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    18 Rio Grande St Salt Lake City, UT 84101

    Sponsored
    For Lease
    $25 SF/Yr

    Downtown SLC retail & office space. High-traffic location.

    Lot size:
    623,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    422
    The Gateway Mall, a prominent Salt Lake City landmark originally constructed for the 2002 Winter Olympics, presents a unique investment opportunity. This 623,000 square foot, two-story retail and office complex sits on a 21-acre lot at 18 N Rio Grande St, Salt Lake City, UT 84101 (APN: 15-01-177-009, 15-01-131-1018, 08-36-376-015, 08-36-376-014, 08-36-376-013, Cross Street: 500 West). The property features multiple tenancies, with spaces ranging from a minimum divisible size of 1,741 square feet to a maximum contiguous space of 22,000 square feet. Under new management, The Gateway Mall has undergone significant improvements, incorporating new features designed to enhance the visitor experience. These include multiple art exhibits, outdoor recreation areas, and inviting walking paths. Its prime location in the heart of downtown Salt Lake City ensures high visibility and consistent foot traffic, making it an attractive destination for both locals and tourists. This iconic shopping center continues to be a vital part of the Salt Lake City landscape, offering a compelling investment opportunity in a thriving urban environment. The property's strategic location and recent upgrades position it for continued success and strong returns.

    Property Features for 18 Rio Grande St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    623,000 SF
    Total Rate
    1297916.67

    Building Details

    Stories
    2

    Spaces For Lease

    at 18 Rio Grande St, Salt Lake City, UT 84101 Contact us
    Unit Suite 2

    $25 /Mo

    Size
    2,538 SF
    Contact us
    Unit Block C | Level 2 & 3

    $25 /Mo

    Size
    33,322 SF
    Contact us
    Unit Suite 72

    $25 /Mo

    Size
    3,726 SF
    Contact us
    Unit Suite 117

    $25 /Mo

    Size
    947 SF
    Contact us
    Unit Suite 60

    $25 /Mo

    Size
    4,538 SF
    Contact us
    Unit Block C | Level 1

    $25 /Mo

    Size
    23,424 SF
    Contact us
    Unit Suite 67

    $25 /Mo

    Size
    481 SF
    Contact us
    Unit Suite 59

    $25 /Mo

    Size
    1,887 SF
    Contact us
    Unit Suite 62

    $25 /Mo

    Size
    3,400 SF
    Contact us
    Unit Block A

    $25 /Mo

    Size
    22,000 SF
    Contact us
    Unit Suite 48 | Second Gen Coffee Shop

    $25 /Mo

    Size
    1,274 SF
    Contact us
    Unit Suite 93

    $25 /Mo

    Size
    6,608 SF
    Contact us
    Unit Suite 101

    $25 /Mo

    Size
    1,829 SF
    Contact us
    Unit Suite 98

    $25 /Mo

    Size
    1,741 SF
    Contact us
    Unit Suite 69

    $25 /Mo

    Size
    958 SF
    Contact us
    Unit Suite 100

    $25 /Mo

    Size
    5,036 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Troy Hardy
    Troy Hardy

    Learn more

    HighLights

    • High‑traffic retail and restaurant spaces available for lease.
    • One block from Vivint Arena.
    • Vibrant, active development hosting over 200 annual events.
    • Over 1 million square feet of daytime office occupancy nearby.
    Property Profile Location Intelligence

    Current Use by Public Records

    Gateway Management Office Corporate Office EVgo Charging Station Electric Vehicle Charging Station Don Rickles Mural (Bike/Boat/Book/etc) Store Festa Italiana SLC Charitable Organization Mind The Gap Music ... Music Venue

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Hair Salon Restaurant Nail Salon Building Supply Daycare Center Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.9036493
    Latitude
    40.7687681

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    FAQs

    What type of property is this?
    Office Property / Space - Downtown SLC retail & office space. High-traffic location.
    Where is this office property / space located?
    The property is located at 18 Rio Grande St Salt Lake City, UT.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: High-traffic retail and restaurant spaces available for lease.; One block from Vivint Arena.; Vibrant, active development hosting over 200 annual events.
    Request Owner's contact information
    18 Rio Grande St Salt Lake City, UT 84101
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    Salt Lake City, UT 84101
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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
    18 Rio Grande St Salt Lake City, UT 84101
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    We can help!
    Listing Contact
    Troy Hardy
    Troy Hardy
    Real Estate License ID: 5505021-SA00
    Learn more
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