Add Listing
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

    3040 Highland Dr Millcreek, UT 84106-3042

    • Warehouses
    • 6,641 SF
    • 0.32 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0452341
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 3040 Highland Dr

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.32 lot acres
    Property size
    6,641 SF
    Zone code
    C-3
    Property type
    Warehouses
    APN
    16-29-281-022
    APU
    1629281022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Millcreek
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.853
    Latitude
    40.7049
    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
    2024
    $8,732
    $457,900
    $311,000
    $768,900
    -
    $457,900
    $311,000
    $768,900

    Comparable in this City

    • Value Estimation
      $615,000
      6,600 SF

      3720 900th E

      WAREHOUSE, STORAGE • 6,600 SF
      3720 900th E, Salt Lake City, UT 84106-1913
      View Details
    • Value Estimation by Request
      2,920 SF

      3174 Highland Dr

      WAREHOUSE, STORAGE • 2,920 SF
      3174 Highland Dr, Millcreek, UT 84106-3044
      View Details
    • Value Estimation
      $790,000
      7,102 SF

      3211 Highland Dr

      WAREHOUSE, STORAGE • 7,102 SF
      3211 Highland Dr, Millcreek, UT 84106-3022
      View Details
    • Value Estimation by Request
      2,726 SF

      3240 1100th E

      WAREHOUSE, STORAGE • 2,726 SF
      3240 1100th E, Salt Lake City, UT 84106-2528
      View Details
    • Value Estimation
      $1,815,000
      48,960 SF

      3323 700th E

      WAREHOUSE, STORAGE • 48,960 SF
      3323 700th E, Salt Lake City, UT 84106-1543
      View Details
    • Value Estimation
      $2,350,000
      108,814 SF

      1053 3300th S

      MINI-WAREHOUSE, STORAGE • 108,814 SF
      1053 3300th S, Millcreek, UT 84106-2142
      View Details

    Similar Nearby for Sale

    • $1,900,000
      5,737 SF

      Highland Drive Retail/Office Opportunity

      Prime location with high-end improvements and warehouse space.
      2927 S Highland Dr, Salt Lake City, UT 84106
      View Details
    • $3,500,000
      19,099 SF

      Professional Office Building in Sugarhouse

      Professional office building in a highly desirable Salt Lake location.
      1174 E Graystone Way, Salt Lake City, UT 84106
      View Details
    • $649,900
      1,392 SF

      Millcreek Duplex: Investment Opportunity

      Move-in ready duplex in Millcreek, ideal for owner-occupant or investor.
      3780 S 1300 E, Millcreek, UT 84106
      View Details
    • Contact for pricing

      Salt Lake City Retail Investment

      Fully occupied Salt Lake City shopping center for sale.
      631-635 E 3300 S, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      3,025 SF

      Salt Lake City 7-Eleven

      Corporate guaranteed 7-Eleven with over 12 years remaining.
      3311 S 700 E, Salt Lake City, UT 84106
      View Details
    • $4,791,600

      South Salt Lake Development Site

      4.40-acre mixed-use apartment development site in South Salt Lake.
      700 East South Brg South, Salt Lake City, UT 84106
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      550 SF

      Retail/Office Space For Rent

      Second level retail or office space available for lease.
      959 3300 S, Salt Lake City, UT 84106
      View Details
    • Sponsored
      New
      Contact for pricing

      Sugarhouse Center

      Discover many ways to work your way in Sugarhouse Center
      2150 1300, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      10,405 SF

      Office/Flex Space with Warehouse

      10,405 SF office/flex space with warehouse and yard.
      2400 S 600 W, Salt Lake City, UT 84106
      View Details
    • $38 SF/Yr
      7,514 SF

      Salt Lake City Office Space Available

      7,514 sq ft Traditional Office Space
      1215 Wilmington Ave, Salt Lake City, UT 84106
      View Details
    • Contact for pricing
      69,339 SF

      Plaza 7-21: Salt Lake City Office

      Class A Office Space, Two Suites Available
      675 2100, Salt Lake City, UT 84106
      View Details

    Property Visit Statistics

    • Visits by month
      4.6k
    • Visitors by month
      2.4k
    • Avg Time on site
      20 min
    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.
    3040 Highland Dr
    Millcreek, UT 84106-3042
    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.
    Sign Up Successful!
    You now have access to more from Realmo!