Downtown Salt Lake City
For Sale
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343 W 400 S, Salt Lake City, UT 84101
Renovated office building in downtown Salt Lake City.
Property Size10,400 SF
Price / SF$355.77
Days on Market167
Property Features for 343 W 400 S
General Information
Standard status
Active
Size
10,400 SF
Property subtype
Office
Occupancy
50%
Investment Type
Owner/User
Building Details
Year Built
1947
Year Renovated
2019
Buildings
1
Stories
1
Listing Agency:
Colliers - Salt Lake City, Utah
(801) 947-8300
Listed By:
Brandon Fugal · License #UT 5477023-SA00
Source:
Crexi
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 23 at 10:55AM
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 Colliers - Salt Lake City, Utah
Investment Insights
Based on property information with market context.
Located in downtown Salt Lake City, this office building presents an opportunity for owner-users. Constructed in 1947, the property combines historic character with modern updates, following a 2019 renovation. The remodel included new interior finishes, a new roof, upgraded windows, and refreshed HVAC systems. The single-story masonry structure totals approximately 10,400 square feet and features efficient floor plates and street-level presence. The building is currently occupied by a tenant who leases half of the premises. The property offers move-in quality and long-term stability in one of Salt Lake City’s commercial districts. The property is suitable for professional, creative, or operational uses.
Key Highlights
- Prime downtown Salt Lake City location.
- Comprehensive 2019 renovation with new interior finishes, roof, windows, and HVAC.
- Flexible occupancy options: immediate occupancy or phased deployment.
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
$150,790
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
4.08%
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%
$3,015,800
$3.0M
Cap Rate 7%
$2,154,143
$2.2M
Cap Rate 9%
$1,675,444
$1.7M
Market Conditions
NOI Build-Up for 10,400 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
$223.4K $21.48/SF
− Vacancy
−$22.3K −$2.15/SF
EGI
$201.1K $19.33/SF
− OpEx
−$50.3K −$4.83/SF
NOI
$150.8K $14.50/SF
Area
Salt Lake City, 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%
$3,015,800
Cap Rate 7%
$2,154,143
Cap Rate 9%
$1,675,444
Alternative Uses
Best Use
Office B
$2.15M
$1.88M – $2.51M
NOI $150,790 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,134 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 84101, UT
8,140
Population
5,605
Households
1.5
Avg Household Size
34
Median Age
51%
College-Educated
95%
High-School Grad
1.8 sq mi
ZIP Area
4,522
Density / Sq Mi
$70,391
Median Household Income
$55,238
Median Earnings
$1,336
Median Rent
$541,100
Median Home Value
Market
Vacancy Rate% for Office in Salt Lake City, UT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office building in downtown Salt Lake City.
Where is this office building located?
The property is located at 343 W 400 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Prime downtown Salt Lake City location.; Comprehensive 2019 renovation with new interior finishes, roof, windows, and HVAC.; Flexible occupancy options: immediate occupancy or phased deployment.
