZIP Area
689
Density / Sq Mi
$81,917
Median Household Income
$42,844
Median Earnings
$1,304
Median Rent
$352,700
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?
Flex space - Ground-floor office and warehouse space includes a heated warehouse, roll-up door, and dedicated parking.
Where is this flex space located?
The property is located at 2437 N 1500 W #2 Ogden, UT.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: 2,650 sf of ground‑floor office and warehouse space; Approximately 700 sf of usable mezzanine space with stair access; 20' ceilings and an at‑grade roll‑up door
