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Property profile & analytics
OFF-MARKET
Estimated value
$1,075,000
Retail space
1865 State St, Salt Lake City, UT 84115-2019
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US86-0535443
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1976
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
7,406 SF
Lot
0.2 ac (8,712 SF)
Zoning code
CC
APN
16-18-308-018
UPID
US86-0535443
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
-
QUALITY BILLIARDS & GAME ROOMS (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.15M
Blend (final)
Blend
$1.08M
Owner & transaction history
Thorne Real Estate Holdings LLC · 6 yrs held
Thorne Real Estate Holdings LLC
since 2019
7 recorded transactions
Zoning & alternative use
CC · Salt Lake City, UT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.0M
+17.3%
Medical building
$975,000
+12.6%
Commercial (general)
$885,000
+2.2%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$870,000
Current use
RESTAURANT
$1,020,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$975,000
Change: +13% · Conversion: Difficult
COMMERCIAL (GENERAL)
$885,000
Change: +2% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$715,000
Change: -18% · Conversion: Moderate
Blend value · Realmo final
$1.08M
Range $968k – $1.18M · ±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
$145 / 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
$16,336
Tax year 2023
Assessed value
$1,652,400
Assessed 2023
Previous assessed
$1,652,400
+0.0% YoY
Effective rate
0.99%
On assessed value
Assessed land
$277,500
Assessed improvement
$1,374,900
Land market value
$277,500
Improvement market value
$1,374,900
Total market value
$1,652,400
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1976
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Buildings
2
Stories
1
Units
1
Total area
7,406 SF
Lot
0.2 ac (8,712 SF)
Zoning code
CC
APN
16-18-308-018
UPID
US86-0535443
Jurisdiction
SALT LAKE
Zoning & alternative use
CC · Salt Lake City, UT
Zoning CC · permitted uses
CC · 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
RETAIL STORES Current
Est. value
$870,000
RESTAURANT
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$975,000
COMMERCIAL (GENERAL)
Est. value
$885,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$715,000
RETAIL STORES Current
RESTAURANT
MEDICAL BUILDING
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
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
1976
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Buildings
2
Units
1
Lot
0.2 ac
Current owner
From public records · entity-resolved
Thorne Real Estate Holdings LLC
Entity
Mailing address
1865 S STATE ST, SALT LAKE CITY, UT 84115-2019
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 20, 2019
—
Thorne R & E Hldgs LLC
—
Deed
related
$388,000 · Mountain W Small Busn Fin
Oct 30, 2019
—
Thorne Real Estate Holdings LLC
1865 S State LLC
Special Warranty Deed
$532,250 · Mountain America FCU
Jan 25, 2019
—
1865 S State LLC
Johnson,craig W & Janice N
Correction Deed
related
—
Aug 15, 2018
—
1865 S State Street LLC
Johnson,craig W & Janice N
Grant Deed
$815,000 · Craig W Johnson
Jun 26, 2018
—
Craig W Johnson
Purely Linens Tables & Chairs
Warranty Deed
—
Jan 27, 2017
—
Purely Linens Tables & Chairs
Johnson,craig W & Janice N
Warranty Deed
$860,000 · Craig W & Janice N Johnson
Jul 2, 2001
—
Craig W Johnson
Backus,arthur W
Grant Deed
$550,000 · Arthur W & Judy E
—
—
Thorne R & E Hldgs LLC
—
Deed Of Trust
related
$372,575 · Mountain America FCU
—
—
Thorne R & E Hldgs LLC
—
Deed Of Trust
related
$388,000 · Mountain W Small Busn Fin
—
—
Thorne R & E Hldgs LLC
—
Deed Of Trust
related
$532,250 · Mountain America Cu
—
—
Craig W Johnson
—
Deed Of Trust
related
$100,000 · Key Bank NA
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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