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    5242 College Dr Salt Lake City, UT 84123

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    For Lease
    Contact for pricing

    Prime Murray office space, flexible layouts available.

    Lot size:
    37,077 SF

    Property Features for 5242 College Dr

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    37,077 SF
    Class
    B
    Total Rate
    66429.63

    Building Details

    Year Built
    1986
    Buildings
    1
    Stories
    3

    Spaces For Lease

    at 5242 College Dr, Salt Lake City, UT 84123 Contact us
    Unit 360

    $21 /Mo

    Size
    2,515 SF
    Contact us
    Unit 370

    $21 /Mo

    Size
    2,515 SF
    Contact us
    Unit 210

    $21 /Mo

    Size
    1,837 SF
    Contact us

    We can help!

    Listing Contact
    Skye Galley
    Skye Galley

    Listing Agency: Mountain West CRE Listing Agent: Skye Galley

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    The Cloverland Building, located at 5242 South College Drive in Murray, Utah, presents a compelling opportunity for businesses seeking office space in Salt Lake County. This Class B building, constructed in 1986, offers a total of 37,077 square feet across three stories, situated on a 1.9-acre lot. The property is zoned G-O and features a single building with multiple tenancies. Spaces are available ranging from a minimum of 1,988 square feet to a maximum contiguous space of 5,543 square feet, providing flexibility for various business needs. Currently, three individual spaces are available for lease. The building's address is 5242 South College Drive, Murray, UT 84123, with the APN listed as 2112353015. This traditional office building also offers executive office suites, catering to a range of business sizes and preferences. The property is conveniently located in Salt Lake City's vibrant Murray area, offering easy access to major transportation routes and amenities. This is an excellent opportunity to secure office space in a well-maintained building with a desirable location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rocky Mountain Home ... Home Health Care Service Flores Legal Services ... Law Firm ContinuumEdge (Bike/Boat/Book/etc) Store Dr. Bretton H. ... Physician SpaceIQ Corporate Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    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
    -111.9059513
    Latitude
    40.6568293

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Murray office space, flexible layouts available.
    Where is this office property / space located?
    The property is located at 5242 College Dr Salt Lake City, UT.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: Numerous amenities are nearby.; Ample parking: 3.5 spaces per 1,000 square feet.; Monument signage opportunity available.
    (801) 796-5006 Call to check price and availability
    Request Owner's contact information
    5242 College Dr Salt Lake City, UT 84123
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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
    5242 College Dr Salt Lake City, UT 84123
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Skye Galley
    Skye Galley
    Real Estate License ID: 11555200-SA00
    (801) 796-5006 (801) 971-3602
    Learn more
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