Building Details

Buildings 1

Listing Agency: Woodley Real Estate

Listed By: Eric Woodley · License #UT Show Phone

Source: Crexi

Added: Jul 1 Changed: Oct 25 Last Checked: Oct 24 at 4:19PM

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Investment Insights

Based on property information with market context.

This flex office and warehouse property combines office space and warehouse space with additional outdoor yard. The offering includes 4,200 square feet of office space and 2,000 square feet of warehouse space on 0.70 acres. The office area is arranged with 2,100 RSF on the main floor and an additional 2,100 RSF in the basement, creating flexible indoor configuration for a range of day-to-day needs.

The property is located at 7706 Locust Street in Midvale, Utah, with highway access and visibility from I-215.

Overall, the layout supports both office functions and warehouse use, supported by the available yard space for operations that benefit from outdoor area.

Key Highlights

• 4,200 sq ft of office space plus 2,000 sq ft of warehouse space
• 2,100 RSF on the main floor with an additional 2,100 RSF in the basement
• Flexible office and warehouse layout with additional yard space on 0.70 acres

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$97,341

Cap Rate

6.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,946,820 $1.9M

Cap Rate 7%

$1,390,586 $1.4M

Cap Rate 9%

$1,081,567 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,200 SF

Gross rent

$158.5K $25.56/SF

− Vacancy

−$8.7K −$1.41/SF

EGI

$149.8K $24.15/SF

− OpEx

−$52.4K −$8.45/SF

NOI

$97.3K $15.70/SF

Area

Salt Lake County, UT

Vacancy

5.50%

Lease Rate

$25.56 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,946,820

Cap Rate 7%

$1,390,586

Cap Rate 9%

$1,081,567

Alternative Uses

Best Use

Flex RnD

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,341 @ 7.0% cap · market cap 6.71%

Second Best

Warehouse

$731.1K

$639.7K – $853.0K (±1% cap)

NOI $51,177 @ 7.0% cap · market cap 3.53%

Theoretical Best

Multifamily LT 5

$82.56M

$72.24M – $96.31M (±1% cap)

NOI $5,778,870 @ 7.0% cap · market cap 398.54%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Catering Service Acupuncture Law Firm Florist Travel Agency

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

653

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 84047, UT

37,146

Population

17,221

Households

2.2

Avg Household Size

33

Median Age

34%

College-Educated

92%

High-School Grad

6.4 sq mi

ZIP Area

5,804

Density / Sq Mi

$73,120

Median Household Income

$43,845

Median Earnings

$1,482

Median Rent

$404,200

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

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Frequently Asked Questions

What type of property is this?

Flex space - Office and warehouse building with ample yard and flexible layout, with highway visibility from I-215.

Where is this flex space located?

The property is located at 7706 Locust Street Midvale, UT.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: 4,200 sq ft of office space plus 2,000 sq ft of warehouse space; 2,100 RSF on the main floor with an additional 2,100 RSF in the basement; Flexible office and warehouse layout with additional yard space on 0.70 acres