3762 Secord StSouth Salt Lake, UT 84115

Property Details for 3762 Secord St

Year built

1980

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.16 AC

Property size (Sq ft)

6,448 SF

Zone code

CC

Property type

Industrial properties

Property subtype

Other warehouses

APN

16-31-302-004

APU

1631302004

Description

This South Salt Lake, Utah flex space property presents a compelling value-add investment opportunity. The 7,753 square foot building, situated on two parcels (APN: 16-31-152-024-0000 & 16-31-302-004-0000), is currently 100% occupied by two tenants under month-to-month leases, allowing for immediate market rent adjustments. The property boasts quality interior finishes and a fenced yard, located in the desirable Central Valley area of South Salt Lake (84115), known for its strong leasing market. The current Net Operating Income (NOI) is $88,384, yielding a 5.52% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $116,295, resulting in a 7.27% cap rate based on achievable market rents. The asking price is $1,600,000, representing $206.37 per square foot and $800,000 per unit. The property is classified as Class C industrial, with a triple net (NNN) lease structure. The current lease term is effectively zero years due to month-to-month tenancies. This presents a unique opportunity to capitalize on the strong market conditions and increase profitability. The property's location and flexible space configuration make it ideal for a variety of uses.

Location Insight

City

South Salt Lake

County

Salt Lake

State

Utah

Latitude

40.6894

Longitude

-111.887

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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