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    Property profile & analytics

    3165 Millrock Dr Holladay, UT 84121

    • Investment properties
    • 149,252 SF
    • 4.40 lot acres
    For Lease
    View listing
    $34 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0313797
    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

    • First Western Advisors / Financial Advisor
    • Outcome Private Wealth / Bank / Credit Union
    • Snowbird Ski & Summer Resort Corporate Offices / Corporate Office
    • Western Energy Hub / Consultant
    • PatientBond / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 3165 Millrock Dr

    Year built
    2006
    Construction
    CONCRETE
    Lot size
    4.40 lot acres
    Property size
    149,252 SF
    Zone code
    ORD
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    22-23-251-033
    APU
    2223251033

    Description

    Millrock Park West, located at 3165 Millrock Dr, Salt Lake City, UT 84121, offers a prime opportunity for businesses seeking Class A executive office space. This six-story building, constructed in 2006, boasts a total of 139,761 square feet and sits on a 4.4-acre lot. Currently, there is 28,681 square feet of contiguous space available, divisible into units as small as 3,500 square feet. The building features ample parking with a ratio of 4.5 spaces per 1,000 square feet. Situated in the highly desirable Holladay submarket, this property enjoys an enviable location along the Wasatch Mountain Range's east bench, conveniently near the intersection of I-215 and east of I-15. This makes it an ideal location for businesses seeking easy access to major transportation arteries. The building's prestigious address and modern amenities make it a perfect choice for businesses seeking a sophisticated and efficient workspace. The property is categorized as Executive Office, Professional, and Traditional office space, offering flexibility for various business needs. This is a single-suite building offering a unique opportunity for a single tenant to occupy the entire available space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $34,330,000
      6.5%
      $31,685,000
      7%
      $29,425,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $23,304,000
      Market price range: $6.54M - $25.7M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $17,905,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $41,175,000
      Change: +130% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.803
    Latitude
    40.6329
    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
    $427,777
    $4,359,200
    $37,136,300
    $41,495,500
    -
    $4,359,200
    $37,136,300
    $41,495,500

    Comparable in this City

    • Value Estimation
      $2,555,000
      45,879 SF

      1935 Vine St

      STORE/OFFICE (MIXED USE) • 45,879 SF
      1935 Vine St, Murray, UT 84121-2192
      View Details
    • Value Estimation
      $845,000
      24,993 SF

      7240 Highland Dr

      STORE/OFFICE (MIXED USE) • 24,993 SF
      7240 Highland Dr, Salt Lake City, UT 84121-5532
      View Details
    • Value Estimation
      $24,770,000
      138,480 SF

      2795 Cottonwood Pkwy

      STORE/OFFICE (MIXED USE) • 138,480 SF
      2795 Cottonwood Pkwy, Salt Lake City, UT 84121-7032
      View Details
    • Value Estimation
      $7,010,000
      60,504 SF

      6415 3000th E

      STORE/OFFICE (MIXED USE) • 60,504 SF
      6415 3000th E, Salt Lake City, UT 84121-6956
      View Details
    • Value Estimation
      $43,895,000
      237,829 SF

      6330 3000th E

      STORE/OFFICE (MIXED USE) • 237,829 SF
      6330 3000th E, Salt Lake City, UT 84121-6233
      View Details
    • Value Estimation
      $1,805,000
      67,021 SF

      6465 3000th E

      STORE/OFFICE (MIXED USE) • 67,021 SF
      6465 3000th E, Salt Lake City, UT 84121-6969
      View Details

    Similar Nearby for Sale

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      3,192 SF

      Cottonwood Heights Duplex with Garages

      Duplex in Cottonwood Heights with garages. Remodeled unit.
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      Salt Lake City Office Space

      Office space with convenient access to amenities and major routes.
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    • $995,000
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      Homesite in a private, guarded community between city and mountains.
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      Cottonwood Heights Office Space Available

      Office condo in Cottonwood Heights with freeway access and parking.
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      Luxury Cottonwood Heights Land

      63 Acres Residential Land, Stunning Views
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    Similar Nearby for Lease

    • $30 SF/Yr
      152,280 SF

      Holladay Office Space For Lease

      Class A Office, 8,467 SF Available
      6440 Millrock Dr, Holladay, UT 84121
      View Details
    • Contact for pricing
      1,752 SF

      Retail Space in Salt Lake

      Retail spaces available in a large Salt Lake center.
      6927-6949 S Park Centre Dr, Salt Lake City, UT 84121
      View Details
    • Contact for pricing
      370,000 SF

      5,000,000 SF Industrial Opportunity

      505-acre industrial property with direct UPS access and freeway proximity.
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    • $35 SF/Yr
      9,293 SF

      Office Space with Mountain Views

      Office space with new amenities and mountain views available for lease.
      6510 S Millrock Dr, Salt Lake City, UT 84121
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    • $18 SF/Yr
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      Class A Office Space Available

      Quality office space with ample parking and easy access.
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      View Details
    • $29 SF/Yr
      8,467 SF

      Main Floor Office Space Available

      8,467 SF office space with flexible sublease terms.
      6440 S Millrock Dr, Salt Lake City, UT 84121
      View Details
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    3165 Millrock Dr
    Holladay, UT 84121
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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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