OVERVIEW AND OPPORTUNITY

INVESTMENT OFFERING

175 SOUTH WEST TEMPLE

175 South West Temple Street
Salt Lake City, Utah
PROPERTY INFORMATION
Building Size:
Number of Stories:

150,461 sq. ft.

7 above ground floors3 of which are parking
1 garden level floor
Site Size:
0.86 acres
Parcel Number:
15-01-229-071
Age:
Certificate of occupancy issued in 1981
Zoning:
D-1, Central Business District
Parking:
239 spaces; 1.6/1,000 sf ratio
The Salt Palace Convention Center, which is located
directly across the street, provides unlimited parking for
tenants of 175 South West Temple.
Sales Price:
$26,000,000 ($172 psf)
Cap Rate:
6.61% Year 1 In Place NOI
Cash on Cash Return:
8.67% Proforma Debt
10 yr. - IRR Unleveraged: 9.83%
10 yr. - IRR Leveraged:
17.38%

This Investment Offering provides the opportunity to acquire the 175 South West
Temple multi-tenant Office Building located in the CBD of Salt Lake City, Utah. This
150,461 square foot office building is presently 93% occupied and boasts a quality rent
roll including Verizon, SkyWest Airlines, Sallie Mae, ALSCO, CBIZ, and Helix Education.
Renovated lobbies and tenant suites feature contemporary modern design. The
physical condition of the property has been maintained exquisitely, including the 239
space covered parking structure. In addition, 175 is the only building in the CBD able
to provide 32,000 square feet of contiguous space on one floor, thereby providing
unique efficiencies and future leasing opportunities. The location of 175 South West
Temple is simply unsurpassed and impossible to replicate.
The in place average lease rate of $18.31 psf is well below the Class B submarket
average of $21.57 psf and well short of the Class B high market rates exceeding $24
psf, thereby providing an owner the ability to increase lease rates as leases expire. The
building is being offered at $172 psf, which is well below replacement cost and
well below other recent office building transactions. Furthermore, it is not often
buildings in the CBD are available for purchase, given the profile of other building
owners in Salt Lake City. 175 South West Temple is well positioned to provide
consistent returns while enjoying the vitality of the Salt Lake City CBD market.

Exclusively Marketed by

Kip Paul

Executive Director - Investment Sales

801-303-5555
kpaul@comre.com

170 South Main Street, Suite 1600 Salt Lake City, Utah 84101
Tel 801-322-2000 Fax 801-322-2040 comre.com

175 SOUTH WEST TEMPLE

175 South West Temple Street

Salt Lake City, Utah

Exclusively Marketed by

Kip Paul

Executive Director - Investment Sales

801-303-5555
kpaul@comre.com

170 South Main Street, Suite 1600 Salt Lake City, Utah 84101
Tel 801-322-2000 Fax 801-322-2040 comre.com

2015, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all
negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through
Commerce Real Estate Solutions. No warranty or representation, express or implied, is made as to the accuracy of
the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other
encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective
buyers should conduct their own due diligence. Some aerial photography by DigitalGlobe or Aerials Express. path:
1- Projects/Paul, K/1 - Flyers/2790nCommonsBlvd-HeberCity