Four-Suite Flex Industrial
For Sale
$1,800,000
66 E CLEVELAND AVE, Salt Lake City, UT 84115
Flexible suites pair front office areas with rear warehouse space and individual drive-in access.
Property Size6,480 SF
Days on Market8
Property Features for 66 E CLEVELAND AVE
General Information
Standard status
Active
Size
6,480 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Building Size
6,480 SF
Year Built
1986
Buildings
1
Listing Agency:
Real Estate Essentials (St George)
(801) 598-8069
Listed By:
Tony Zambrano
(801) 598-8069
Source:
Liftrealty
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 6:40AM
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 Real Estate Essentials (St George)
Investment Insights
Based on property information with market context.
Built in 1986, this four-suite flex property combines front office or showroom areas with open warehouse space at the rear of each suite. Every suite has independent access and a roll-up door providing grade-level drive-in entry. The configuration accommodates a mix of warehouse, office, garage, and service-oriented commercial functions within one building. Long-term tenants are in place, while the suites may also support an owner-user arrangement with space leased to other occupants.
The property is located at 66 E Cleveland Ave in Salt Lake City’s Ballpark area, between State Street and Main Street. Access to I-15, I-80, and downtown Salt Lake City is identified, with the property near the MLB ballpark development, Granary District, and downtown core. The surrounding area is described as undergoing reinvestment and includes flex and industrial properties.
The property is located at 66 E Cleveland Ave in Salt Lake City’s Ballpark area, between State Street and Main Street. Access to I-15, I-80, and downtown Salt Lake City is identified, with the property near the MLB ballpark development, Granary District, and downtown core. The surrounding area is described as undergoing reinvestment and includes flex and industrial properties.
Key Highlights
- Four‑suite flex building with warehouse, office, and grade‑level garage space
- Each suite has independent access and its own roll‑up door
- Front office or showroom areas connect to open warehouse space
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
$93,954
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
5.22%
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%
$1,879,080
$1.9M
Cap Rate 7%
$1,342,200
$1.3M
Cap Rate 9%
$1,043,933
$1.0M
Market Conditions
NOI Build-Up for 6,480 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
$139.2K $21.48/SF
− Vacancy
−$13.9K −$2.15/SF
EGI
$125.3K $19.33/SF
− OpEx
−$31.3K −$4.83/SF
NOI
$94.0K $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%
$1,879,080
Cap Rate 7%
$1,342,200
Cap Rate 9%
$1,043,933
Alternative Uses
Best Use
Office B
$1.34M
$1.17M – $1.57M
NOI $93,954 @ 7.0% cap · market cap 5.22%
Second Best
Flex RnD
$1.02M
$890.8K – $1.19M
NOI $71,267 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,206 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,330
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84115, UT
27,588
Population
13,899
Households
2
Avg Household Size
33
Median Age
33%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
4,523
Density / Sq Mi
$61,505
Median Household Income
$43,785
Median Earnings
$1,263
Median Rent
$396,200
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?
Flex space - Flexible suites pair front office areas with rear warehouse space and individual drive-in access.
Where is this flex space located?
The property is located at 66 E CLEVELAND AVE Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Four‑suite flex building with warehouse, office, and grade‑level garage space; Each suite has independent access and its own roll‑up door; Front office or showroom areas connect to open warehouse space
