Property Sage AI

Confidential Owner Report

Flex Space Property Report

Granite Ridge Flex Park

880 Granite Ridge Dr, Salt Lake City, UT Prepared June 2026

Est. Value

$10.8M – $12.1M

Strategy

Hold & re-rent

Confidence

High

Inside this report

01 — Executive Summary
02 — Property Overview
03 — Market Analysis
04 — Valuation & Pricing
05 — Financial Pro Forma
06 — Comparable Transactions
07 — SWOT & Risk Assessment
08 — Recommendations & Exit Strategy

Report ID: PSA-FLEXSPACE-June2026

Flex Space

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Flex Space Property Report

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01Executive Summary

Park at a glance

Three-building flex park totaling 76,000 SF. Strong tenant mix of trades, light manufacturing, and showroom users with staggered rollover.

Est. Value

$10.8M – $12.1M

Strategy

Hold & re-rent

Confidence

High

Headline findings

Asset is well-positioned within West Valley Flex given current supply/demand fundamentals.
Identified value-creation path is achievable in a 12–24 month window with measured capital.
Comparable transactions support our valuation band within ±6% on a $/SF basis.
No material market headwinds expected through the recommended hold period.

Confidence indicators

Valuation92%

Market data88%

Comp coverage84%

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Flex Space Property Report

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02Property Overview

Asset details & condition

76,000 SF across 3 buildings on 6.8 acres. 16' clear, mix of grade-level and dock-high doors. 12 tenants, average suite 6,300 SF.

Property Snapshot

Property name: Granite Ridge Flex Park
Address: 880 Granite Ridge Dr, Salt Lake City, UT
Submarket: West Valley Flex
Asset class: Flex Space
Year built / renovated: 2008 / 2019
Ownership: Fee simple

Physical Attributes

Building Size: 76,000 SF
Tenants: 12
Occupancy: 92%

Condition assessment

Roof

B+

HVAC / MEP

Envelope

A-

Site / Parking

B+

Building systems, envelope, and site improvements were evaluated against age-appropriate benchmarks. Overall condition is consistent with the asset's vintage and prior capital plan; near-term capex is limited to cosmetic refresh and tenant-driven improvements.

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03Market Analysis

Submarket trends & demand

Flex vacancy 5.4% with limited new product. Trade and service users continue to drive demand for sub-10,000 SF suites.

Vacancy

5.4%

Rent Growth

+7.2%

Lease Rate

$13 – $16 NNN

Submarket trend (last 4 quarters)

Indexed rent / demand momentum within West Valley Flex.

Supply & demand drivers

Tailwinds

Net in-migration averaging 1.8% / yr in the MSA.
Limited near-term competing deliveries (under 1.4% of stock).
Employment growth in adjacent industries supporting demand.

Headwinds

Cap-rate compression has slowed; modest decompression possible.
Insurance and operating costs trending above CPI.
Lender spreads remain wider than 5-year average.

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04Pricing

Valuation & Pricing Analysis

Three-method valuation triangulating Income, Sales Comparison, and Cost approaches. Concluded value reflects current market conditions and the asset's position within West Valley Flex.

Income approach

$14.8M

Weight: 60%

Sales comparison

$15.1M

Weight: 30%

Cost approach

$14.4M

Weight: 10%

Concluded value

$14.9M

($14.0M – $15.6M range)

Sensitivity analysis

Cap rate ↓ / NOI →	-5%	Base	+5%
5.75%	$15.2M	$16.0M	$16.8M
6.25%	$14.0M	$14.9M	$15.4M
6.75%	$12.9M	$13.6M	$14.3M

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05Financials

5-Year Financial Pro Forma

Projected stabilized cash flows assume 3% annual rent growth, 2% expense growth, and a 7% vacancy reserve. Returns are illustrative and pre-debt.

Line item	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5
Gross Potential Income	$1,420k	$1,463k	$1,507k	$1,552k	$1,599k
Vacancy & Collection	($99k)	($102k)	($105k)	($109k)	($112k)
Effective Gross Income	$1,321k	$1,361k	$1,402k	$1,443k	$1,487k
Operating Expenses	($388k)	($396k)	($404k)	($412k)	($420k)
Net Operating Income	$933k	$965k	$998k	$1,031k	$1,067k
Capex Reserve	($28k)	($29k)	($30k)	($31k)	($32k)
Cash Flow Before Debt	$905k	$936k	$968k	$1,000k	$1,035k

Going-in cap

6.26%

Year-5 cap

7.16%

Unlevered IRR

8.4%

Equity multiple

1.6x

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06Comparable Properties

Recent sales comps

Four multi-tenant flex sales within the submarket. Cap rates 6.5–7.2% with a premium for sub-10k SF suite mix.

Comps Pulled

Median Cap Rate

6.8%

$/SF (avg)

$148

Comparable transactions

#	Property	Distance	$/SF	Cap rate
1	Granite Flex II	1.0 mi	$149	6.8%
2	Ridgeline Trade	1.9 mi	$152	6.7%
3	Westgate Flex	2.6 mi	$146	6.9%
4	Copperview Park	3.4 mi	$150	6.8%

Comp set drawn from arm's-length transactions in the trailing 18 months; outliers (REIT portfolio trades, intra-family transfers) excluded. Adjustments applied for age, condition, lease structure, and location.

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Flex Space Property Report

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07Risk

SWOT & Risk Assessment

Strengths

Stabilized in-place income with credit-quality tenancy
Below-market rents create mark-to-market upside
Strong submarket fundamentals and barrier to new supply

Opportunities

Renewal at market on next rollover (≈14% lift)
Modest capex unlocks higher-rent tenant tier
Refi at stabilization improves cash-on-cash

Weaknesses

Concentrated rollover in years 3–4
Limited expansion footprint on existing parcel

Threats

Insurance premiums trending up 6–8% annually
Macro rate path could widen exit cap by 25–50 bps

Risk register

Risk	Likelihood	Impact	Mitigation
Tenant rollover	Med	High	Pre-leasing & early renewal
Cap rate expansion	Med	Med	Lock fixed-rate debt
OpEx inflation	High	Low	NNN passthrough where possible
Insurance market	High	Med	Bundle & higher deductible

08Strategic Recommendations

Your prioritized action plan

Mark expiring leases to market, demise one larger suite into two, then explore portfolio refinance.

1
Step 1
Mark to market
2
Step 2
Demise suite
3
Step 3
Refinance

Exit strategy scenarios

Hold 3 yrs

$16.2M

IRR 9.1%

Sell after lease-up

Hold 5 yrs

$17.4M

IRR 8.4%

Refi + distribute, sell at stabilization

Hold 7 yrs

$18.6M

IRR 7.6%

Long hold for cash yield

Disclaimer: This sample report contains illustrative figures and is shown for demonstration only. Your actual report will be tailored to the specific property, market, and ownership goals you submit.