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    1215 Wilmington Ave, Unit 1C Salt Lake City, UT 84106-4280
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    Property profile & analytics

    1215 Wilmington Ave, Unit 1C, Salt Lake City, UT 84106-4280

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    • Investment properties
    • 79,078 SF
    • 0.01 lot acres
    Off-Market
    Property ID
    US86-0900392
    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.
    Value Estimations
    $14,555,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • SOMI Vietnamese Bistro / Restaurant
    • Barebones Living / (Bike/Boat/Book/etc) Store
    • Tifie / Charitable Organization / Social Service Agency
    • Verkada / Association Or Organization
    • Traeger Grills Headquarters / (Bike/Boat/Book/etc) Store / Home Appliance Store

    Property Details for 1215 Wilmington Ave

    Year built
    2014
    Lot size
    0.01 lot acres
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    16-20-235-003
    APU
    1620235003

    Description

    This exceptional 7,514 square foot traditional office space is located at 1215 Wilmington Avenue in Salt Lake City, Utah, zip code 84106. Situated in a vibrant mixed-use development, this property offers a unique blend of office, multifamily, and retail environments. The space is currently configured for multiple tenants, providing flexibility for businesses of various sizes. The building is located in Salt Lake County and offers a prime location within Salt Lake City, providing easy access to major transportation routes and amenities. The specific layout and configuration of the available 7,514 square feet can be tailored to meet individual tenant needs. This presents a fantastic opportunity for businesses seeking a well-located, versatile office space in a thriving urban setting. The address is easily accessible and benefits from the energy and convenience of a mixed-use development. Further details regarding lease terms and specific space configurations are available upon request. This property is ideal for businesses seeking a prominent location in a dynamic and growing area of Salt Lake City. Inquire today to learn more about this exciting opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $18,190,000
      6.5%
      $16,790,000
      7%
      $15,590,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $12,318,000
      Market price range: $3.56M - $12.3M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $10,435,000
      RESTAURANT
      $10,135,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.856
    Latitude
    40.7236
    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
    2023
    $221,197
    $846,200
    $21,528,600
    $22,374,800
    -
    $846,200
    $21,528,600
    $22,374,800

    Comparable in this City

    • Value Estimation
      $3,675,000
      26,322 SF

      3675 900th E

      STORE/OFFICE (MIXED USE)
      3675 900th E, Salt Lake City, UT 84106-1964
      View Details
    • Value Estimation by Request
      1,270 SF

      831 Mdw Pne Ct

      STORE/OFFICE (MIXED USE)
      831 Mdw Pne Ct, Salt Lake City, UT 84106-4621
      View Details
    • Value Estimation by Request
      1,270 SF

      814 Mdw Pne Ct

      STORE/OFFICE (MIXED USE)
      814 Mdw Pne Ct, Salt Lake City, UT 84106-4620
      View Details
    • Value Estimation by Request
      1,360 SF

      3732 900th E

      STORE/OFFICE (MIXED USE)
      3732 900th E, Salt Lake City, UT 84106-1913
      View Details
    • Value Estimation
      $760,000
      6,208 SF

      772 3300th S

      STORE/OFFICE (MIXED USE)
      772 3300th S, Salt Lake City, UT 84106-4602
      View Details
    • Value Estimation
      $870,000
      6,041 SF

      1201 Wilmington Ave, Unit 1B

      STORE/OFFICE (MIXED USE)
      1201 Wilmington Ave, Salt Lake City, UT 84106-3759
      View Details

    Similar Nearby for Sale

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      0.19 Acres

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      Rare opportunity to build a custom home in Salt Lake City.
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      4,500 SF

      Salt Lake City Retail Investment

      Fully occupied Salt Lake City shopping center for sale.
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      South Salt Lake Development Site

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    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Development for Lease

      Mixed-use property with multifamily, office, and retail spaces available.
      1215 Wilmington Ave, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      10,405 SF

      Office/Flex Space with Warehouse

      10,405 SF office/flex space with warehouse and yard.
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      Sugarhouse Center

      Discover many ways to work your way in Sugarhouse Center
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      Renewed Office Space in Sugarhouse

      Garden-level offices in Sugar House, walking distance to amenities.
      1213 E 2100 S, Salt Lake City, UT 84106
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      Retail and Restaurant Space Available

      High-traffic location with multiple access points and signage opportunities.
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    • Contact for pricing
      47,916 SF

      Sugar House Office Space

      Furnished office space in Sugar House available for rent.
      1174 E Graystone Way, Salt Lake City, UT 84106
      View Details
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    Salt Lake City, UT 84106-4280
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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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