702 East 3rd Avenue, Salt Lake City, UT 84103

Building Details

Building Size 6,750 SF More

Year Built 1938 More

Buildings 1 More

Stories 2 More

Construction brick More

Tenancy Multi More

Listing Agency: InterNet Properties

Listed By: Michael Ferro · License UT 5478741-PB0 Show Phone

Source: Iproperties

Added: Aug 8 Changed: Nov 4 Last Checked: Nov 10 at 6:21AM

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Investment Insights

Based on property information with market context.

This two-story brick mixed-use property was constructed in 1938 and contains 6,750 SF across four units. The main level provides 2,700 SF of retail space, with an additional 2,100 SF basement. Three one-bedroom apartments occupy the second floor, creating a combination of commercial and residential space within one building.

The property occupies the corner of 3rd and K Street at the Avenues Corner. The retail lease includes 3% annual rent increases and extends through 4/30/2029. The property also carries a 7.23% cap rate based on the stated proforma financials.

Key Highlights

• 6,750 SF two‑story mixed‑use building with four units
• 2,700 SF of main‑level retail space plus 2,100 SF basement
• Three 1‑bedroom apartments on the second floor

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$100,856

Cap Rate

6.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,017,120 $2.0M

Cap Rate 7%

$1,440,800 $1.4M

Cap Rate 9%

$1,120,622 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,750 SF

Gross rent

$148.2K $21.96/SF

− Vacancy

−$4.2K −$0.61/SF

EGI

$144.1K $21.35/SF

− OpEx

−$43.2K −$6.40/SF

NOI

$100.9K $14.94/SF

Area

Salt Lake City, UT

Vacancy

2.80%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,017,120

Cap Rate 7%

$1,440,800

Cap Rate 9%

$1,120,622

Alternative Uses

Best Use

Retail

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $100,856 @ 7.0% cap · market cap 6.02%

Second Best

Mixed Use

$1.33M

$1.16M – $1.55M (±1% cap)

NOI $93,150 @ 7.0% cap · market cap 5.56%

Theoretical Best

Office A

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,298 @ 7.0% cap · market cap 7.60%

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

Property Analytics

Current Use

Healthy Pets The Avenues (Bike/Boat/Book/etc) Store UPS Access Point ... Courier Service

Suggested Use

Top Pick Electrical Service Grocery & Convenience Store Food Market (Bike/Boat/Book/etc) Store Building Supply Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

2,263

Businesses Nearby

Explore this area Business Placement

Demographics for 84103, UT

22,788

Population

13,528

Households

1.7

Avg Household Size

36

Median Age

66%

College-Educated

98%

High-School Grad

20.5 sq mi

ZIP Area

1,112

Density / Sq Mi

$81,386

Median Household Income

$54,787

Median Earnings

$1,374

Median Rent

$710,700

Median Home Value

Market

Properties on Market for Mixed-use properties in Salt Lake County

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Corner commercial property combines ground-floor retail with three upstairs apartments.

Where is this mixed-use property located?

The property is located at 702 East 3rd Avenue Salt Lake City, UT.

What is the asking price?

The asking price for this property is $1,675,000.

What are key features of this property?

This property features: 6,750 SF two‑story mixed‑use building with four units; 2,700 SF of main‑level retail space plus 2,100 SF basement; Three 1‑bedroom apartments on the second floor