Five-Building Flex Office
For Sale
Contact for pricing
2650 Decker Lake Blvd, West Valley City, UT 84119
Flex and office campus totaling five buildings with commuter and regional access via I-215 and TRAX light rail.
Property Size324,494 SF
Lot Size21.70 Acres
Price / SF$149
Days on Market291
Property Features for 2650 Decker Lake Blvd
General Information
Standard status
Active
Size
324,494 SF
Lot size
21.70 Acres
Property subtype
FLEX_R_AND_D
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
cafeteria
fitness center
auditorium
bike storage
outdoor seating
mature landscaping
water features
Building Details
Buildings
5
Parking Ratio
4.9 per 1,000 SF
Listing Agency:
Colliers | Salt Lake City Downtown
(801) 441-5937
Listed By:
Chris Kirk
(801) 947-8385
Source:
Moodyscre
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Sep 14 at 5:50AM
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 Colliers | Salt Lake City Downtown
Investment Insights
Based on property information with market context.
Franklin Campus is a five-building office and flex portfolio spanning 21.7 acres and 324,494 SF. Originally built as a corporate headquarters, the campus combines office and flex/light industrial space, supporting a wide range of uses including corporate headquarters, back-office, training, administrative, operations, and light manufacturing.
The campus is located in the Decker Lake Corridor of Salt Lake County, providing access to I-215, TRAX light rail, downtown, and Salt Lake City International Airport. On-site amenities include a cafeteria, fitness center, auditorium, bike storage, outdoor seating, mature landscaping, and water features. Parking is provided at 4.9 per 1,000 SF.
Individual buildings include Franklin (168,396 SF, five-story office with cafeteria and fitness center), Adams (149,190 SF with a 200-seat auditorium), Patrick Henry (148,927 SF with an exterior dock), Washington (32,966 SF, two-story office), and Jefferson (25,015 SF, two-story office).
The campus is located in the Decker Lake Corridor of Salt Lake County, providing access to I-215, TRAX light rail, downtown, and Salt Lake City International Airport. On-site amenities include a cafeteria, fitness center, auditorium, bike storage, outdoor seating, mature landscaping, and water features. Parking is provided at 4.9 per 1,000 SF.
Individual buildings include Franklin (168,396 SF, five-story office with cafeteria and fitness center), Adams (149,190 SF with a 200-seat auditorium), Patrick Henry (148,927 SF with an exterior dock), Washington (32,966 SF, two-story office), and Jefferson (25,015 SF, two-story office).
Key Highlights
- Portfolio of five office and flex/light industrial buildings across 21.7 acres
- Total campus size: 324,494 SF
- Decker Lake Corridor location with access to I‑215 and TRAX light rail
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
$4,258,010
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
8.81%
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%
$85,160,200
$85.2M
Cap Rate 7%
$60,828,714
$60.8M
Cap Rate 9%
$47,311,222
$47.3M
Market Conditions
NOI Build-Up for 324,494 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
$7.01M $21.60/SF
− Vacancy
−$1.33M −$4.10/SF
EGI
$5.68M $17.50/SF
− OpEx
−$1.42M −$4.37/SF
NOI
$4.26M $13.12/SF
Area
West Valley City, UT
Vacancy
19.00%
Lease Rate
$21.60 /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%
$85,160,200
Cap Rate 7%
$60,828,714
Cap Rate 9%
$47,311,222
Alternative Uses
Best Use
Office B
$60.83M
$53.23M – $70.97M
NOI $4,258,010 @ 7.0% cap · market cap 8.81%
Second Best
Flex RnD
$43.24M
$37.84M – $50.45M
NOI $3,027,140 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$92.90M
$81.29M – $108.38M
NOI $6,502,860 @ 7.0% cap · market cap 13.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,159
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84119, UT
54,143
Population
16,811
Households
3.2
Avg Household Size
31
Median Age
16%
College-Educated
79%
High-School Grad
11.5 sq mi
ZIP Area
4,708
Density / Sq Mi
$66,616
Median Household Income
$35,676
Median Earnings
$1,418
Median Rent
$341,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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- Tastably — 1645 W 2200 S A, West Valley City, UT 84119
Frequently Asked Questions
What type of property is this?
Flex space - Flex and office campus totaling five buildings with commuter and regional access via I-215 and TRAX light rail.
Where is this flex space located?
The property is located at 2650 Decker Lake Blvd West Valley City, UT.
What is the asking price?
The asking price for this property is $48,349,606.
What are key features of this property?
This property features: Portfolio of five office and flex/light industrial buildings across 21.7 acres; Total campus size: 324,494 SF; Decker Lake Corridor location with access to I‑215 and TRAX light rail
