Building Details

Year Built 1981

Buildings 1

Stories 2

Listing Agency: Colliers - Pleasant Grove - Utah County, Utah e***@cbcadvisors.com Show Phone

Listed By: Eric Larsen · License #UT 5722129-SA00

Source: Crexi

Added: Jan 29 Changed: Aug 14 Last Checked: Aug 14 at 7:58AM

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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 - Pleasant Grove - Utah County, Utah

Investment Insights

Based on property information with market context.

Located in Alpine, Utah, this 8,800 square foot office/warehouse flex building is situated on 0.33 acres. The property features a blend of functional open space with 16-foot ceilings and two floors of convertible office areas. It is suitable for light manufacturing, showroom, distribution, e-commerce, service-based businesses, tech, fitness/training users, or private office use. The original building includes clear-span warehouse space with the potential for a 10-foot by 10-foot grade-level door. It has ample power with 800 Amp 600 V service. The layout is designed for conversion to various business or private needs. The site includes private parking and is located behind the former Purple Mattress facility. The property size is 8,476 square feet.

Key Highlights

• Rare 8,800 SF flex building on .33 acres in affluent Alpine, Utah location.
• Versatile space suitable for various uses: office, warehouse, light manufacturing, showroom, e‑commerce, etc.
• Clear‑span warehouse with 16’ ceilings and potential for a 10’x10’ grade‑level door.**

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

$67,496

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

4.30%

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%

$1,349,920 $1.3M

Cap Rate 7%

$964,229 $964.2K

Cap Rate 9%

$749,956 $750.0K

Market Conditions

NOI Build-Up for 8,476 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

$101.7K $12.00/SF

− Vacancy

−$5.3K −$0.62/SF

EGI

$96.4K $11.38/SF

− OpEx

−$28.9K −$3.41/SF

NOI

$67.5K $7.96/SF

Area

Utah County, UT

Vacancy

5.20%

Lease Rate

$12.00 /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%

$1,349,920

Cap Rate 7%

$964,229

Cap Rate 9%

$749,956

Alternative Uses

Best Use

Industrial

$964.2K

$843.7K – $1.12M (±1% cap)

NOI $67,496 @ 7.0% cap · market cap 4.30%

Second Best

Flex RnD

$821.1K

$718.5K – $958.0K (±1% cap)

NOI $57,478 @ 7.0% cap · market cap 3.66%

Theoretical Best

Office A

$2.34M

$2.04M – $2.73M (±1% cap)

NOI $163,553 @ 7.0% cap · market cap 10.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Restaurant Hair Salon Nail Salon Electrical Service Big Box & Wholesale Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Flex space - 8,800 SF office/warehouse flex building in Alpine, Utah.

Where is this flex space located?

The property is located at 51 East 200 North alpine Alpine, UT.

What is the asking price?

The asking price for this property is $1,570,000.

What are key features of this property?

This property features: Rare 8,800 SF flex building on .33 acres in affluent Alpine, Utah location.; Versatile space suitable for various uses: office, warehouse, light manufacturing, showroom, e‑commerce, etc.; Clear‑span warehouse with 16’ ceilings and potential for a 10’x10’ grade‑level door.**