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2118 E 3900 S

2,048 SF 50% Leased Office Building Salt Lake City, UT 84124 $415,000 ($203/SF) 6.54% Cap Rate

Investment Highlights

  • Owner User Opportunity
  • New Carpet in Main Level Unit
  • The top floor is ready for immediate occupancy
  • Two Suites that can function as one office or two separate spaces
  • Google Fiber Available

Executive Summary

Rare opportunity to own two office suites that can function as one work space or as separate offices. Perfect for an owner user who wants to rent out one suite and occupy the other or an investor looking for a turnkey rental. This perfectly situated end-unit is part of the highly desirable and well maintained Millbrook Office Park in Holladay. The office suites work well together but they each have separate entrances in the front and back of the building to allow for total privacy or accessiblity between suites if needed. This ideal location is situated in the heart of the valley close to all amenities, transit and freeway access. The move-in ready main level unit has 3 large private offices, a spacious steel case conference room, a bathroom and a reception area. The main floor office is finished with brand new stylish carpet and neutral paint. The lower level unit also has 4 private offices, large above grade windows, a kitchenette, a bathroom and an open concept central work space. The units stay comfortable year round with forced air heating and central air for cooling. Three covered parking spaces are included and there is ample open parking for employees or visitors. The lower unit is currently rented month-to-month and the main level unit is available for immediate occupancy. The offices are already wired for Google Fiber and Comcast internet and TV. Focus on running your business and rest easy knowing that all exterior building maintenance, parking lot maintenance, common area lighting, building insurance, landscaping, snow removal, water and trash are covered by the CAM fee. The following two tax ID#s are included in the sale 16-34-356-009, 16-34-356-010. There are three dedicated covered parking spaces included and at least 6 open parking spaces near the unit. The complex has about 20 open parking spaces. The estimated monthly rent for the main floor unit is about $1,750 and about $1,400 for the lower level unit.

Financial Summary (Pro forma - 2024)

Annual Annual Per SF
Gross Rental Income $37,800 $6.16
Other Income - -
Vacancy Loss - -
Effective Gross Income $37,800 $6.16
Taxes $4,668 $0.76
Operating Expenses $6,000 $0.98
Total Expenses $10,668 $1.74
Net Operating Income $27,132 $4.42

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual $37,800
Annual Per SF $6.16
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $37,800
Annual Per SF $6.16
Taxes
Annual $4,668
Annual Per SF $0.76
Operating Expenses
Annual $6,000
Annual Per SF $0.98
Total Expenses
Annual $10,668
Annual Per SF $1.74
Net Operating Income
Annual $27,132
Annual Per SF $4.42

Property Facts

Sale Type
Investment or Owner User
Property Type
Office
Building Size
2,048 SF
Building Class
B
Year Built
1997
Price
$415,000
Price Per SF
$203
Cap Rate
6.54%
NOI
$27,132
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
1,024 SF
Building FAR
0.05
Land Acres
0.88 AC
Zoning
2000 - Buyer to verify potential uses with the city and with the owners association.
Parking
9 Spaces (4.39 Spaces per 1,000 SF Leased)

Amenities

  • 24 Hour Access
  • Conferencing Facility
  • Wheelchair Accessible
  • Air Conditioning
  • Fiber Optic Internet

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 16-34-356-012-0000
  • 16-34-356-010-0000
  • 16-34-356-013-0000
  • 16-34-356-011-0000
Land Assessment
$321,500 (2023)
Improvements Assessment
$750,700 (2023)
Total Assessment
$1,072,200 (2023)
Annual Taxes
$4,668 ($2.28/SF)
Tax Year
2024
  • Listing ID: 33809953

  • Date on Market: 11/8/2024

  • Last Updated:

  • Address: 2118 E 3900 S, Salt Lake City, UT 84124

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