Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3092 Richmond St Salt Lake City, UT 84106
    Property profile & analytics

    3092 Richmond St, Salt Lake City, UT 84106

    View on Map
    • Retail properties & Spaces
    • 10,000 SF
    • 2.16 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 3092 Richmond St

    Year built
    2024
    Lot size
    2.16 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional Class A retail property, located in the heart of Salt Lake's Millcreek submarket, offers 4,210 square feet of immediately available space. The building, constructed in 2024, is a five-story structure with retail space occupying the main level. The total building size is 10,000 square feet, with individual units ranging from a minimum of 1,000 square feet to a maximum contiguous space of 4,210 square feet. Five separate retail spaces are available for lease. The property sits on a 2.16-acre lot (APN: 16-29-428-018-0000) and is zoned RC. Its convenient location near the intersection of 3300 South and 1300 East provides excellent walkability to surrounding residential areas. This prime retail space presents a unique opportunity for businesses seeking high visibility and accessibility within a thriving community. The property's modern design and prime location make it an ideal space for a variety of retail or restaurant concepts. Contact us for pricing and leasing information.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.855
    Latitude
    40.7042

    Comparable in this City

    • Value Estimation by Request
      11,162 SF

      1323 Villa Vis Ave

      Individual retail properties
      1323 Villa Vis Ave, Millcreek, UT 84106
      View Details
    • Value Estimation by Request
      0.06 Acres

      701 2100th S

      RETAIL STORES (PERSONAL SERVICES)
      701 2100th S, Salt Lake City, UT 84106-1829
      View Details
    • Value Estimation by Request
      0.11 Acres

      611 3300th S

      RETAIL STORES (PERSONAL SERVICES)
      611 3300th S, Salt Lake City, UT 84106-1275
      View Details
    • Value Estimation by Request
      0.07 Acres

      1941 1100th E

      RETAIL STORES (PERSONAL SERVICES)
      1941 1100th E, Salt Lake City, UT 84106-3580
      View Details
    • Value Estimation
      $2,950,000
      22,211 SF

      2160 700th E

      RETAIL STORES (PERSONAL SERVICES)
      2160 700th E, Salt Lake City, UT 84106-1834
      View Details
    • Value Estimation
      $1,170,000
      8,180 SF

      1987 1100th E

      RETAIL STORES (PERSONAL SERVICES)
      1987 1100th E, Salt Lake City, UT 84106-2316
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,610 SF

      Turn-Key Restaurant Opportunity

      Prime Millcreek location with historic charm and versatile layout.
      3298 S Highland Dr, Salt Lake City, UT 84106
      View Details
    • $210,000
      3,062 SF

      Established Restaurant Business Opportunity

      Turnkey restaurant business for sale with loyal customer base.
      725 E 3300 S, Millcreek, UT 84106
      View Details
    • Contact for pricing
      4,500 SF

      Salt Lake City Retail Investment

      Fully occupied Salt Lake City shopping center for sale.
      631-635 E 3300 S, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      3,025 SF

      Salt Lake City 7-Eleven

      Corporate guaranteed 7-Eleven with over 11 years remaining.
      3311 S 700 E, Salt Lake City, UT 84106
      View Details
    • $3,200,000

      Redevelopment Opportunity Land

      Commercial land available for redevelopment.
      3685 South Brg East, Salt Lake City, UT 84106
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail and Restaurant Space Available

      High-traffic location with multiple access points and signage opportunities.
      753 E 2100 S, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      1,600 SF

      Sugarhouse Retail Space For Rent

      1,600 SF retail space in the heart of Sugarhouse.
      1991 S 1100 E, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      7,500 SF

      Office or Retail Sublease Opportunity

      Sublease opportunity suitable for office or retail use with signage.
      2210 South Brg East, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      1,005 SF

      Millcreek Retail Space For Lease

      Prime retail space available in the heart of Millcreek.
      1323 E Villa Vis Ave, Millcreek, UT 84106
      View Details
    • Contact for pricing
      1,172 SF

      Retail Space in Millcreek

      Retail space available in a walkable, mixed-use Millcreek location.
      3092 Rd, South Salt Lake, UT 84106
      View Details
    • Contact for pricing
      550 SF

      Retail/Office Space For Rent

      Second level retail or office space available for lease.
      959 3300 S, Salt Lake City, UT 84106
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3092 Richmond St
    Salt Lake City, UT 84106
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3092 Richmond St, Salt Lake City, UT, 84106
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!