Renovated Office Building For
For Sale
Contact for pricing
5121 S Murray Blvd, Salt Lake City, UT
Recently renovated office building with parking and freeway access.
Property Size24,000 SF
Lot Size1.90 Acres
Price / SF$300
Days on Market411
Property Features for 5121 S Murray Blvd
General Information
Standard status
Active
Size
24,000 SF
Lot size
1.90 Acres
Property subtype
OFFICE
Properties For Sale
at 5121 S Murray Blvd Contact us- Floor
- 1
- Size
- 12,000 SF
- Type
- OFFICE
- Lease Type
- FULL_SERVICE
- Availability
- AVAILABLE, Now
- Sublease
- No
5121 S Murray Blvd
- Entire building recently renovated
- Covered and fenced in parking
- Dock high...
show more
Contact us
- Floor
- 2
- Size
- 12,000 SF
- Type
- OFFICE
- Lease Type
- FULL_SERVICE
- Availability
- AVAILABLE, Now
- Sublease
- No
5121 S Murray Blvd
- Entire building recently renovated
- Covered and fenced in parking
- Dock high...
show more
Contact us
Listing Agency:
JLL | Salt Lake City
(801) 456-9518
Listed By:
Bronson Rawlins · License #8606046-SA00
(801) 949-5066
Source:
Moodyscre
Added: Jul 11, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:23PM
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 JLL | Salt Lake City
Investment Insights
Based on property information with market context.
This is a recently renovated office building offering 24,000 square feet of space. The property features covered and fenced-in parking. A dock-high door is located on the first floor. The basement includes a parking and storage area with grade-level doors. The building is located in close proximity to transit options, shops, restaurants, and other everyday conveniences. It offers immediate freeway access at I-15 and 5300 South. The property is located at 5121 S Murray Blvd, Salt Lake City, UT.
Key Highlights
- Immediate freeway access at I‑15 & 5300 South
- Entire building recently renovated
- Close proximity to transit, shops, restaurants and everyday conveniences
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
$347,976
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
4.83%
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%
$6,959,520
$7.0M
Cap Rate 7%
$4,971,086
$5.0M
Cap Rate 9%
$3,866,400
$3.9M
Market Conditions
NOI Build-Up for 24,000 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
$515.5K $21.48/SF
− Vacancy
−$51.6K −$2.15/SF
EGI
$464.0K $19.33/SF
− OpEx
−$116.0K −$4.83/SF
NOI
$348.0K $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%
$6,959,520
Cap Rate 7%
$4,971,086
Cap Rate 9%
$3,866,400
Alternative Uses
Best Use
Office B
$4.97M
$4.35M – $5.80M
NOI $347,976 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.47M
$5.66M – $7.54M
NOI $452,616 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,590
Businesses Nearby
Explore this area
Business Placement
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 - Recently renovated office building with parking and freeway access.
Where is this office building located?
The property is located at 5121 S Murray Blvd Salt Lake City, UT.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: Immediate freeway access at I‑15 & 5300 South; Entire building recently renovated; Close proximity to transit, shops, restaurants and everyday conveniences
