Industrial Condo with Office
For Sale
Contact for pricing
Pending
30 Cutler Dr Unit 301, North Salt Lake, UT 84054
Industrial condo with 17-foot clear height, grade-level drive-in access, and finished office mezzanine for flexible operations.
Property Size3,222 SF
Days on Market56
Property Features for 30 Cutler Dr Unit 301
General Information
Standard status
Pending
Size
3,222 SF
Total Parking Spaces
7
Property subtype
Industrial
Zoning
CG - General Commercial
Investment Type
Owner/User
Building Details
Year Built
2001
Listing Agency:
The Northwood Group
(801) 593-5500
Listed By:
Brandon Wood · License #UT 5500766-PB00
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Jul 24 at 3:55PM
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 The Northwood Group
Investment Insights
Based on property information with market context.
This industrial condo combines warehouse space with finished office improvements in a single, turnkey-style layout. The warehouse includes 17-foot clear height, polished epoxy floors, and a grade-level drive-in door to support efficient loading and operations. A finished mezzanine provides a full suite of private offices, giving the property a built-in separation between production or storage and administrative space.
Located at 30 N Cutler Drive in North Salt Lake, the property sits within one of the area’s most accessible commercial corridors. The configuration is designed to serve both warehousing needs and day-to-day office functions without requiring a separate facility.
For owner-users, this setup can streamline workflow by keeping staff and operational space in the same building. Tenants or buyers seeking a compact industrial footprint with ready-to-use office space may find the mezzanine offices particularly useful for management, support, or customer-facing roles, while the warehouse features are aligned with practical distribution and storage use.
Located at 30 N Cutler Drive in North Salt Lake, the property sits within one of the area’s most accessible commercial corridors. The configuration is designed to serve both warehousing needs and day-to-day office functions without requiring a separate facility.
For owner-users, this setup can streamline workflow by keeping staff and operational space in the same building. Tenants or buyers seeking a compact industrial footprint with ready-to-use office space may find the mezzanine offices particularly useful for management, support, or customer-facing roles, while the warehouse features are aligned with practical distribution and storage use.
Key Highlights
- Industrial condo built in 2001 with 17‑foot clear height
- Grade‑level drive‑in door for straightforward warehouse loading and access
- Polished epoxy floors throughout the warehouse area
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
$43,369
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
5.10%
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%
$867,380
$867.4K
Cap Rate 7%
$619,557
$619.6K
Cap Rate 9%
$481,878
$481.9K
Market Conditions
NOI Build-Up for 3,222 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
$70.8K $21.96/SF
− Vacancy
−$4.0K −$1.25/SF
EGI
$66.7K $20.71/SF
− OpEx
−$23.4K −$7.25/SF
NOI
$43.4K $13.46/SF
Area
Davis County, UT
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$867,380
Cap Rate 7%
$619,557
Cap Rate 9%
$481,878
Alternative Uses
Best Use
Flex RnD
$619.6K
$542.1K – $722.8K
NOI $43,369 @ 7.0% cap · market cap 5.10%
Second Best
Office B
$559.6K
$489.7K – $652.9K
NOI $39,174 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$744.1K
$651.1K – $868.2K
NOI $52,090 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84054, UT
21,552
Population
7,658
Households
2.8
Avg Household Size
31
Median Age
41%
College-Educated
94%
High-School Grad
8.6 sq mi
ZIP Area
2,506
Density / Sq Mi
$107,889
Median Household Income
$50,071
Median Earnings
$1,648
Median Rent
$472,300
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 - Industrial condo with 17-foot clear height, grade-level drive-in access, and finished office mezzanine for flexible operations.
Where is this flex space located?
The property is located at 30 Cutler Dr Unit 301 North Salt Lake, UT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Industrial condo built in 2001 with 17‑foot clear height; Grade‑level drive‑in door for straightforward warehouse loading and access; Polished epoxy floors throughout the warehouse area
