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    1240 Stringham Ave Salt Lake City, UT 84106-2560

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    1240 Stringham Ave Salt Lake City, UT 84106-2560

    View on Map
    • Apartment buildings
    • 160,793 SF
    • 1.74 lot acres
    Off-Market
    Property ID
    US86-1101290
    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
    $15,310,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Blink Charging Station / Electric Vehicle Charging Station
    • SEO by Joe / Consultant
    • Apt CoWork at Park Avenue / Coworking & Hybrid Office
    • Park Avenue Apartments / Apartment Complex / Apartment Building

    Property Details for 1240 Stringham Ave

    Year built
    2020
    Lot size
    1.74 lot acres
    Property size
    160,793 SF
    Property type
    Apartment buildings
    APN
    16-20-276-066
    APU
    1620276066

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $13,734,000
      Market price range: $2.15M - $13.7M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $9,900,000
      Current use
      MEDICAL BUILDING
      $21,215,000
      Change: +114% Conversion: Moderate
      RESTAURANT
      $20,605,000
      Change: +108% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $17,475,000
      Change: +77% Conversion: Moderate
      RETAIL STORES
      $14,730,000
      Change: +49% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $12,805,000
      Change: +29% Conversion: Difficult
      WAREHOUSE, STORAGE
      $11,725,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.857
    Latitude
    40.7205
    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
    $460,860
    $3,288,500
    $81,470,500
    $84,759,000
    -
    $3,288,500
    $81,470,500
    $84,759,000

    Comparable in this City

    • Value Estimation
      $1,240,000
      13,389 SF

      3723 900th E

      APARTMENT HOUSE (5+ UNITS) • 13,389 SF
      3723 900th E, Salt Lake City, UT 84106-1912
      View Details
    • Value Estimation by Request
      4,342 SF

      3380 900th E

      APARTMENT HOUSE (5+ UNITS) • 4,342 SF
      3380 900th E, Salt Lake City, UT 84106-2070
      View Details
    • Value Estimation by Request
      4,074 SF

      2286 900th E

      APARTMENT HOUSE (5+ UNITS) • 4,074 SF
      2286 900th E, Salt Lake City, UT 84106-2336
      View Details
    • Value Estimation
      $18,800,000
      588,141 SF

      2191 Mcclelland St

      APARTMENT HOUSE (100+ UNITS) • 588,141 SF
      2191 Mcclelland St, Salt Lake City, UT 84106-3054
      View Details
    • Value Estimation by Request
      4,679 SF

      861 Stratford Ave

      APARTMENT HOUSE (5+ UNITS) • 4,679 SF
      861 Stratford Ave, Salt Lake City, UT 84106-1716
      View Details
    • Value Estimation by Request
      3,163 SF

      2768 500th E

      APARTMENT HOUSE (5+ UNITS) • 3,163 SF
      2768 500th E, Salt Lake City, UT 84106-1390
      View Details

    Similar Nearby for Sale

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      Salt Lake City Multifamily Investment

      Eight-unit multifamily property with value-add opportunity in Salt Lake City.
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      Multifamily Asset in Millcreek Corridor

      Multifamily asset in Salt Lake City's Millcreek corridor.
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      Millcreek Duplex Investment Opportunity

      Move-in ready duplex in central Millcreek location.
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      Salt Lake City Multifamily Investment

      Multifamily property with solid renters, new roof, and modern interiors.
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      Pending

      Remodeled Condo in 55+ Community

      Remodeled condo in desirable 55+ community with new amenities.
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      Millcreek Mixed-Use Opportunity

      RM zoned property ideal for live-work or commercial use.
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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

      Prime Suburban Office Space

      Office space near Millcreek Common, Brickyard, and Sugarhouse.
      1245 Brickyard Rd, Salt Lake City, UT 84106
      View Details
    • 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
    • $16 SF/Yr

      Freestanding Millcreek Office/Medical Building

      Freestanding office/medical building in the heart of Millcreek.
      3350 S Highland Dr, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      3,160 SF

      Retail Space in Sugar House

      Retail space available in a desirable Salt Lake neighborhood.
      2188 Highland Dr, Salt Lake City, UT 84106
      View Details
    • Contact for pricing

      Class A Office Space

      Office space with freeway access and covered parking.
      2150 S 1300 E, Salt Lake City, UT 84106
      View Details

    Property Visit Statistics

    • Visits by month
      5.1k
    • Visitors by month
      5.7k
    • Avg Time on site
      20 min
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    1240 Stringham Ave
    Salt Lake City, UT 84106-2560
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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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