Single-Level Medical
For Sale
Contact for pricing
3231 North 1120 East, Lehi, UT 84043
Single-level configuration includes basement space, on-site parking, and BP zoning.
Property Size11,541 SF
Price / SF$316.26
Days on Market72
Property Features for 3231 North 1120 East
General Information
Standard status
Active
Size
11,541 SF
Total Parking Spaces
57
Property subtype
Office
Zoning
BP
Building Details
Year Built
2006
Year Renovated
2014
Buildings
1
Units
1
Listing Agency:
Spark Realty
Listed By:
Andy Evans · License #UT
Source:
Crexi
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 30 at 10:10PM
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 second-generation medical office property includes 10,416 square feet arranged on a single level, along with a 1,125-square-foot basement area. The building was constructed in 2006 and is supported by 57 parking spaces.
The property is located at 3231 North 1120 East in Lehi, Utah, and carries BP zoning. It is offered for sale while occupied by a tenant; showings should not disturb the current occupant.
The property is located at 3231 North 1120 East in Lehi, Utah, and carries BP zoning. It is offered for sale while occupied by a tenant; showings should not disturb the current occupant.
Key Highlights
- 10,416 SF medical office building on a single level
- 1,125 SF bonus basement area
- 57 on‑site 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
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-level configuration includes basement space, on-site parking, and BP zoning.
Where is this medical office space located?
The property is located at 3231 North 1120 East 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 on‑site parking spaces
