Building Details

Year Built 2004

Listing Agency: Equity Real Estate (Utah)

Listed By: Kenny Parcell · License #5469176-BB00 Show Phone

Source: Redsign

Added: Aug 21 Changed: Oct 5 Last Checked: Oct 5 at 11:26PM

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Investment Insights

Based on property information with market context.

Built in 2004, this 10,250-square-foot fitness facility is currently configured for dance instruction, indoor training, and office use. The existing arrangement brings activity-oriented space and administrative space together within one commercial property.

The property is located at 576 W State Road 198 in Salem, Utah. Its current dance studio and indoor training uses provide a factual basis for continued fitness- and activity-oriented occupancy, while the office component supports on-site administrative needs. Appointments are required to view the property.

Key Highlights

• 10,250‑square‑foot fitness facility
• Currently used as a dance studio
• Indoor training facility included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$81,623

Cap Rate

5.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,632,460 $1.6M

Cap Rate 7%

$1,166,043 $1.2M

Cap Rate 9%

$906,922 $906.9K

Market Conditions

NOI Build-Up for 10,250 SF

Gross rent

$123.0K $12.00/SF

− Vacancy

−$6.4K −$0.62/SF

EGI

$116.6K $11.38/SF

− OpEx

−$35.0K −$3.41/SF

NOI

$81.6K $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 Rate 5%

$1,632,460

Cap Rate 7%

$1,166,043

Cap Rate 9%

$906,922

Alternative Uses

Best Use

Industrial

$1.17M

$1.02M – $1.36M (±1% cap)

NOI $81,623 @ 7.0% cap · market cap 5.83%

Second Best

Flex RnD

$993.0K

$868.9K – $1.16M (±1% cap)

NOI $69,509 @ 7.0% cap · market cap 4.96%

Theoretical Best

Office A

$2.83M

$2.47M – $3.30M (±1% cap)

NOI $197,784 @ 7.0% cap · market cap 14.13%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Fitness centers & gyms

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Hair Salon Auto Parts Store Spa & Massage Center

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

179

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 84653, UT

11,103

Population

3,235

Households

3.4

Avg Household Size

30

Median Age

41%

College-Educated

98%

High-School Grad

16.1 sq mi

ZIP Area

690

Density / Sq Mi

$111,420

Median Household Income

$48,182

Median Earnings

$1,581

Median Rent

$569,300

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this fitness centers & gyms located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Uplift Fitness Studio — 576 UT-198, Salem, UT 84653
• FITCLUB — 139 UT-198, Salem, UT 84653

Frequently Asked Questions

What type of property is this?

Fitness center & gym - Configured for dance instruction, indoor training, and office use within one commercial property.

Where is this fitness center & gym located?

The property is located at 576 W State Road 198 Salem, UT.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: 10,250‑square‑foot fitness facility; Currently used as a dance studio; Indoor training facility included