Upgraded Office Building with
For Sale
Contact for pricing
308 E 4500 S, Murray, UT 84107
Multi-tenant office building offering upgraded common area finishes and an on-site elevator.
Property Size27,482 SF
Price / SF$176.30
Days on Market152
Property Features for 308 E 4500 S
General Information
Standard status
Active
Size
27,482 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
upgraded common area finishes
elevator
Listing Agency:
JLL | Salt Lake City
(801) 456-9510
Listed By:
Jami Marsh · License #5488712-PB00
(801) 456-9514
Source:
Moodyscre
Added: Apr 16
Changed: Sep 3
Last Checked: Sep 14 at 12:17PM
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 JLL | Salt Lake City
Investment Insights
Based on property information with market context.
This 27,482 SF office building features upgraded common area finishes and an elevator, with parking provided at a 4 spaces per 1,000 SF ratio. The property is described as a value-add opportunity due to below-market rents currently in place for existing tenants.
Located in a convenient center-of-the-valley area, the building offers immediate access to I-15 and strong commuter connectivity. The remarks also note close proximity to retail and services.
The building’s size supports a multi-tenant office configuration, with parking and building amenities designed to serve occupants and visitors.
Located in a convenient center-of-the-valley area, the building offers immediate access to I-15 and strong commuter connectivity. The remarks also note close proximity to retail and services.
The building’s size supports a multi-tenant office configuration, with parking and building amenities designed to serve occupants and visitors.
Key Highlights
- 27,482 SF multi‑tenant office building
- On‑site elevator
- Upgraded common area finishes
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
$398,462
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
8.22%
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%
$7,969,240
$8.0M
Cap Rate 7%
$5,692,314
$5.7M
Cap Rate 9%
$4,427,356
$4.4M
Market Conditions
NOI Build-Up for 27,482 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
$590.3K $21.48/SF
− Vacancy
−$59.0K −$2.15/SF
EGI
$531.3K $19.33/SF
− OpEx
−$132.8K −$4.83/SF
NOI
$398.5K $14.50/SF
Area
Salt Lake County, UT
Vacancy
10.00%
Lease Rate
$21.48 /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%
$7,969,240
Cap Rate 7%
$5,692,314
Cap Rate 9%
$4,427,356
Alternative Uses
Best Use
Office B
$5.69M
$4.98M – $6.64M
NOI $398,462 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$365.93M
$320.19M – $426.92M
NOI $25,615,307 @ 7.0% cap · market cap 528.70%
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
2,228
Businesses Nearby
Explore this area
Business Placement
Demographics for 84107, UT
37,713
Population
17,287
Households
2.2
Avg Household Size
34
Median Age
38%
College-Educated
93%
High-School Grad
7.5 sq mi
ZIP Area
5,028
Density / Sq Mi
$73,469
Median Household Income
$46,098
Median Earnings
$1,387
Median Rent
$426,000
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 building - Multi-tenant office building offering upgraded common area finishes and an on-site elevator.
Where is this office building located?
The property is located at 308 E 4500 S Murray, UT.
What is the asking price?
The asking price for this property is $4,845,000.
What are key features of this property?
This property features: 27,482 SF multi‑tenant office building; On‑site elevator; Upgraded common area finishes
