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

    623 State St Salt Lake City, UT 84111-3819

    • Retail space
    • 15,744 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Dec 10, 2024
    Value Estimations
    $780,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0017515
    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

    • Ember SLC / Hotel & Motel / Resort
    • Siege Audio / Electronics & Wireless Store / Big Box & Wholesale Store
    • Design Source / Furniture & Home Goods

    Property Details for 623 State St

    Year built
    1909
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.19 lot acres
    Property size
    15,744 SF
    Zone code
    D-2
    Property type
    Retail space
    APN
    16-06-356-012
    APU
    1606356012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $675,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $888,000
      Market price range: $758k - $2.01M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.888
    Latitude
    40.7557
    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
    $20,762
    $577,500
    $1,522,600
    $2,100,100
    -
    $577,500
    $1,522,600
    $2,100,100

    Comparable in this City

    • Value Estimation by Request
      0.05 Acres

      249 400th S

      RETAIL STORES (PERSONAL SERVICES) • 0.05 Acres
      249 400th S, Salt Lake City, UT 84111-2854
      View Details
    • Value Estimation by Request
      0.03 Acres

      626 Stringfellow Ct

      RETAIL STORES (PERSONAL SERVICES) • 0.03 Acres
      626 Stringfellow Ct, Salt Lake City, UT 84111-4107
      View Details
    • Value Estimation by Request
      0.06 Acres

      1142 State St

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      1142 State St, Salt Lake City, UT 84111-4533
      View Details
    • Value Estimation
      $1,350,000
      10,152 SF

      344 100th S

      RETAIL STORES (PERSONAL SERVICES) • 10,152 SF
      344 100th S, Salt Lake City, UT 84111-1700
      View Details
    • Value Estimation
      $15,910,000
      128,804 SF

      409 400th S

      RETAIL STORES (PERSONAL SERVICES) • 128,804 SF
      409 400th S, Salt Lake City, UT 84111-3001
      View Details
    • Value Estimation
      $2,695,000
      73,074 SF

      7 400th S

      RETAIL STORES (PERSONAL SERVICES) • 73,074 SF
      7 400th S, Salt Lake City, UT 84111-2763
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      26,432 SF

      Downtown Office/Retail Building For Sale

      Office/Retail building in a prime downtown location with parking.
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      Retail Space on State Street

      Retail space with high visibility, close to downtown.
      1085 South State St, Salt Lake City, UT 84111
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    • $2,562,000
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      Multi-Story Commercial Building For Sale

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      Downtown Salt Lake City Dealership

      Highly visible commercial auto dealership in downtown Salt Lake City.
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    • $3,500,000
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      Historic Main Street Retail Space

      Iconic Salt Lake City building with approximately 15,000 square feet.
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      Class A Office Tower Downtown

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    Similar Nearby for Lease

    • $20 SF/Yr
      5,750 SF

      Downtown Retail Space with Parking

      Prime retail space in downtown Salt Lake City with parking.
      680 S State St, Salt Lake City, UT 84111
      View Details
    • Contact for pricing
      5,000 SF

      Retail Space with Unique Features

      Retail space featuring exposed brick, roll-up doors, and patio.
      351-353 W 400 S, Salt Lake City, UT 84111
      View Details
    • $28 SF/Yr
      1,000 SF

      Downtown Retail Space Available

      Highly visible retail space in downtown Salt Lake City.
      241-247 E Broadway, Salt Lake City, UT 84111
      View Details
    • Contact for pricing
      5,500 SF

      Historic Space with Unique Features

      Unique space for office, retail, restaurant, or bar use.
      445 S 400 W, Salt Lake City, UT 84111
      View Details
    • $24 SF/Yr
      2,000 SF

      Retail Space Near University

      Retail spaces available near downtown and the University of Utah.
      457 E 300 S, Salt Lake City, UT 84111
      View Details
    • Contact for pricing
      1,800 SF

      Retail Space Near UofU, SLC

      20,033 SF retail space with pylon signage available for lease.
      612-634 E 400 S, Salt Lake City, UT 84111
      View Details
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    623 State St
    Salt Lake City, UT 84111-3819
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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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