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Property profile & analytics
FOR SALE
Investment properties
151 S Main St Salt Lake City, UT 84111
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US86-0869425
For Sale
1 / 2
$3,500,000
151 S Main St, Salt Lake City, UT 84111
View Listing →
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1914
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
15,246 SF
Lot
0.11 ac (4,792 SF)
Zoning code
D1
APN
16-06-105-011
UPID
US86-0869425
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Mill Art Consulting Service Establishment Consultant
-
humancareinc Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$710k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$949k
Blend (final)
Blend
$830k
Owner & transaction history
Elevation Real Property I LLC · 4 yrs held
Elevation Real Property I LLC
since 2021
7 recorded transactions
Zoning & alternative use
D1 · Salt Lake City, UT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.3M
+25.8%
Restaurant
$1.2M
+21.1%
Auto repair, garage
$1.1M
+8.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salt Lake City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salt Lake City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$710,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$830k
Range $747k – $913k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$54 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$28,489
Tax year 2023
Assessed value
$2,881,800
Assessed 2023
Previous assessed
$2,881,800
+0.0% YoY
Effective rate
0.99%
On assessed value
Assessed land
$481,200
Assessed improvement
$2,400,600
Land market value
$481,200
Improvement market value
$2,400,600
Total market value
$2,881,800
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
For Sale
Year built
1914
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Stories
2
Units
1
Total area
15,246 SF
Lot
0.11 ac (4,792 SF)
Zoning code
D1
APN
16-06-105-011
UPID
US86-0869425
Jurisdiction
SALT LAKE
Zoning & alternative use
D1 · Salt Lake City, UT
Zoning D1 · permitted uses
D1 · Salt Lake City, UT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salt Lake City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$995,000
RETAIL STORES
Est. value
$1.3M
RESTAURANT
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$855,000
COMMERCIAL (GENERAL) Current
RETAIL STORES
RESTAURANT
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1914
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
2
Units
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
Elevation Real Property I LLC
Entity
Mailing address
1045 QUARRY MTN LN, PARK CITY, UT 84098-6620
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 14, 2021
—
Elevation Real Property I LLC
Hope Properties LLC
Warranty Deed
—
Jan 24, 2018
—
Hope Props LLC
—
Deed
related
$1,186,000 · Us Small Busn Admn
Apr 16, 2007
—
Hope Properties LLC
Tachiki Enterprises LLC
Special Warranty Deed
$762,500 · Key Bank NA
Dec 29, 2005
—
Tachiki Enterprises LLC
Steven T Tachiki
Correction Deed
related
$800,000 · Us Bank NA
Aug 3, 2004
—
Tachiki Enterprises LLC
Tachiki,steven T & Becky L
Quit Claim Deed
related
—
Jul 9, 2004
—
Steven T Tachiki
Radman Enterprises Lc
Grant Deed
$775,000 · Metro National Exchange Svcs
Jun 19, 2002
—
Radman Enterprises LLC
Radman,ivan
Quit Claim Deed
related
—
—
—
Hope Props LLC
—
Deed Of Trust
related
$1,186,000 · Us Small Busn Admn
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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