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

    588 Gale St Salt Lake City, UT 84101-2507

    • Strip malls
    • 11,439 SF
    • 0.42 lot acres
    OFF-MARKET
    Last Sale
    Jul 20, 2021
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0051975
    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

    • Strip malls

    Property Details for 588 Gale St

    Year built
    1957
    Lot size
    0.42 lot acres
    Property size
    11,439 SF
    Zone code
    CG
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    15-01-378-031
    APU
    1501378031

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $700,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $475,000
      Market price range: $352k - $1.60M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $585,000
      Current use
      WAREHOUSE, STORAGE
      $860,000
      Change: +47% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $825,000
      Change: +41% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $820,000
      Change: +40% Conversion: Easy
      RESTAURANT
      $770,000
      Change: +31% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $615,000
      Change: +6% 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
    -111.901
    Latitude
    40.7566
    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
    $36,168
    $1,469,000
    $974,900
    $2,443,900
    -
    $1,469,000
    $974,900
    $2,443,900

    Comparable in this City

    • Value Estimation
      $900,000
      24,354 SF

      1000 Main St

      SHOPPING CENTER, STRIP CENTER • 24,354 SF
      1000 Main St, Salt Lake City, UT 84101-3175
      View Details
    • Value Estimation
      $765,000
      7,137 SF

      214 600th S

      SHOPPING CENTER, STRIP CENTER • 7,137 SF
      214 600th S, Salt Lake City, UT 84101-2762
      View Details
    • Value Estimation by Request
      6,673 SF

      50 Main St

      SHOPPING CENTER, STRIP CENTER • 6,673 SF
      50 Main St, Salt Lake City, UT 84101-4500
      View Details
    • Value Estimation by Request
      13,179 SF

      400 200th S, Unit 1

      SHOPPING CENTER, STRIP CENTER • 13,179 SF
      400 200th S, Salt Lake City, UT 84101-2032
      View Details
    • Value Estimation
      $775,000
      17,613 SF

      441 100th S2b

      SHOPPING CENTER, STRIP CENTER • 17,613 SF
      441 100th S2b, Salt Lake City, UT 84101-1557
      View Details
    • Value Estimation by Request
      9,475 SF

      50 Main St

      SHOPPING CENTER, STRIP CENTER • 9,475 SF
      50 Main St, Salt Lake City, UT 84101-4500
      View Details

    Similar Nearby for Sale

    • $1,425,000
      3,071 SF

      Turn-Key Bar Near IHC Hospital

      Turn-key bar near IHC hospital and downtown Salt Lake City.
      837 S Main St, Salt Lake City, UT 84101
      View Details
    • $1,600,000
      3,472 SF

      Salt Lake City Service Garage

      Freestanding service garage with six bays and fenced yard.
      662 South West Ct West, Salt Lake City, UT 84101
      View Details
    • $474,000

      Renovated Condo in American Towers

      Downtown living with modern amenities and convenient location.
      44 W Broadway S, Salt Lake City, UT 84101
      View Details
    • $2,150,000
      3,472 SF

      Downtown Salt Lake Industrial Building

      3,472 SF Flex/Manufacturing Space
      662 200, Salt Lake City, UT 84101
      View Details
    • $4,500,000
      4,950 SF

      Downtown SLC Warehouse - $4.5M

      Prime Salt Lake City warehouse, excellent development potential.
      270 600, Salt Lake City, UT 84101
      View Details
    • $2,300,000
      6,765 SF

      Standalone Office Near Downtown

      Furnished office building near downtown Salt Lake City and University.
      34 S 600 E, Salt Lake City, UT 84101
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      74,000 SF

      American Plaza II Retail Space

      Salt Lake City retail spaces available.
      57 200, Salt Lake City, UT 84101
      View Details
    • Contact for pricing
      2,870 SF

      Downtown SLC Restaurant Space

      Turnkey Restaurant, 2870 sq ft
      171 Rio Grande St, Salt Lake City, UT 84101
      View Details
    • $22 SF/Yr
      26,000 SF

      Downtown SLC Creative Office Space

      Historic SLC location, 15,575 SF available.
      325 Pierpont Ave, Salt Lake City, UT 84101
      View Details
    • $9 SF/Yr
      1,056 SF

      Retail Space in Salt Lake

      Retail space available for lease in Salt Lake City.
      602 E 500 S, Salt Lake City, UT 84101
      View Details
    • $25 SF/Yr
      500 SF

      Move-In Ready Retail/Office Space

      500 RSF retail/office space with high visibility and parking.
      435 S 400 E, Salt Lake City, UT 84101
      View Details
    • Contact for pricing
      8,338 SF

      Urban Retail and Live-Work Space

      New mixed-use development with retail and live-work opportunities.
      555 Gale St, Salt Lake City, UT 84101
      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.
    588 Gale St
    Salt Lake City, UT 84101-2507
    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.