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    Property profile & analytics

    2827 2300 Millcreek, UT 84109

    • Retail space
    • 11,000 SF
    • 0.63 lot acres
    For Sale
    View listing
    $2,750,000
    Last Sale
    May 01, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0541549
    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

    • Rattlesnake Alert LLC / Dog Trainer
    • Barley's Canine Recreation Center / Dog Day Care Center / Dog Walker

    Property Details for 2827 2300

    Year built
    1949
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.63 lot acres
    Property size
    11,000 SF
    Zone code
    C-1
    Property type
    Retail space
    APN
    16-27-202-002
    APU
    1627202002

    Description

    This exceptional 11,000-square-foot freestanding retail showroom building presents a remarkable investment opportunity in the thriving Millcreek area of Salt Lake City, Utah. Located at 2827 S 2300 E, 84109, this single-story, vacant property sits on a 0.63-acre lot and is zoned C1, offering significant flexibility for a variety of commercial uses. The building features ample parking, convenient access to major freeways, and proximity to numerous shopping and dining options. The interior includes two grade-level loading doors, two restrooms, a welcoming lobby area, and two private offices. Previously used as a dog daycare, this versatile space is ready for immediate occupancy and customization to suit your business needs. The asking price is $2,750,000, translating to $250 per square foot. This represents a compelling value in a high-demand location. The property's net lease structure provides a straightforward and efficient ownership experience. Don't miss this chance to acquire a prime retail space in a rapidly growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $530,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $494,000
      Market price range: $495k - $1.22M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $780,000
      Current use
      AUTO REPAIR, GARAGE
      $875,000
      Change: +13% 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
    -111.824
    Latitude
    40.7097
    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
    $13,540
    $929,300
    $221,700
    $1,151,000
    -
    $929,300
    $221,700
    $1,151,000

    Comparable in this City

    • Value Estimation
      $425,000
      0.74 Acres

      2332 2100th S

      RETAIL STORES (PERSONAL SERVICES) • 0.74 Acres
      2332 2100th S, Salt Lake City, UT 84109-1319
      View Details
    • Value Estimation
      $260,000
      0.01 Acres

      2169 3300th S

      RETAIL STORES (PERSONAL SERVICES) • 0.01 Acres
      2169 3300th S, Salt Lake City, UT 84109-2666
      View Details
    • Value Estimation
      $230,000
      4,821 SF

      2253 3300th S

      RETAIL STORES (PERSONAL SERVICES) • 4,821 SF
      2253 3300th S, Salt Lake City, UT 84109-2634
      View Details
    • Value Estimation
      $350,000
      8,003 SF

      2060 3300th S

      RETAIL STORES (PERSONAL SERVICES) • 8,003 SF
      2060 3300th S, Salt Lake City, UT 84109-2605
      View Details
    • Value Estimation
      $395,000
      3,352 SF

      3364 2300th E

      RETAIL STORES (PERSONAL SERVICES) • 3,352 SF
      3364 2300th E, Salt Lake City, UT 84109-3076
      View Details
    • Value Estimation
      $670,000
      7,475 SF

      8672 State St

      RETAIL STORES (PERSONAL SERVICES) • 7,475 SF
      8672 State St, Salt Lake City, UT 84109
      View Details

    Similar Nearby for Sale

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      Prime Millcreek Retail Showroom

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    Similar Nearby for Lease

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    • $30 SF/Yr
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      View Details
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      Salt Lake City Office Building

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      View Details
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    2827 2300
    Millcreek, UT 84109
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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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