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    Creative Office Space for Rent Title is generated by Realmo AI

    331 South Rio Grande, Salt Lake City, UT 84101

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    For Lease
    $19 SF/Yr $74,416/Mo (calc)

    Office space in up-and-coming neighborhood near downtown Salt Lake.

    Type:Office
    Property size:
    47,000 SF
    Added:
    Jan 27, 2026
    Days on Market:
    109
    Last Refresh:
    Apr 5 at 9:01 pm

    Property Features for 331 South Rio Grande

    General Information

    Standard status
    Active
    Size
    47,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1912

    Spaces For Lease

    at 331 South Rio Grande Contact us

    We can help!

    Listing Contact
    Christian Priskos, CCIM
    Christian Priskos, CCIM

    Listing agent Christian Priskos, CCIM

    Listing office InterNet Properties

    Listing date Jan 27, 2026

    Source Iproperties

    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 InterNet Properties

    HighLights

    • Prime Location: Walking distance to The Gateway, Pioneer Park, TRAX, and downtown Salt Lake City.
    • Excellent Accessibility: Located next to all major freeways and minutes from SLC International Airport and the University of Utah.
    • High Growth Area: Situated in an up‑and‑coming neighborhood with hundreds of new housing units under construction nearby.
    • Urban/Creative Aesthetic: Features exposed brick/ducting and original hardwood floors.
    • Flexible Office Space: Suites offer open or bullpen floor plans and tall ceilings.
    • Abundant Natural Light: Suites and common areas benefit from lots of natural light.

    Overview

    Office space is available for rent in an up-and-coming neighborhood close to downtown Salt Lake City. The location benefits from current and future growth, including hundreds of housing units and surrounding businesses in the area. It is located within walking distance of The Gateway, Pioneer Park, TRAX, and downtown Salt Lake City, and is next to all major freeways. Adjacent parking stalls are available. The property is also minutes away from the SLC International Airport and the University of Utah. The space features an excellent urban/creative aesthetic with exposed brick, ducting, and original hardwood floors. Suites offer open or bullpen floor plans and tall ceilings. There is lots of natural light in suites and common areas. The property provides ADA access with an elevator and a common area loading dock on-site. Hundreds of new apartment units are under construction within a 1-block radius. The property size is 47000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    PEGUS Research Inc Research Institute Barton Law Office, ... Law Firm David E. Rosenbloom, ... Law Firm Alta Minerals Industrial Park Blerp Inc. (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.904
    Latitude
    40.762

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    FAQs

    What type of property is this?
    Office units - Office space in up-and-coming neighborhood near downtown Salt Lake.
    Where is this office units located?
    The property is located at 331 South Rio Grande Salt Lake City, UT.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: Prime Location: Walking distance to The Gateway, Pioneer Park, TRAX, and downtown Salt Lake City.; Excellent Accessibility: Located next to all major freeways and minutes from SLC International Airport and the University of Utah.; High Growth Area: Situated in an up‑and‑coming neighborhood with hundreds of new housing units under construction nearby.
    (801) 573-8500
    We can help!
    Listing Contact
    Christian Priskos, CCIM
    Christian Priskos, CCIM
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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