New Multi-Tenant Warehouse
For Sale
Contact for pricing
258 W 3450 N, Spanish Fork, UT 84660
Two new-construction warehouse buildings delivered in 2024 and fully leased under NNN terms with annual increases.
Property Size33,232 SF
Price / SF$260
Days on Market84
Property Features for 258 W 3450 N
General Information
Standard status
Active
Size
33,232 SF
Property subtype
INDUSTRIAL
Occupancy
100%
Additional Details
Cap Rate
5.37%
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
NAI Premier
(801) 255-3333
Listed By:
John Blatter
(801) 822-6125
Source:
Moodyscre
Added: Jun 18
Changed: Aug 11
Last Checked: Sep 8 at 5:15AM
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 NAI Premier
Investment Insights
Based on property information with market context.
The property consists of two multi-tenant warehouse buildings, both newly constructed in 2024. The offering features nine national and local tenants in total, with 100% leased occupancy. Leases are structured as NNN arrangements with annual increases and a diversified expiration schedule.
The weighted average lease term (WALT) is stated at 3.34 years. The tenant mix includes 24% credit tenants, and the reported cap rate is 5.37%.
The asset is being offered for sale as a fully occupied, NNN investment with an expiration schedule designed to spread lease maturities over time.
The weighted average lease term (WALT) is stated at 3.34 years. The tenant mix includes 24% credit tenants, and the reported cap rate is 5.37%.
The asset is being offered for sale as a fully occupied, NNN investment with an expiration schedule designed to spread lease maturities over time.
Key Highlights
- Two multi‑tenant warehouse buildings delivered in 2024
- 100% leased with NNN leases and annual increases
- Nine (9) tenants with 24% credit tenants
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
$321,340
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
3.72%
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%
$6,426,800
$6.4M
Cap Rate 7%
$4,590,571
$4.6M
Cap Rate 9%
$3,570,444
$3.6M
Market Conditions
NOI Build-Up for 33,232 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
$398.8K $12.00/SF
− Vacancy
−$20.7K −$0.62/SF
EGI
$378.0K $11.38/SF
− OpEx
−$56.7K −$1.71/SF
NOI
$321.3K $9.67/SF
Area
Utah County, UT
Vacancy
5.20%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
15.00%
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%
$6,426,800
Cap Rate 7%
$4,590,571
Cap Rate 9%
$3,570,444
Alternative Uses
Best Use
Warehouse
$4.59M
$4.02M – $5.36M
NOI $321,340 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.16M
$8.02M – $10.69M
NOI $641,245 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84660, UT
45,959
Population
13,162
Households
3.5
Avg Household Size
28
Median Age
38%
College-Educated
94%
High-School Grad
362.2 sq mi
ZIP Area
127
Density / Sq Mi
$98,398
Median Household Income
$40,509
Median Earnings
$1,393
Median Rent
$452,100
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two new-construction warehouse buildings delivered in 2024 and fully leased under NNN terms with annual increases.
Where is this warehouse located?
The property is located at 258 W 3450 N Spanish Fork, UT.
What is the asking price?
The asking price for this property is $8,640,320.
What are key features of this property?
This property features: Two multi‑tenant warehouse buildings delivered in 2024; 100% leased with NNN leases and annual increases; Nine (9) tenants with 24% credit tenants
