Mixed-Use Property with Medical
New
For Sale
$1,750,000
3378 S 2300 E, Millcreek, UT 84109
Commercial Sale, Millcreek, UT
Property Size3,939 SF
Lot Size0.18 Acres
Price / SF$444.28
Days on Market2
Property Features for 3378 S 2300 E
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Zoning description
R2-10
Interior features
Restroom: Private
Accessibility
Accessible Approach with Ramp
Subdivision
Salt Lake City; Ft Douglas
Standard status
Active
APN
16-27-376-041
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
10864
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1945
Listing Agency:
KW South Valley Keller Williams · Keller Williams Realty
(801) 676-5700
Listed By:
Kody Watts · License #RE-15364
(801) 948-3783
Added: Sep 9
Last Checked: Sep 10 at 7:06AM
MLS# 2184245
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Investment Insights
Based on property information with market context.
This mixed-use property comprises three buildings totaling approximately 3,939 square feet. The principal commercial structure contains approximately 1,376 square feet arranged for medical office and spa operations, including treatment rooms, office areas, client service space, and a private bathroom. A separate 591-square-foot IV and wellness suite supports a distinct operational area. The property also includes an onsite shed.
The residential component measures approximately 1,972 square feet and is divided into three apartments. Each apartment has a private entrance, bedroom, and bathroom. Additional parking stalls may be leased from a nearby business. Built in 1945, the property includes natural gas forced-air heating, central air conditioning, and an accessible approach with ramp.
The residential component measures approximately 1,972 square feet and is divided into three apartments. Each apartment has a private entrance, bedroom, and bathroom. Additional parking stalls may be leased from a nearby business. Built in 1945, the property includes natural gas forced-air heating, central air conditioning, and an accessible approach with ramp.
Key Highlights
- Approximately 3,939 square feet across three buildings
- Approximately 1,376‑square‑foot medical office and spa component
- Separate 591 SF IV and wellness suite
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
$56,991
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
3.26%
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%
$1,139,820
$1.1M
Cap Rate 7%
$814,157
$814.2K
Cap Rate 9%
$633,233
$633.2K
Market Conditions
NOI Build-Up for 3,939 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
$102.6K $26.04/SF
− Vacancy
−$11.4K −$2.89/SF
EGI
$91.2K $23.15/SF
− OpEx
−$34.2K −$8.68/SF
NOI
$57.0K $14.47/SF
Area
Salt Lake County, UT
Vacancy
11.10%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
37.50%
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%
$1,139,820
Cap Rate 7%
$814,157
Cap Rate 9%
$633,233
Alternative Uses
Best Use
Multifamily LT 5
$52.45M
$45.89M – $61.19M
NOI $3,671,447 @ 7.0% cap · market cap 209.80%
Second Best
Apartment 5plus
$46.77M
$40.93M – $54.57M
NOI $3,274,036 @ 7.0% cap · market cap 187.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 84109, UT
24,768
Population
9,829
Households
2.5
Avg Household Size
37
Median Age
69%
College-Educated
99%
High-School Grad
57.0 sq mi
ZIP Area
435
Density / Sq Mi
$136,823
Median Household Income
$63,758
Median Earnings
$1,584
Median Rent
$679,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-building property combines medical and wellness suites with three separately entered apartments.
Where is this mixed-use property located?
The property is located at 3378 S 2300 E Millcreek, UT.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 3,939 square feet across three buildings; Approximately 1,376‑square‑foot medical office and spa component; Separate 591 SF IV and wellness suite
