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    863 1950 Spanish Fork, UT 84660

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    For Lease
    Contact for pricing

    Modern Flex Space in Spanish Fork, UT

    Lot size:
    35,204 SF

    Property Features for 863 1950

    General Information

    Property type
    Life science properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    35,204 SF
    Total Rate
    33443.8

    Building Details

    Year Built
    2013
    Buildings
    5

    Spaces For Lease

    at 863 1950, Spanish Fork, UT 84660 Contact us
    Unit Building 3

    $11 /Mo

    Size
    35,204 SF
    Contact us

    We can help!

    Listing Contact
    Jarrod Hunt
    Jarrod Hunt

    Listing Agency: Colliers | Utah County Listing Agent: Jarrod Hunt

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

    Learn more

    Property Insight Report

    Overview

    This exceptional 35,204-square-foot flex space, located within the highly sought-after Canyon Creek Business Park in Spanish Fork, Utah, presents a unique opportunity for businesses seeking a versatile and modern workspace. Building 3, constructed in 2013, offers a total of 35,204 square feet of adaptable space, divisible to a minimum of 17,385 square feet. The entire building is currently vacant, providing a blank canvas for tenant improvements tailored to specific operational needs. The property boasts impressive features including a 24-foot ceiling height, 12 dock-high doors, and 4 drive-in doors, making it ideal for various industrial and distribution uses. Ample parking is available with 74 spaces. The 4.24-acre lot provides ample room for expansion or outdoor storage. The property is zoned LI and features a convenient location in the Utah County South submarket, with the address being 863 E 1950 N, Spanish Fork, UT 84660. This prime location offers easy access to major transportation routes and a thriving business community. The property's modern design and functional layout make it an attractive option for a wide range of businesses, from light manufacturing and warehousing to research and development. Don't miss this chance to secure a premier space in a rapidly growing area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Life science properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Spanish Fork
    County
    Utah
    State
    Utah
    Longitude
    -111.6392267
    Latitude
    40.1346

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    FAQs

    What type of property is this?
    Life science property - Modern Flex Space in Spanish Fork, UT
    Where is this life science property located?
    The property is located at 863 1950 Spanish Fork, UT.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: 35,204 SF flex space in Canyon Creek Business Park, Spanish Fork, UT.; Light industrial zoning (LI).; 2013 construction, currently vacant.
    (801) 610-1300 Call to check price and availability
    Request Owner's contact information
    863 1950 Spanish Fork, UT 84660
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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
    863 1950 Spanish Fork, UT 84660
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    Contact for Pricing
    Please call us for current price
    and status of this listing Jarrod Hunt
    Jarrod Hunt
    Real Estate License ID: 5485547-SA00
    (801) 610-1300 (801) 787-8940 (801) 702-4672
    Learn more
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