Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 180 West 3030 South in Salt Lake City, Utah. The subject property consists of approximately 4,774 square feet of warehouse/office space and is situated on 0.26 acres of land. The multi-tenant asset features masonry construction, six grade-level doors, three HVAC units, and central air in the office. With 58 percent of the property available for lease and the remaining space set to renew on a month-to-month basis effective September 2023, this warehouse can be acquired for owner use. In addition, this sale is suitable for investors as a value-add opportunity to lease up and redevelop the property. Zoned BUS-B for mixed-use, the property is located in an Opportunity Zone as well as a Transit-Oriented Development (TOD) Zone. The property is situated in the South Valley submarket near the intersection of Interstates 80 and 15 and can access Downtown Salt Lake City in 11 minutes. South Valley is a mid-sized submarket, containing 16.6 million square feet of industrial space. Since 2019, the inventory has contracted by over 170,000 square feet as demolitions outpace new deliveries. Thanks to a dwindling supply, the vacancy rate in South Valley has trended toward just 0.9 percent during the second quarter of 2023. With availability largely non-existent, the annual growth in market rents remains near record territory at 13.1 percent in Q2. There were no industrial properties under construction at the midway point in 2023, which means that vacancies and rent growth will go unimpeded by new supply for the foreseeable future. Salt Lake City, known as the Crossroads of the West, is centrally located among major Western US markets. The metro area encompasses Salt Lake and Tooele counties, nestled in the Great Salt Lake Valley in northern Utah. With a population of 1.3 million people, the region experiences significant suburban growth, particularly in areas like South and West Jordan. The presence of tech firms has brought higher-paying job opportunities, attracting skilled and educated workers. The Salt Lake City economy benefits from its status as Utah’s capital and the headquarters of the Church of Jesus Christ of Latter-day Saints. Major employers include Intermountain Healthcare, University of Utah, and eBay. The metro area is also renowned for its world-class ski resorts and offers numerous recreational and cultural attractions. The University of Utah and several other colleges and universities contribute to the region’s educational landscape. With projected population growth and above-average incomes, Salt Lake City remains an attractive and vibrant area for residents and businesses alike.