North Salt Lake Flex
For Sale
Contact for pricing
506 N 700 W, North Salt Lake, UT 84054
13,200 SF flex space with easy freeway access.
Property Size13,200 SF
Lot Size1.00 Acre
Price / SF$208.33
Days on Market184
Property Features for 506 N 700 W
General Information
Standard status
Active
Size
13,200 SF
Class
B
Lot size
1.00 Acre
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1995
Buildings
2
Units
2
Tenancy
Single
Listing Agency:
Newmark Mountain West
(801) 796-5006
Listed By:
Skye Galley · License #11555200-SA00
Source:
Crexi
Added: Feb 10
Changed: Aug 11
Last Checked: Aug 12 at 2:46PM
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 Newmark Mountain West
Investment Insights
Based on property information with market context.
This 13,200-square-foot flex space property is situated on a 1-acre lot and features fire sprinklers throughout. The property offers convenient access to Redwood Road, I-215, I-15, and Legacy Parkway. The clear height within the buildings is 18 feet. The property consists of two buildings. Building 1 comprises 5,500 square feet and includes two 14’x14’ ground-level motorized doors, a small office, and two restrooms. It is equipped with 400 amps of 480/208 V, 3-phase power. Building 2 offers 7,700 square feet of space and features two 14’x14’ ground-level motorized doors, a small office, and one restroom. It is equipped with 200 amps of 480/208 V, 3-phase power.
Key Highlights
- Excellent Location: Easy access to Redwood Road, I‑215, I‑15, and Legacy Parkway.
- Substantial Square Footage: Boasting 13,200 total square feet across two buildings.
- Two Buildings: Building 1 (5,500 SF) and Building 2 (7,700 SF).
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
$177,677
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
6.46%
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%
$3,553,540
$3.6M
Cap Rate 7%
$2,538,243
$2.5M
Cap Rate 9%
$1,974,189
$2.0M
Market Conditions
NOI Build-Up for 13,200 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
$289.9K $21.96/SF
− Vacancy
−$16.5K −$1.25/SF
EGI
$273.3K $20.71/SF
− OpEx
−$95.7K −$7.25/SF
NOI
$177.7K $13.46/SF
Area
Davis County, UT
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$3,553,540
Cap Rate 7%
$2,538,243
Cap Rate 9%
$1,974,189
Alternative Uses
Best Use
Flex RnD
$2.54M
$2.22M – $2.96M
NOI $177,677 @ 7.0% cap · market cap 6.46%
Second Best
Warehouse
$1.42M
$1.24M – $1.65M
NOI $99,061 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,405 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84054, UT
21,552
Population
7,658
Households
2.8
Avg Household Size
31
Median Age
41%
College-Educated
94%
High-School Grad
8.6 sq mi
ZIP Area
2,506
Density / Sq Mi
$107,889
Median Household Income
$50,071
Median Earnings
$1,648
Median Rent
$472,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 13,200 SF flex space with easy freeway access.
Where is this flex space located?
The property is located at 506 N 700 W North Salt Lake, UT.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Excellent Location: Easy access to Redwood Road, I‑215, I‑15, and Legacy Parkway.; Substantial Square Footage: Boasting 13,200 total square feet across two buildings.; Two Buildings: Building 1 (5,500 SF) and Building 2 (7,700 SF).
