Parkway East
Parkway East is a 6,224 SF single-story office building in Draper, Utah, offered at $2,400,000 with $111,677 NOI. Priced below Salt Lake County's 2025 assessed value of $2,466,100, the property delivers strong fundamentals: two stable tenants with a weighted average lease term of five years, recent remodels, and excellent condition since its 2015 construction. Comparable sales in the submarket range from $411 to $443 per SF, suggesting underlying value near $2.55 million.
Located along Bangerter Parkway with prime visibility and immediate I-15 access, the asset sits in a high-traffic corridor anchored by IKEA, restaurants, and hotels. Operating expenses run $6.97 per SF, reflecting efficient management. The property combines solid tenant stability, modern condition, and strategic positioning in one of the Salt Lake Valley's most active commercial corridors.
- Priced below county assessed value; estimated $2.55M comparable value
- Two stable tenants; 5-year weighted average lease term
- Recently remodeled; built 2015, excellent condition
- $6.97/SF operating expenses
- Prime I-15 visibility along Bangerter Parkway corridor
- Proximity to IKEA, restaurants, and hotels
Location
Priced below Salt Lake County’s official 2025 assessed market value of $2,466,100, the property offers strong value supported by stable tenants with a weighted average lease term (WALT) of approximately five years. Recent submarket sales comparables range from $411 to $443 per SF, indicating an estimated value of approximately $2.55 million and providing buyers with solid underlying land and building value. Built in 2015 with an effective year of 2017, the property remains in excellent condition and benefits from prime visibility along Bangerter Parkway.
- Investment Sale
- 6,224 SF
- Single Story Building
- $6.97/SF Operating Expenses
- 2 tenants
- Recent Remodels
- Right off of I-15
- Proximity to Restaurants, Hotels, IKEA
- Weighted Average Lease Term (WALT) = 5 years