Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2351 Indiana Ave Salt Lake City, UT 84104

    • Investment properties
    • 23,232 SF
    • 6.22 lot acres
    OFF-MARKET
    Value Estimations
    $5,075,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0744939
    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

    • Investment properties

    Property Details for 2351 Indiana Ave

    Year built
    2013
    Lot size
    6.22 lot acres
    Property size
    23,232 SF
    Zone code
    M-1
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    15-09-276-009
    APU
    1509276009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,345,000
      6.5%
      $4,930,000
      7%
      $4,580,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,214,000
      Market price range: $1.40M - $5.21M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,545,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $6,410,000
      Change: +81% Conversion: Moderate
      MEDICAL BUILDING
      $3,065,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.953
    Latitude
    40.7485
    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
    2022
    $0.00
    $2,768,800
    $4,250,900
    $7,019,700
    -
    $2,768,800
    $4,250,900
    $7,019,700

    Comparable in this City

    • Value Estimation
      $3,620,000
      26,428 SF

      2570 1700th S

      STORE/OFFICE (MIXED USE) • 26,428 SF
      2570 1700th S, Salt Lake City, UT 84104-4268
      View Details
    • Value Estimation
      $2,570,000
      22,204 SF

      723 Pacific Ave

      STORE/OFFICE (MIXED USE) • 22,204 SF
      723 Pacific Ave, Salt Lake City, UT 84104-1059
      View Details
    • Value Estimation
      $1,660,000
      34,230 SF

      1624 Pioneer Rd

      STORE/OFFICE (MIXED USE) • 34,230 SF
      1624 Pioneer Rd, Salt Lake City, UT 84104-4205
      View Details
    • Value Estimation
      $18,165,000
      93,855 SF

      964 3800th W

      STORE/OFFICE (MIXED USE) • 93,855 SF
      964 3800th W, Salt Lake City, UT 84104-4567
      View Details
    • Value Estimation by Request
      2,160 SF

      1105 Legacy Vw St

      STORE/OFFICE (MIXED USE) • 2,160 SF
      1105 Legacy Vw St, Salt Lake City, UT 84104-6500
      View Details
    • Value Estimation
      $885,000
      4,056 SF

      566 Delong St

      STORE/OFFICE (MIXED USE) • 4,056 SF
      566 Delong St, Salt Lake City, UT 84104-3909
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,024 SF

      2,024 SF Warehouse For Sale

      2,024 SF warehouse with office and mezzanine storage space.
      1745 S Milestone Dr, Salt Lake City, UT 84104
      View Details
    • $149,999
      0.08 Acres

      Buildable Lot Near Ballpark Redevelopment

      Prime Salt Lake City lot near downtown and new developments.
      1408 W Arapahoe Ave S, Salt Lake City, UT 84104
      View Details
    • $1,250,000
      5,144 SF

      Salt Lake City Industrial Flex Space

      5,144 SF Flex/Warehouse, Owner-User Opportunity
      1414 200, Salt Lake City, UT 84104
      View Details
    • Contact for pricing
      56,500 SF

      Industrial Space in Pioneer Crossing

      56,500 SF industrial space available for sale or lease.
      1624-1636 S Pioneer Rd, Salt Lake City, UT 84104
      View Details
    • Contact for pricing
      5,144 SF

      Small Flex Space For Sale

      Flex space with easy freeway access and ample parking.
      1414 W 200 S, Salt Lake City, UT 84104
      View Details
    • $3,075,000
      15,216 SF

      Salt Lake City Warehouse/Office Space

      15,216 SF building with office and temperature-controlled warehouse space.
      1785 S 4490 W, Salt Lake City, UT 84104
      View Details

    Similar Nearby for Lease

    • $3,750,000
      70,132 SF

      Four Buildings on Fenced Corner

      Four buildings totaling 11,979 SF on 1.61 acres.
      1776 S 900 W, Salt Lake City, UT 84104
      View Details
    • Contact for pricing
      100,963 SF

      New Industrial Space Available Soon

      Under construction industrial space for lease, delivery August 2025.
      1509 Gustin Rd W, Salt Lake City, UT 84104
      View Details
    • $13 SF/Yr
      21,310 SF

      Salt Lake City Industrial Space

      Versatile warehouse space, ideal for various uses.
      1915 900, Salt Lake City, UT 84104
      View Details
    • $1.32 SF/Yr
      152,460 SF

      Salt Lake City Industrial Land

      3.5-Acre Industrial Lot, Divisible
      285 2650, Salt Lake City, UT 84104
      View Details
    • Contact for pricing
      164,674 SF

      Salt Lake City Warehouse Space

      Large warehouse space available for lease.
      1865 4490, Salt Lake City, UT 84104
      View Details
    • Contact for pricing
      40,000 SF

      Centennial Industrial Park Warehouse Space

      Centrally located warehouse space with easy highway access.
      3630 W 1820 S, Salt Lake City, UT 84104
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2351 Indiana Ave
    Salt Lake City, UT 84104
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.