Flex Property with Fenced
For Sale
$4,750,000
526 N 400 W, North Salt Lake, UT 84054
Office and warehouse improvements include a paved, secured yard and two separately leased office areas.
Property Size17,812 SF
Lot Size2.00 Acres
Price / SF$266.67
Days on Market10
Property Features for 526 N 400 W
General Information
Standard status
Active
Size
17,812 SF
Lot size
2.00 Acres
Property subtype
Industrial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Warehouse Space
2,668 SF
Office Units
2
Taxes and HOA fees
Annual Taxes
$26,909
Building Details
Building Size
17,812 SF
Year Built
1995
Tenancy
Multi
Listing Agency:
Spark Realty, LLC
(435) 229-1990
Listed By:
Christie Daugherty · License #8650059
Source:
Acresutah
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 20 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 Spark Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1995, this 17,812-square-foot flex property occupies 2 acres and combines office and warehouse improvements. Approximately 0.80 acres is configured as a fenced, paved yard. The building is divided into two office areas, with one incorporating warehouse space and the other serving as office-only space.
Both areas are currently leased. The first lease runs through 12/1/2027, while the second expires 07/26/2027. The existing configuration supports continued leasing operations and preserves the stated option for eventual owner occupancy or leasing the property as a fully occupied asset.
Both areas are currently leased. The first lease runs through 12/1/2027, while the second expires 07/26/2027. The existing configuration supports continued leasing operations and preserves the stated option for eventual owner occupancy or leasing the property as a fully occupied asset.
Key Highlights
- 17,812 SF office/warehouse property on 2 acres
- Approximately 0.80 acres of fenced, paved yard
- Building currently divided into two office spaces
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
$239,756
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
5.05%
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%
$4,795,120
$4.8M
Cap Rate 7%
$3,425,086
$3.4M
Cap Rate 9%
$2,663,956
$2.7M
Market Conditions
NOI Build-Up for 17,812 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
$391.2K $21.96/SF
− Vacancy
−$22.3K −$1.25/SF
EGI
$368.9K $20.71/SF
− OpEx
−$129.1K −$7.25/SF
NOI
$239.8K $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%
$4,795,120
Cap Rate 7%
$3,425,086
Cap Rate 9%
$2,663,956
Alternative Uses
Best Use
Flex RnD
$3.43M
$3.00M – $4.00M
NOI $239,756 @ 7.0% cap · market cap 5.05%
Second Best
Office B
$3.09M
$2.71M – $3.61M
NOI $216,565 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$4.11M
$3.60M – $4.80M
NOI $287,967 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
733
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse improvements include a paved, secured yard and two separately leased office areas.
Where is this flex space located?
The property is located at 526 N 400 W North Salt Lake, UT.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: 17,812 SF office/warehouse property on 2 acres; Approximately 0.80 acres of fenced, paved yard; Building currently divided into two office spaces
