Italianate Office & Apartments
For Sale
$1,850,000
602 E 300 S, Salt Lake City, UT 84102
Italianate building built in 1911, converted for office use with original woodwork, fireplaces, and a private parking lot.
Property Size6,924 SF
Days on Market327
Property Features for 602 E 300 S
General Information
Standard status
Active
Size
6,924 SF
Zoning
RMF 45
Taxes and HOA fees
Annual Taxes
$9,502
Building Details
Building Size
6,924 SF
Year Built
1911
Listing Agency:
Coldwell Banker Realty (Union Heights)
Listed By:
Lynn Griese · License #9604125-SA00
(818) 468-8323
Source:
Evrealestate
Added: Oct 28, 2025
Changed: Sep 15
Last Checked: Sep 19 at 6:20AM
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 Coldwell Banker Realty (Union Heights)
Investment Insights
Based on property information with market context.
This Italianate building, constructed in 1911 as a single-family mansion, has been converted for modern commercial use. The property features original woodwork and fireplaces, along with soaring ceilings and abundant natural light. It is currently suited for office use and also offers flexibility for retail, creative workspace, or potential live/work configurations.
Located in the Central City Historic District on a hard corner at 600 East and 300 South, the building is within the historic district but not designated historic. The property is positioned along a walkable and visible corridor, with nearby access to TRAX and to major nearby retail and dining options, including Trader Joe’s and boutique shopping. For convenience, the site includes a private parking lot with generous off-street parking.
The property is listed with RMF35 zoning, which may support future redevelopment considerations depending on use and approvals.
Located in the Central City Historic District on a hard corner at 600 East and 300 South, the building is within the historic district but not designated historic. The property is positioned along a walkable and visible corridor, with nearby access to TRAX and to major nearby retail and dining options, including Trader Joe’s and boutique shopping. For convenience, the site includes a private parking lot with generous off-street parking.
The property is listed with RMF35 zoning, which may support future redevelopment considerations depending on use and approvals.
Key Highlights
- Italianate building built in 1911, originally constructed as a single‑family mansion and adapted for office use
- Converted office & apartments building with original woodwork and fireplaces
- Soaring ceilings and abundant natural light
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
$100,391
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
5.43%
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%
$2,007,820
$2.0M
Cap Rate 7%
$1,434,157
$1.4M
Cap Rate 9%
$1,115,456
$1.1M
Market Conditions
NOI Build-Up for 6,924 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
$148.7K $21.48/SF
− Vacancy
−$14.9K −$2.15/SF
EGI
$133.9K $19.33/SF
− OpEx
−$33.5K −$4.83/SF
NOI
$100.4K $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%
$2,007,820
Cap Rate 7%
$1,434,157
Cap Rate 9%
$1,115,456
Alternative Uses
Best Use
Office B
$1.43M
$1.25M – $1.67M
NOI $100,391 @ 7.0% cap · market cap 5.43%
Second Best
Mixed Use
$1.37M
$1.19M – $1.59M
NOI $95,551 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,580 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,274
Businesses Nearby
Explore this area
Business Placement
Demographics for 84102, UT
18,857
Population
11,348
Households
1.7
Avg Household Size
29
Median Age
56%
College-Educated
94%
High-School Grad
1.9 sq mi
ZIP Area
9,925
Density / Sq Mi
$50,040
Median Household Income
$32,432
Median Earnings
$1,305
Median Rent
$487,200
Median Home Value
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Market
Vacancy Rate% for Office in Salt Lake City, UT
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Frequently Asked Questions
What type of property is this?
Office building - Italianate building built in 1911, converted for office use with original woodwork, fireplaces, and a private parking lot.
Where is this office building located?
The property is located at 602 E 300 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Italianate building built in 1911, originally constructed as a single‑family mansion and adapted for office use; Converted office & apartments building with original woodwork and fireplaces; Soaring ceilings and abundant natural light
