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    229 Harris Ave Salt Lake City, UT 84115-5205

    • Warehouses
    • 10,905 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Apr 30, 2021
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-1468492
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Universal Products Inc / Manufacturer
    • Patrick Adair Designs / Jeweler
    • Hive Garage / Auto Repair Shop
    • Pilar Products / Wholesaler

    Property Details for 229 Harris Ave

    Year built
    1976
    Construction
    STEEL FRAME
    Lot size
    0.66 lot acres
    Property size
    10,905 SF
    Zone code
    CG
    Property type
    Warehouses
    APN
    15-13-257-008
    APU
    1513257008

    Description

    This exceptional 18,443-square-foot industrial space, situated in Salt Lake County, offers a unique blend of warehouse and flex capabilities. The property boasts a single-tenant occupancy, ideal for businesses seeking ample space and privacy. The building features a substantial 11,000 square-foot front area with two grade-level loading doors, perfect for efficient loading and unloading operations. A rear section of approximately 7,400 square feet includes a small office, restroom facilities, and two additional grade-level doors, providing versatile space for various operational needs. The high 20-foot ceilings maximize storage and operational efficiency. Four drive-in doors ensure convenient access and maneuverability. The property sits on 0.62 acres and includes a fenced yard, offering secure outdoor storage or operational space. The location, east of 300 West between 1300 South and 1700 South, benefits from a quiet, dead-end street (Harris Ave) with minimal traffic disruption. Three-phase power is available, catering to businesses with specialized electrical requirements. The CG zoning allows for a range of uses, and the property even offers the potential for billboard advertising. This clean and well-maintained property is an excellent opportunity for a multifaceted operation seeking a functional and strategically located industrial space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $630,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $800,000
      Market price range: $469k - $854k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.898
    Latitude
    40.7347
    CBSA code
    41620
    CBSA name
    SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $19,359
    $815,100
    $1,216,500
    $2,031,600
    -
    $815,100
    $1,216,500
    $2,031,600

    Comparable in this City

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      $765,000
      19,800 SF

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      View Details
    • Value Estimation
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      14,710 SF

      3065 Temple

      MINI-WAREHOUSE, STORAGE • 14,710 SF
      3065 Temple, South Salt Lake, UT 84115-3742
      View Details
    • Value Estimation
      $430,000
      7,936 SF

      3575 Temple

      WAREHOUSE, STORAGE • 7,936 SF
      3575 Temple, South Salt Lake, UT 84115-4451
      View Details
    • Value Estimation
      $975,000
      19,158 SF

      350 2880th S

      WAREHOUSE, STORAGE • 19,158 SF
      350 2880th S, Salt Lake City, UT 84115-3460
      View Details
    • Value Estimation
      $795,000
      18,000 SF

      195 2950th S

      MINI-WAREHOUSE, STORAGE • 18,000 SF
      195 2950th S, South Salt Lake, UT 84115-3433
      View Details
    • Value Estimation
      $1,615,000
      54,881 SF

      375 2100th S

      WAREHOUSE, STORAGE • 54,881 SF
      375 2100th S, Salt Lake City, UT 84115-1825
      View Details

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    229 Harris Ave
    Salt Lake City, UT 84115-5205
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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