7535 Union Park AveMidvale, UT 84047

Property Details for 7535 Union Park Ave

Year built

2019

Lot size

0.48 AC

Property size (Sq ft)

11,404 SF

Zone code

SD

Property type

Medical offices

Property subtype

Medical centers

APN

22-29-427-023

APU

2229427023

Description

This exceptional investment opportunity presents a 12,038 square foot, Class B medical office building located at 7535 S. Union Park Ave, Midvale, UT 84047. Built in 2020 on a 0.48-acre lot, this single-tenant property features three stories and offers 5 parking spaces per 1,000 square feet. The property boasts a 10-year absolute NNN lease commencing February 28, 2024, and expiring February 27, 2034, with two 5-year renewal options. The lease includes a 3% annual rent increase. The current asking price is $5,909,563, representing a 5.70% cap rate and a price per square foot of land value at $490.91. The Net Operating Income (NOI) is $337,064, with 100% occupancy. The property's APN is 22294270230000. This investment offers a stable, long-term income stream in a thriving Midvale, Utah location. The building serves as a medical office and surgery center. The property's prime location offers easy access to major transportation routes and is surrounded by various amenities, including restaurants, retail establishments, and residential areas. This is a sale/leaseback investment opportunity with a strong tenant and a proven track record.

• CAP approach

  CAP return

  Valuation

  6%

  $3,012,707

  6.5%

  $2,780,960

  7%

  $2,582,320

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,284,792

  Geo Method

  $2,284,792

• Alternative Use

  Use

  Valuation

  Residential

  $3,448,391

  Hospitality

  $3,158,708

  Educational

  $2,628,008

  Medical

  $2,718,389

  Retail

  $4,088,012

Location Insight

City

Midvale

County

Salt Lake

State

Utah

Latitude

40.6149

Longitude

-111.857

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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