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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3499 State St South Salt Lake, UT 84115-4528

    • Banks
    • 5,199 SF
    • 1.64 lot acres
    OFF-MARKET
    Value Estimations
    $600,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0684832
    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 / Gift Shop / Boutique
    • Party City / Party Store / Balloon Store
    • Skunk Funk / Wholesaler / Clothing Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop

    Property Details for 3499 State St

    Year built
    2008
    Lot size
    1.64 lot acres
    Property size
    5,199 SF
    Zone code
    CC
    Property type
    Banks
    APN
    16-31-102-102
    APU
    1631102102

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $580,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $617,000
      Market price range: $312k - $617k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $460,000
      Current use
      RESTAURANT
      $715,000
      Change: +55% Conversion: Difficult
      MEDICAL BUILDING
      $685,000
      Change: +48% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $625,000
      Change: +35% Conversion: Difficult
      RETAIL STORES
      $610,000
      Change: +32% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $500,000
      Change: +9% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $435,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    South Salt Lake
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.887
    Latitude
    40.6951
    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
    $41,308
    $1,507,300
    $2,020,600
    $3,527,900
    -
    $1,507,300
    $2,020,600
    $3,527,900

    Comparable in this City

    • Value Estimation
      $535,000
      4,276 SF

      3226 Main St

      FINANCIAL BUILDING • 4,276 SF
      3226 Main St, South Salt Lake, UT 84115-3733
      View Details
    • Value Estimation by Request
      4,383 SF

      70 3300th S

      FINANCIAL BUILDING • 4,383 SF
      70 3300th S, South Salt Lake, UT 84115-3758
      View Details
    • Value Estimation
      $560,000
      7,845 SF

      1467 Main St

      FINANCIAL BUILDING • 7,845 SF
      1467 Main St, Salt Lake City, UT 84115-5337
      View Details
    • Value Estimation
      $655,000
      6,270 SF

      3030 State St

      FINANCIAL BUILDING • 6,270 SF
      3030 State St, South Salt Lake, UT 84115-3833
      View Details
    • Value Estimation
      $600,000
      4,957 SF

      2210 State St

      FINANCIAL BUILDING • 4,957 SF
      2210 State St, Salt Lake City, UT 84115
      View Details
    • Value Estimation by Request
      2,606 SF

      39 2100th S

      FINANCIAL BUILDING • 2,606 SF
      39 2100th S, Salt Lake City, UT 84115-2318
      View Details

    Similar Nearby for Sale

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      Two-building commercial property with flex space, office, and retail.
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      9,820 SF

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      9,820 SF retail/flex building with redevelopment opportunity.
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    • $425,000
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      Mixed-Use Property with Studio Space

      Single-family home with commercial zoning and studio space.
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      Grocery Store and Restaurant Opportunity

      Profitable international grocery store and restaurant for sale in Salt Lake City.
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    Similar Nearby for Lease

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      Updated South Salt Lake Property

      Contemporary space suitable for office, retail, restaurant, or warehouse.
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    • Contact for pricing
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      Prime Retail or Office Space

      1,360 SF retail/office space in a busy location.
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      View Details
    • Contact for pricing
      924 SF

      Retail Space Near I-15

      924 SF retail space with high visibility and accessibility.
      1868 S 300 W, Salt Lake City, UT 84115
      View Details
    • $19 SF/Yr
      2,800 SF

      Retail Space on State Street

      Retail space for lease with high visibility on State Street.
      145 E 1300 S, Salt Lake City, UT 84115
      View Details
    • $24 SF/Yr
      7,100 SF

      Prime Retail Space Available

      Hard corner retail space in thriving downtown South Salt Lake.
      1 West Burton Ave, Salt Lake City, UT 84115
      View Details
    • Contact for pricing
      3,311 SF

      Revitalized Industrial Retail Space

      Modern retail and hospitality space in revitalized corridor.
      1388 S 300 W, Salt Lake City, UT 84115
      View Details

    Property Visit Statistics

    • Visits by month
      16.1k
    • Visitors by month
      11.8k
    • Avg Time on site
      17 min
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    South Salt Lake, UT 84115-4528
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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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