Flex Building with Warehouse
For Sale
Contact for pricing
45 E 200 N, Alpine, UT 84004
Adaptable commercial building combining open warehouse capacity with convertible office areas and private parking.
Property Size8,800 SF
Price / SF$180.68
Days on Market138
Property Features for 45 E 200 N
General Information
Standard status
Active
Size
8,800 SF
Property subtype
FLEX_R_AND_D
Listing Agency:
Colliers | Utah County
(801) 702-4670
Listed By:
Eric Larsen
Source:
Moodyscre
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 8:12AM
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 | Utah County
Investment Insights
Based on property information with market context.
This 8,800 SF flex property on .33 acres combines clear-span warehouse space with two floors of office areas that can be converted for business or private use. The open portion has 16-foot ceilings, while the layout is positioned for customization around operational or storage needs. A potential 10’ x 10’ grade-level door and 800 Amp, 600 V electrical service add substantial functional capacity.
Private parking is included on the site. The building sits behind the former Purple Mattress facility, providing a tucked-away setting in Alpine’s city center. Its configuration can accommodate a range of commercial applications, including light manufacturing, showroom, distribution, e-commerce, service, technology, and fitness or training uses, as identified for the property.
Private parking is included on the site. The building sits behind the former Purple Mattress facility, providing a tucked-away setting in Alpine’s city center. Its configuration can accommodate a range of commercial applications, including light manufacturing, showroom, distribution, e-commerce, service, technology, and fitness or training uses, as identified for the property.
Key Highlights
- 8,800 SF flex building on .33 acres
- Clear‑span warehouse area with 16’ ceilings
- Two floors of convertible office space
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
$123,552
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
7.77%
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%
$2,471,040
$2.5M
Cap Rate 7%
$1,765,029
$1.8M
Cap Rate 9%
$1,372,800
$1.4M
Market Conditions
NOI Build-Up for 8,800 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
$211.2K $24.00/SF
− Vacancy
−$46.5K −$5.28/SF
EGI
$164.7K $18.72/SF
− OpEx
−$41.2K −$4.68/SF
NOI
$123.6K $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%
$2,471,040
Cap Rate 7%
$1,765,029
Cap Rate 9%
$1,372,800
Alternative Uses
Best Use
Office B
$1.77M
$1.54M – $2.06M
NOI $123,552 @ 7.0% cap · market cap 7.77%
Second Best
Warehouse
$1.22M
$1.06M – $1.42M
NOI $85,092 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,805 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84004, UT
10,259
Population
3,133
Households
3.3
Avg Household Size
32
Median Age
57%
College-Educated
99%
High-School Grad
31.0 sq mi
ZIP Area
331
Density / Sq Mi
$156,786
Median Household Income
$52,765
Median Earnings
$2,786
Median Rent
$893,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building combining open warehouse capacity with convertible office areas and private parking.
Where is this flex space located?
The property is located at 45 E 200 N Alpine, UT.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: 8,800 SF flex building on .33 acres; Clear‑span warehouse area with 16’ ceilings; Two floors of convertible office space
