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Property profile & analytics
OFF-MARKET
Estimated value
$780,000
Retail space
623 State St, Salt Lake City, UT 84111-3819
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US86-0017515
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
15,744 SF
Lot
0.19 ac (8,276 SF)
Zoning code
D-2
APN
16-06-356-012
UPID
US86-0017515
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ember SLC Hotel & Motel Resort
-
Siege Audio Electronics & Wireless Store Big Box & Wholesale Store
-
Design Source Furniture & Home Goods
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$675k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$889k
Blend (final)
Blend
$780k
Owner & transaction history
Wonderful LLC · 1 yrs held
Wonderful LLC
since 2024
7 recorded transactions
Zoning & alternative use
D-2 · Salt Lake City, UT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salt Lake City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salt Lake City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$675,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,290,000
Current use
RESTAURANT
$1,240,000
Change: -4% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,115,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$780k
Range $702k – $858k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$50 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$20,762
Tax year 2023
Assessed value
$2,100,100
Assessed 2023
Previous assessed
$2,100,100
+0.0% YoY
Effective rate
0.99%
On assessed value
Assessed land
$577,500
Assessed improvement
$1,522,600
Land market value
$577,500
Improvement market value
$1,522,600
Total market value
$2,100,100
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
2
Total area
15,744 SF
Lot
0.19 ac (8,276 SF)
Zoning code
D-2
APN
16-06-356-012
UPID
US86-0017515
Jurisdiction
SALT LAKE
Zoning & alternative use
D-2 · Salt Lake City, UT
Zoning D-2 · permitted uses
D-2 · Salt Lake City, UT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salt Lake City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.3M
RESTAURANT
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.1M
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
2
Lot
0.19 ac
Current owner
From public records · entity-resolved
Wonderful LLC
Entity
Mailing address
625 S STATE ST UNIT D, SALT LAKE CITY, UT 84111-3881
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 10, 2024
—
Wonderful LLC
Bubbles LLC
Warranty Deed
—
Mar 17, 2022
—
Wonderful LLC
—
Deed
related
$2,300,000 · Mountain America FCU
Jun 1, 2017
—
Wonderful LLC
—
Deed
related
$665,883 · Prime Alliance Bank INC
Sep 9, 2008
—
Wonderful LLC
Barrett,gerald O & Carolyn
Warranty Deed
$1,636,200 · Bank Of Utah
Jul 9, 2008
—
Gerald O Barrett
Barrett Property Management Lc
Quit Claim Deed
—
—
—
Wonderful LLC
—
Deed Of Trust
related
$744,000 · Utah Certified Development Co
—
—
Lou M Barrett
—
Deed Of Trust
related
$30,000 · Draper Bank & Trust
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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