Single-Level Medical Office with
For Sale
$3,650,000
3231 N 1120 E, Lehi, UT 84043
Single-level clinical layout includes supplemental lower-level space and dedicated parking.
Property Size11,541 SF
Price / SF$316.26
Days on Market69
Property Features for 3231 N 1120 E
General Information
Standard status
Active
Size
11,541 SF
Class
B
Total Parking Spaces
57
Property subtype
Office - General Office
Building Details
Building Size
11,541 SF
Year Built
2006
Year Renovated
2014
Buildings
1
Stories
1
Listing Agency:
Spark Realty
Listed By:
Andy Evans
Source:
Commercialcafe
Added: Jun 23
Changed: Aug 30
Last Checked: Aug 30 at 1:32PM
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 Spark Realty
Investment Insights
Based on property information with market context.
This medical office property in Lehi, Utah, provides 10,416 square feet on one level, along with a 1,125-square-foot basement area that adds flexibility for storage, support functions, or other building needs. The improvements were constructed in 2006 and are configured for medical office use.
The property is located at 3231 N 1120 E and includes 57 parking spaces. Its single-level design, additional basement area, and substantial on-site parking support a practical operating layout for an established medical office.
The property is located at 3231 N 1120 E and includes 57 parking spaces. Its single-level design, additional basement area, and substantial on-site parking support a practical operating layout for an established medical office.
Key Highlights
- 10,416 SF medical office building on a single level
- 1,125 SF bonus basement area
- 57 parking spaces
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
$162,036
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
4.44%
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%
$3,240,720
$3.2M
Cap Rate 7%
$2,314,800
$2.3M
Cap Rate 9%
$1,800,400
$1.8M
Market Conditions
NOI Build-Up for 11,541 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
$277.0K $24.00/SF
− Vacancy
−$60.9K −$5.28/SF
EGI
$216.0K $18.72/SF
− OpEx
−$54.0K −$4.68/SF
NOI
$162.0K $14.04/SF
Area
Utah County, UT
Vacancy
22.00%
Lease Rate
$24.00 /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%
$3,240,720
Cap Rate 7%
$2,314,800
Cap Rate 9%
$1,800,400
Alternative Uses
Best Use
Office B
$2.31M
$2.03M – $2.70M
NOI $162,036 @ 7.0% cap · market cap 4.44%
Second Best
Healthcare Medical
$1.99M
$1.74M – $2.32M
NOI $139,109 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$3.18M
$2.78M – $3.71M
NOI $222,695 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84043, UT
76,954
Population
23,408
Households
3.3
Avg Household Size
26
Median Age
50%
College-Educated
97%
High-School Grad
31.1 sq mi
ZIP Area
2,474
Density / Sq Mi
$125,598
Median Household Income
$49,643
Median Earnings
$1,802
Median Rent
$567,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Traverse Mountain Pet Care — 1142 E 3300 N, Lehi, UT 84043
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-level clinical layout includes supplemental lower-level space and dedicated parking.
Where is this medical office space located?
The property is located at 3231 N 1120 E Lehi, UT.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: 10,416 SF medical office building on a single level; 1,125 SF bonus basement area; 57 parking spaces
