Single Tenant Pad in
For Sale
Contact for pricing
Pending
3515 S Constitution Blvd, West Valley City, UT
Single tenant pad in a major commercial district.
Property Size7,441 SF
Lot Size51.57 Acres
Days on Market310
Property Features for 3515 S Constitution Blvd
General Information
Standard status
Pending
Size
7,441 SF
Lot size
51.57 Acres
Property subtype
RETAIL
Listing Agency:
Mountain West - Corporate
(801) 456-8808
Listed By:
Lance Pendleton
Source:
Moodyscre
Added: Oct 7, 2025
Changed: Aug 8
Last Checked: Aug 12 at 5:19AM
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 Mountain West - Corporate
Investment Insights
Based on property information with market context.
This single-tenant pad is located along the front of a major commercial district, directly across from West Valley City, Utah. The property is anchored by Costco Wholesale, JCPenney, Megaplex Theatres, All Star Bowling & Entertainment, Hobby Lobby, Ross Dress for Less, Petco, and Ulta. Additional uses within the property include hospitality and multi-residential. The property has a size of 7,441 square feet.
Key Highlights
- Single tenant pad site in a major commercial district.
- Anchored by Costco Wholesale, JCPenney, Megaplex Theatres and more.
- Located directly across from West Valley City's Downtown.
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
$85,056
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
2.99%
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%
$1,701,120
$1.7M
Cap Rate 7%
$1,215,086
$1.2M
Cap Rate 9%
$945,067
$945.1K
Market Conditions
NOI Build-Up for 7,441 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
$125.0K $16.80/SF
− Vacancy
−$3.5K −$0.47/SF
EGI
$121.5K $16.33/SF
− OpEx
−$36.5K −$4.90/SF
NOI
$85.1K $11.43/SF
Area
West Valley City, UT
Vacancy
2.80%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,701,120
Cap Rate 7%
$1,215,086
Cap Rate 9%
$945,067
Alternative Uses
Best Use
Retail
$1.22M
$1.06M – $1.42M
NOI $85,056 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,118 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
626k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Shops & Services 24%
Superstores 20%
Apparel 17%
Costco Wholesale
Superstores
123,956 visits/mo
0.4 miles
In-N-Out Burger
Dining
55,336 visits/mo
0.3 miles
Hobby Lobby
Shops & Services
53,288 visits/mo
0.2 miles
Ross Dress for Less
Apparel
38,484 visits/mo
0.1 miles
Costco Gasoline
Shops & Services
38,001 visits/mo
0.3 miles
Market
Vacancy Rate% for Retail 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?
Retail space - Single tenant pad in a major commercial district.
Where is this retail space located?
The property is located at 3515 S Constitution Blvd West Valley City, UT.
What is the asking price?
The asking price for this property is $2,842,912.
What are key features of this property?
This property features: Single tenant pad site in a major commercial district.; Anchored by Costco Wholesale, JCPenney, Megaplex Theatres and more.; Located directly across from West Valley City's Downtown.
