Multi-Tenant Office
For Sale
$1,950,000
5522 S 3200 W, Salt Lake City, UT 84129
Two office suites are 100% occupied, including a Utah tenant since 2005 and a Helping Hands tenant.
Property Size9,140 SF
Lot Size1.06 Acres
Price / SF$213.35
Days on Market47
Property Features for 5522 S 3200 W
General Information
Standard status
Active
Size
9,140 SF
Lot size
1.06 Acres
Property subtype
Office
Zoning
C-2
Occupancy
100%
Additional Details
Cap Rate
6.78%
Office Units
2
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
Pleasant Grove
(801) 702-4682
Listed By:
James Bullington · License #UT 5472910-SA00
(801) 702-4682
Source:
Colliers
Added: Jul 14
Changed: Aug 23
Last Checked: Aug 29 at 5:51AM
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 Pleasant Grove
Investment Insights
Based on property information with market context.
This multi-tenant office building was built in 2005 and features wood-frame construction with brick veneer. The property totals 9,140 SF and is fully occupied by two office suites, with Suite 101 at 7,290 SF and Suite 102 at 1,850 SF.
The State of Utah has occupied Suite 101 since July 2005, with a lease expiration date of 7/31/2030. Helping Hands occupies Suite 102 and has been in place since October 2014, with a lease expiration date of 9/30/2027. The asset is located on a 1.06 AC site and is zoned C-2 under Taylorsville City.
Additional site information includes APN #21.17.227.012, and the offering is listed as a for-sale transaction.
The State of Utah has occupied Suite 101 since July 2005, with a lease expiration date of 7/31/2030. Helping Hands occupies Suite 102 and has been in place since October 2014, with a lease expiration date of 9/30/2027. The asset is located on a 1.06 AC site and is zoned C-2 under Taylorsville City.
Additional site information includes APN #21.17.227.012, and the offering is listed as a for-sale transaction.
Key Highlights
- Office building totaling 9,140 SF on 1.06 acres, built in 2005 (wood frame with brick veneer).
- 100% occupied with two multi‑tenant suites: Suite 101 is 7,290 SF; Suite 102 is 1,850 SF.
- State of Utah tenant in Suite 101 since July 2005, with a lease expiring 7/31/2030 and a five‑year renewal signed August 2025.
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
$132,521
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
6.80%
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%
$2,650,420
$2.7M
Cap Rate 7%
$1,893,157
$1.9M
Cap Rate 9%
$1,472,456
$1.5M
Market Conditions
NOI Build-Up for 9,140 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
$196.3K $21.48/SF
− Vacancy
−$19.6K −$2.15/SF
EGI
$176.7K $19.33/SF
− OpEx
−$44.2K −$4.83/SF
NOI
$132.5K $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%
$2,650,420
Cap Rate 7%
$1,893,157
Cap Rate 9%
$1,472,456
Alternative Uses
Best Use
Office B
$1.89M
$1.66M – $2.21M
NOI $132,521 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,371 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
Explore this area
Business Placement
Demographics for 84129, UT
37,421
Population
12,532
Households
3
Avg Household Size
36
Median Age
23%
College-Educated
87%
High-School Grad
6.7 sq mi
ZIP Area
5,585
Density / Sq Mi
$94,051
Median Household Income
$45,173
Median Earnings
$1,546
Median Rent
$399,200
Median Home Value
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 - Two office suites are 100% occupied, including a Utah tenant since 2005 and a Helping Hands tenant.
Where is this office building located?
The property is located at 5522 S 3200 W Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Office building totaling 9,140 SF on 1.06 acres, built in 2005 (wood frame with brick veneer).; 100% occupied with two multi‑tenant suites: Suite 101 is 7,290 SF; Suite 102 is 1,850 SF.; State of Utah tenant in Suite 101 since July 2005, with a lease expiring 7/31/2030 and a five‑year renewal signed August 2025.
