56 BroadwaySalt Lake City, UT 84111

Property Details for 56 Broadway

Year built

1910

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.17 AC

Property size (Sq ft)

51,975 SF

Zone code

D-1

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

16-06-153-006

APU

1606153006

Description

This iconic Salt Lake City property, Vibe Broadway (56 E Broadway, 84111), offers 53,636 square feet of prime commercial space, currently 100% occupied. The seven-story building, originally constructed in 1910 and effectively rebuilt in 2002, boasts a blend of restaurant and creative office space. The ground floor features retail/entertainment space, while five upper floors provide flexible creative office layouts. Modern architectural features include exposed brick, high ceilings, and large windows, creating an open and inspiring work environment. Amenities include a brand new on-site fitness center and a rooftop patio offering panoramic downtown views. Multiple fiber providers ensure high-speed connectivity. The building's convenient location is within minutes of the TRAX light rail station and close to the Salt Palace Convention Center, City Creek Center, hotels, restaurants, and the Delta Center Arena. The property sits on a 0.17-acre lot and is zoned D-1. The asking price is $7,200,000, representing a price per square foot of $134.24. The current market lease rate is $22.75 per square foot full-service ($15.00 NNN equivalent). This exceptional property presents a unique investment opportunity in the heart of a thriving downtown area. Its rich history, combined with modern amenities and a prime location, makes it an ideal investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $17,025,680

  6.5%

  $15,716,012

  7%

  $14,593,439

• Comparable approach

  Method

  Valuation

  Relative Method

  $16,140,446

  Geo Method

  $16,140,446

• Alternative Use

  Use

  Valuation

  Residential

  $15,716,012

  Hospitality

  $14,395,782

  Educational

  $11,977,122

  Medical

  $12,389,033

  Retail

  $18,631,078

Location Insight

City

Salt Lake City

County

Salt Lake

State

Utah

Latitude

40.7624

Longitude

-111.889

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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