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    Property profile & analytics

    151 S Main St Salt Lake City, UT 84111

    • Investment properties
    • 15,246 SF
    • 0.11 lot acres
    For Sale
    View listing
    Last Sale
    Sep 14, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0869425
    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.

    Current Use by Public Records

    • Mill Art Consulting / Consultant / Service Establishment
    • humancareinc / Medical Clinic

    Property Details for 151 S Main St

    Year built
    1914
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.11 lot acres
    Property size
    15,246 SF
    Zone code
    D1
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    16-06-105-011
    APU
    1606105011

    Description

    This stunning 15,000-square-foot executive office space, located in the heart of Salt Lake City's central business district, presents a unique opportunity. Housed in the historic Tracy Loan and Trust Co. building, formerly the Hope Gallery and Museum of Fine Art, this two-story property boasts exquisite architectural details. Built in 1916 by renowned New York City architect Walter J. Cooper, the Neo-Classical Revival style building features beautiful walnut paneling, elegant marble floors, and a breathtaking stained-glass ceiling. While retaining its historic charm, the building benefits from modern structural and mechanical systems, ensuring both aesthetic appeal and functional efficiency. Its prime location offers unparalleled accessibility and visibility, situated adjacent to the George S. and Dolores Doré Eccles Theater. The entire 15,000 square feet is currently vacant, providing a blank canvas for a discerning tenant seeking a prestigious and historically significant location for their business. This single-tenancy building represents a rare opportunity to occupy a landmark property in Salt Lake County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $710,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $949,000
      Market price range: $456k - $1.68M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $995,000
      Current use
      RETAIL STORES
      $1,250,000
      Change: +26% Conversion: Easy
      RESTAURANT
      $1,205,000
      Change: +21% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,080,000
      Change: +8% Conversion: Difficult
      WAREHOUSE, STORAGE
      $855,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.891
    Latitude
    40.7658
    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
    $28,489
    $481,200
    $2,400,600
    $2,881,800
    -
    $481,200
    $2,400,600
    $2,881,800

    Comparable in this City

    • Value Estimation
      $795,000
      11,534 SF

      185 State St, Unit 1100

      STORE/OFFICE (MIXED USE) • 11,534 SF
      185 State St, Salt Lake City, UT 84111-1538
      View Details
    • Value Estimation
      $760,000
      11,155 SF

      185 State St, Unit 500

      STORE/OFFICE (MIXED USE) • 11,155 SF
      185 State St, Salt Lake City, UT 84111-1538
      View Details
    • Value Estimation
      $760,000
      11,155 SF

      185 State St, Unit 600

      STORE/OFFICE (MIXED USE) • 11,155 SF
      185 State St, Salt Lake City, UT 84111-1538
      View Details
    • Value Estimation by Request
      622,395 SF

      95 State St

      STORE/OFFICE (MIXED USE) • 622,395 SF
      95 State St, Salt Lake City, UT 84111-1630
      View Details
    • Value Estimation
      $2,095,000
      82,442 SF

      370 Es Temple

      STORE/OFFICE (MIXED USE) • 82,442 SF
      370 Es Temple, Salt Lake City, UT 84111-1206
      View Details
    • Value Estimation
      $2,275,000
      56,427 SF

      210 Es Temple

      STORE/OFFICE (MIXED USE) • 56,427 SF
      210 Es Temple, Salt Lake City, UT 84111-1205
      View Details

    Similar Nearby for Sale

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      22,304 SF

      Multi-Story Commercial Building For Sale

      Multi-story commercial building with potential owner/user opportunity in Salt Lake City.
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      Rare Downtown Salt Lake City Land

      Single lots near downtown. Build your dream home!
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      Professional Office Condo For Sale

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    Similar Nearby for Lease

    • $21 SF/Yr
      36,396 SF

      Salt Lake City Executive Office Space

      Prime Office Suite, 1687 sq ft Available
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      View Details
    • $28 SF/Yr
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      Executive Suites, Salt Lake City

      Historic Office Space For Lease. Multiple Suites Available.
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      View Details
    • $19 SF/Yr
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      Executive Suites, Salt Lake City CBD

      Prestigious CBD Office Space, Flexible Terms
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    • $30 SF/Yr
      126,194 SF

      Historic Downtown Salt Lake Office

      126,194 SF Office Space Available
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      View Details
    • $25 SF/Yr
      19,512 SF

      Orpheum City Creek Office Space

      Historic Salt Lake City Office Building
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    • $24 SF/Yr
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      Downtown Salt Lake City Office Space

      Prime location, modern office suites, flexible layouts.
      30 Broadway, Salt Lake City, UT 84111
      View Details
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    151 S Main St
    Salt Lake City, UT 84111
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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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