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3125 S State St 46,420 SF 100% Leased Retail Building Salt Lake City, UT 84115 $7,890,000 ($169.97/SF) 7% Cap Rate
Investment Highlights
- Performing In-Place Tenants– Current tenant is operating successfully and growing their book of business, providing stable occupancy and income potent
- Value-Add Income Growth – Opportunity for a new owner to increase NOI
- Investor or Owner-User Opportunity – Ideal for investors seeking income growth or owner-users who can occupy space while generating rental income.
- Flexible Commercial Use – Building layout supports a variety of uses including office, service, retail, or professional space.
- Limited Local Inventory – Demand from local businesses seeking space
Executive Summary
3125 S State Street is a 46,420 SF (gross) industrial / flex property in South Salt Lake offering a compelling owner user or value-add opportunity. Approximately 13,500 SF is leased to Victory Outreach under a net lease generating ~$146,400 of base rent in 2026, with ~2.5 years remaining and renewal options. The tenant has completed extensive recent interior renovations, providing commitment to the space.
The remaining ±32,900 SF of industrial and office flex space is available for immediate owner occupancy or lease-up. Clear heights of approximately 10–15+ feet or higher if renovated, to support a wide range of showroom, industrial, service, and contractor uses with yard. Market rents underwrite at approximately $12.50–$13.50/SF NNN for industrial/flex and $15.00–$16.00/SF NNN for showroom, supporting stabilized NOI potential of approximately $550,000–$620,000+.
The remaining ±32,900 SF of industrial and office flex space is available for immediate owner occupancy or lease-up. Clear heights of approximately 10–15+ feet or higher if renovated, to support a wide range of showroom, industrial, service, and contractor uses with yard. Market rents underwrite at approximately $12.50–$13.50/SF NNN for industrial/flex and $15.00–$16.00/SF NNN for showroom, supporting stabilized NOI potential of approximately $550,000–$620,000+.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
46,420 SF
Building Class
B
Year Built/Renovated
1978/2010
Price
$7,890,000
Price Per SF
$169.97
Cap Rate
7%
NOI
$552,300
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.76
Lot Size
1.40 AC
Zoning
2000 - Commercial
Parking
60 Spaces (1.57 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
Walk Score®
Very Walkable (87)
Nearby Major Retailers
Property Taxes
| Parcel Number | 16-30-305-004-0000 | Improvements Assessment | $3,404,500 |
| Land Assessment | $1,889,400 | Total Assessment | $5,293,900 |
Property Taxes
Parcel Number
16-30-305-004-0000
Land Assessment
$1,889,400
Improvements Assessment
$3,404,500
Total Assessment
$5,293,900
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3125 S State St
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