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Property profile & analytics
OFF-MARKET
Estimated value
$17,285,000
Medical Office Space
729 Arapeen Dr Salt Lake City, UT 84108-1218
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US86-0690979
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
82,480 SF
Lot
17.89 ac (779,288 SF)
Zoning code
RP
APN
16-10-127-004
UPID
US86-0690979
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
-
Voice Disorders Center Medical Clinic
-
University Health Care Medical Clinic
-
Orlandi Richard R MD Physician
-
Foster Norman L MD Physician Medical Clinic
-
Wagner Jeffrey C MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$17.94M
Comparable Approach
Comparable
$16.64M
Blend (final)
Blend
$17.29M
Owner & transaction history
Colorow LLC · 9 yrs held
Colorow LLC
since 2017
1 recorded transaction
Zoning & alternative use
RP · Salt Lake City, UT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$22.8M
+109.1%
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
by Request
CAP Approach
CAP Return
Estimation
6%
$19,435,000
6.5%
$17,940,000
7%
$16,660,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$10,880,000
Current use
APARTMENT HOUSE (5+ UNITS)
$22,755,000
Change: +109% · Conversion: Moderate
Blend value · Realmo final
$17.29M
Range $15.56M – $19.01M · ±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
$210 / 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 2022Property tax & assessments
Tax year 2022
Assessed value
$33,209,800
Assessed 2023
Previous assessed
$34,211,800
-2.9% YoY
Assessed land
$19,092,600
Assessed improvement
$14,117,200
Land market value
$19,092,600
Improvement market value
$14,117,200
Total market value
$33,209,800
Applied tax rate
13.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
3
Stories
1
Units
1
Total area
82,480 SF
Lot
17.89 ac (779,288 SF)
Zoning code
RP
APN
16-10-127-004
UPID
US86-0690979
Jurisdiction
SALT LAKE
Zoning & alternative use
RP · Salt Lake City, UT
Zoning RP · permitted uses
RP · 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
MEDICAL BUILDING Current
Est. value
$10.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$22.8M
MEDICAL BUILDING Current
APARTMENT HOUSE (5+ UNITS)
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
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
3
Units
1
Lot
17.89 ac
Current owner
From public records · entity-resolved
Colorow LLC
Entity
Mailing address
505 S WAKARA WAY STE #210, SALT LAKE CITY, UT 84108-1219
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 28, 2017
—
Colorow LLC
—
Grant Deed
related
$3,239,386 · Celtic Bk
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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