The
Kessler
Yard
An opinion of value of $4.85 million, listed at $5.2 million.
| Sales comparison | $4.79M to $4.87M, indication $4,830,000 |
| Income capitalization | $4,850,000 at a 6.00% cap on $291,064 NOI |
| Expected sale | $4.80M to $5.05M |
About 7% above our opinion of value. It leaves room to negotiate and still sits below three of the four comparable sales per SF.
One buyer, one closing, one set of documents for both owner entities.
Contractors and trade firms that need buildings plus yard bought two of the four comparable sales. Outdoor storage investors are the second pool.
Rates have risen again. Proof of funds and a short contingency period count as much as headline price.
| Location | 2000 block of W 2300 South, West Valley City, UT 84119 |
| Owners | Halvorsen Properties LC; HFP Holdings, LLC |
| 2026 county value | $2,979,500 across the four parcels |
| Access | Two gated curb cuts on 2300 South |
| Utilities | City water and sewer, three-phase power |
A fenced contractor campus a block south of SR-201.
Metal shop and storage buildings, a masonry office and an open gravel yard behind one fence line, half a mile from I-215. The owners' contracting business operates from the site today and moves out next year.
Two owners, four parcels, one sale.
All four parcels are zoned M-1. The 2014 ALTA survey certifies the two building parcels at 2.208 acres with 31 striped spaces. The yard parcels can be leased on their own.
| Parcel | Owner | Acres | County use | 2026 value |
| Parcel A | Halvorsen Properties LC | 1.34 | Warehousing, 1981 | $1,498,000 |
| Parcel B | Halvorsen Properties LC | 0.87 | Warehousing, 1968 | $872,400 |
| Parcel C | HFP Holdings, LLC | 1.37 | Contractor yard, 2014 | $512,600 |
| Parcel D | HFP Holdings, LLC | 0.28 | Vacant, rail spur strip | $96,500 |
| Total | 3.86 | $2,979,500 |
Earlier marketing described the site as 2.5 acres plus a 1.3 acre yard. County records total 3.86 acres across the four parcels, and that is the basis for this opinion. We will order a title report and confirm the legal descriptions before launch.
Nine structures, 24,600 SF enclosed.
Two numbers for the same buildings. The earlier site plan totals 25,650 SF enclosed and the county records 24,600 SF. The county figure is the basis here; a field measurement before launch settles it.
Between I-215 and Redwood Road, a block south of SR-201.
Drive times are typical midday. Imagery © Mapbox © Maxar. Streets © OpenStreetMap.
Small buildings with a yard are the scarce product in West Salt Lake.
Most industrial space delivered in the valley since 2021 has been distribution buildings over 250,000 SF in the northwest quadrant. Buildings under 50,000 SF with a fenced yard are rarely built, and several cities now limit outdoor storage, which makes existing M-1 yards harder to replace.
Small-bay rents have risen 43% since 2021. Vacancy has drifted up as rates rose, but remains low, and owner-users that cannot find space to lease are buying.
| Mid-year | Rent | Vacancy |
| 2021 | $7.45 | 2.0% |
| 2022 | $8.40 | 2.3% |
| 2023 | $9.25 | 2.9% |
| 2024 | $9.90 | 3.5% |
| 2025 | $10.35 | 4.0% |
| 2026 | $10.65 | 4.3% |
Buildings under 50,000 SF in the West Salt Lake submarket. The concluded rent for the Kessler Yard is $10.25, below the average for nine smaller structures rather than one building.
One clean exit, on the family's timing.
The second generation is winding down the contracting business and wants a single sale that ends their role managing the property.
- Price inside the comparable range to shorten marketing time.
- Sell all four parcels in one transaction.
- Weigh buyer certainty as heavily as headline price.
Four older industrial sales, July 2025 to August 2026.
| Location and buyer | Sold | Price | Bldg SF | $ / SF | Land ac | Built | Cap rate | |
| 1 | 1700 block W 2100 SSalt Lake City · Investor, outdoor storage | Jul 2025 | $5.15M | 18,200 | $282.97 | 4.90 | 1974 | 5.85% |
| 2 | 3500 block S 700 WSouth Salt Lake · Owner-user | Jun 2026 | $6.35M | 22,900 | $277.29 | 2.90 | 1979 | Owner-user |
| 3 | 2200 block S 1070 WSalt Lake City · Private investor | Aug 2026 | $5.56M | 25,400 | $218.90 | 4.60 | 1966 | 6.40% |
| 4 | 4000 block W 2100 SWest Valley City · Owner-user | Apr 2026 | $4.12M | 21,000 | $196.19 | 2.80 | 1994 | Owner-user |
| ★ | The Kessler Yard 2000 block of W 2300 South, West Valley City | For sale | $5.20M | 24,600 | $211.38 | 3.86 | 1968, 1981 | 5.60% |
Average as sold $243.84 per SF. Subject cap rate is the list price on stabilized NOI of $291,064. Imagery © Mapbox © Maxar. Streets © OpenStreetMap.
Adjusted, the sales indicate $195 to $198 per SF.
| Sale | As sold | Location | Utility | Land ratio | Age, timing | Net | Adjusted |
| 1 1700 block W 2100 S | $282.97 | 0% | −15% | −10% | −3% | −28% | $203.74 |
| 2 3500 block S 700 W | $277.29 | −10% | −10% | +3% | 0% | −17% | $230.15 |
| 3 2200 block S 1070 W | $218.90 | −5% | −5% | −5% | 0% | −15% | $186.06 |
| 4 4000 block W 2100 S | $196.19 | 0% | −5% | +3% | −10% | −12% | $172.65 |
| Average | $243.84 | $198.15 |
Location
Sales east toward I-15 and the 900 West corridor sell above this stretch of 2300 South.
Building utility
The comps have cranes, 28 ft clear, docks or 480V power. The subject is nine smaller structures.
Land ratio
The subject has 6.8 SF of land per building SF, against 5.5 to 11.7 at the comps.
Age and timing
Sale 4 was built in 1994. Sale 1 closed in July 2025, 13 months before the latest sale.
Adjustments are our opinion. Median adjusted $194.90 and average $198.15 per SF, applied to 24,600 SF: $4.79M to $4.87M.
Six leases signed since November 2025 set market rent.
| Location and tenant | Signed | Size | Term | Rate, NNN | |
| L1 | 1800 block W 2300 SWest Valley City · Trade contractor | Mar 2026 | 9,800 SF on 1.1 ac | 5 yrs | $11.10 / SF / yr |
| L2 | 2500 block S 900 WSalt Lake City · Distributor | Nov 2025 | 16,400 SF | 3 yrs | $11.40 / SF / yr |
| L3 | 2300 block S 3600 WWest Valley City · Manufacturer | Jul 2026 | 21,800 SF | 5 yrs | $9.60 / SF / yr |
| L4 | 1600 block S 2200 WSalt Lake City · HVAC contractor | Feb 2026 | 6,900 SF | 3 yrs | $12.20 / SF / yr |
| Y1 | 2400 block S 3200 WWest Valley City · Trailer storage | Aug 2026 | 2.0 ac, gravel, fenced | 3 yrs | $4,400 / ac / mo |
| Y2 | 1300 block S 4400 WSalt Lake City · Equipment rental | Apr 2026 | 1.2 ac, gravel, fenced | 2 yrs | $3,900 / ac / mo |
Buildings: $10.25 per SF, below the $11.08 average because one tenant pays less for nine small structures than for one building. Yard: $4,200 per acre per month, between Y1 and Y2. Imagery © Mapbox © Maxar. Streets © OpenStreetMap.
Stabilized NOI of $291,064, at a 6.00% cap.
| Building rent24,600 SF at $10.25 NNN | $252,150 |
| Yard rentParcel C, 1.37 ac at $4,200 / ac / mo | $69,048 |
| Potential gross rent | $321,198 |
| Vacancy and credit loss5% of potential rent | (16,060) |
| Effective gross income | $305,138 |
| Management3% of effective gross income | (9,154) |
| Reserves$0.20 per building SF | (4,920) |
| Net operating incomeStabilized | $291,064 |
| Value at 6.00%$4,851,067, rounded | $4,850,000 |
Underwritten as if the buildings lease to one tenant and the Parcel C yard leases separately. NNN: tenants reimburse taxes, insurance and common costs. Parcel D and the canopy carry no income.
Value at a range of cap rates
The two investor sales closed at 5.85% and 6.40%. We select 6.00%: the land ratio and separately leasable yard draw the outdoor storage buyers who paid 5.85%, offset by older, smaller buildings. The list price implies 5.60%.
Reconciled at $4,850,000; list at $5,200,000.
| Approach | Indication | Weight | Why |
| Sales comparison | $4,830,000 | 60% | Owner-users bought two of the four sales and price on dollars per SF. |
| Income capitalization | $4,850,000 | 40% | Investors and outdoor storage buyers price on yield. |
| Weighted | $4,838,000 | 100% | Opinion of value, rounded: $4,850,000, $197.15 per SF |
$30.93 per land SF · $1.35M per acre
3% to 8% under list
The list price sits about 7% above the opinion of value and below three of the four sales per SF. No value is given to the canopy or the inactive rail spur.
After a 6% commission
Before title, escrow, prorated taxes and any loan payoff. How the proceeds split between the two owner entities is for the owners and their tax advisor.
Who buys it, and how we reach them.
Contractors and trade firms that need buildings plus yard.
Buyers of land-heavy sites for truck, trailer and equipment storage.
Families and individuals buying older industrial for yield or reuse.
The 1.65 acre yard sits on its own two parcels. A buyer can occupy the buildings and lease the yard separately, which widens the owner-user pool.
Proposed listing terms
| Owners | Halvorsen Properties LC and HFP Holdings, LLC, both Utah limited liability companies |
| Signing for both | Erik Halvorsen, manager |
| Property | The Kessler Yard, 2000 block of W 2300 South, West Valley City 84119. Four parcels, 3.86 acres, 24,600 SF |
| Commission | 6.00% of the gross sales price, paid through escrow |
| Term | One year from full execution, renewing annually unless either side gives 30 days' notice |
| Protection | 180 days after expiration for registered prospects |
| Owner documents | Exhibit B items within 10 days of commencement |
The full agreement accompanies this proposal. The signed agreement governs.
- This weekSign the listing agreement for both owner entities
- Within 10 daysExhibit B documents, title report and field measurement
- Week 3Public launch
This broker opinion of value is not an appraisal. It was prepared for the owners to price the property for sale, from county records, prior marketing materials and recorded sales believed reliable but not verified. Building areas, acreage and condition should be confirmed before launch.