Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east...

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This statement with the informaon it contains is given with the understanding that all negoaons relang to the purchase, renng or leasing of the property described above shall be conducted through this office. The above informaon, while not guaranteed, has been secured from sources we believe to be reliable. Exclusively Marketed by SITUS RETAIL GROUP www.situsretail.com Multi-Tenant Office Investment For Sale Ma Harlin [email protected] 801.838.9632 OFFERING MEMORANDUM Riverton Office Plaza | 12559 South 2700 West | Riverton, Utah Hunter Todd [email protected] 801.838.9630

Transcript of Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east...

Page 1: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Multi-Tenant Office Investment For Sale

Matt [email protected]

801.838.9632

OFFERING MEMORANDUMRiverton Office Plaza | 12559 South 2700 West | Riverton, Utah

Hunter [email protected]

801.838.9630

Page 2: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Investment Offering

Overview

This available property gives an investor the ability to acquire a multi-tenant, two-story Office building which is located in River-

ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-

ed on 2700 West with great visibility and monument signage. The average traffic count on 2700 West is 8,900 vehicles per day

(2018 UDOT). 2700 West is a major collector road for the west side of Salt Lake County.

Highlights

• Multi-Tenant Office Built in 2001

• High Visibility

• Space Available for Owner/User with Income Stream

• High Population and Income Within 3 Mile Radius7.5%

CAP Rate

2001Building

Constructed

Page 3: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Executive Summary

Property Address: 12559 South 2700 West

Riverton, UT 84065

Square Footage (rentable): 7,373 SF

Parcel Size: 0.60 Acres

Current Occupancy: 67.6%

Year Built: 2001

Tenants:

Sale Price: $1,200,000

Actual Gross Operating Income: $96,613.92 (Current as of 1/2020)

Proforma Gross Operating Income: $137,311.92*

Expenses: $47,321.96 (2019 Actual)

Actual Net Operating Income: $49,291.96 (Current as of 1/2020)

Proforma Net Operating Income: $89,989.96*

Cap Rate: 7.5%

(See rent roll on following page for all tenants)

*Seller to rebate $40,698 (12-month rent at $17 PSF on 2,394 SF) at closing for current vacancy

Page 4: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Rent Roll

Unit Tenant StatusRentable Sq Ft

Montly Rent

Rent per Sq Ft

Additional Charges

Rent Increase Date

Rent Increase Amount

Lease ExpiresDeposit Paid

Lease Renews

100 Vacant Current 2,394        $0.00 $0.00100B FARMER'S INSURANCE Current 535            $750.00 $16.82 3/1/2020 $772.50 2/28/2020 $700.00 auto101 AMERICAN FAMILY INSURANCE Current 833            $1,491.30 $21.48 $95.00 Utilities 7/1/2020 $1,536.04 6/30/2020 $1,058.75 ends102B Gordon Law Firm Current 736            $947.60 $15.45 Inc storage 2/1/2020 $976.03 2/1/2020 $920.00 auto200 ALLSTATE Current 770            $1,347.50 $21.00 $90.00 Utilities 5/1/2021 $1,387.93 4/30/2021 $1,347.50 auto201 PHARMORE INGREDIENTS Current 1,605        $2,550.00 $19.07 inc. 100' storage 11/1/2020 $2,626.50 10/30/2020 $1,087.50 ends202A REGAN HAIGHT PLLC Current 279            $397.84 $17.11 2/1/2020 $409.78 Mo‐Mo $350.00 mo‐mo202B DARREN DAUTEL Current 221            $381.92 $20.74 2/1/2020 $393.38 1/31/2020 $360.00 ends

7,373        $7,866.16 $185.00 $8,102.14 $5,823.75

Rent Roll ‐ Ashbury ManagementAs of 12/31/2019

Unit 100 Vacant: Former dental office. Dental furniture remains in space and can be purchased separately from owner.

Unit 100B Farmers Insurance: Current lease renews each March 1 for 12 months with a 3% increase each year until either party gives 60-day notice of termination of said lease. They have been a tenant since March 2017.

Unit 101 American Family Insurance: Current lease in effect through June 2020. Their rent increases 3% each year on June 1st. They also pay $95 for utilities each month. She has been a tenant since Jan. 2011.

Unit 101B Gordon Law Firm: Current lease renews each Feb. 1st for 12 months with a 3% increase each year until either party gives 60-day notice of termination of said lease. They have been a tenant since Feb. 2018.

Unit 200 Allstate: Lease agreement is in full effect until May 2021 and will renew every 12 months thereafter with a 3% increase each year following May 2021 until either party gives 60-day notice of termination of said lease. Tenant also pays $90 in addition for utilities each month. They have been a tenant since May 2018.

Unit 201 Pharmore Ingredients: Current lease is in effect until Nov. 1, 2020. Rent increase will go to $2550 on Nov. 1, 2019. They have been a tenant in the building since June of 2001.

Unit 202A Regan Haight, PLLC: Currently has a month to month lease. Her rent increases 3% yearly on Feb. 1st. She has been a tenant since Feb. 2014.

Unit 202B Darren Dautel: Current lease is in effect until Feb. 1, 2020 with a 3% increase each year. He has been a tenant since March 2015.

Page 5: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Area Map

SITE

Page 6: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Supercenter

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Major Retailer Aerial

Page 7: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Aerial Photo

SITE

2018 Average Daily Traffic provided by Utah Department of Transportation. Aerial Photography provided by Nearmap,

DigitalGlobe, Google or FSA.

Page 8: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Zoom Aerial

SITE

2700

WES

T

Page 9: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Photos

2700 WEST

12600 SOUTH

Page 10: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

2019202420102000 % % %

< $25,000$25,000 - $49,999$50,000 - $74,999$75,000 - $99,999$100,000+

IndustrialManufacturingCommercialOfficeOther

WhiteBlackAmerican IndianAsian & PIOther

MaleFemale

Population 25+No high school diplomaHigh school graduateSome collegeCollege graduateGraduate/professional degree

HousingTransportationFood at homeFood away from homeLife insurance & pensionsEntertainmentHealthcareApparel & related servicesOther

3.3 3.3 3.2

39.2

16.2 16.3 17.5

30.2 30.6 31.6

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13.76.3

1.9 1.6

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28.0

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11.1

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59.4

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Race

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Average household size

Median household income

Households

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Average household income

Average consumer spending

Total employees

Consumer spending (total annual, $000)

income

Business establishments

Sex

Median age

Education

729,512

621

$90,233

117,815 837,785 2,184,6656,917,659

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163

2019 Demographic Summary Scan/US, Inc.

W 12600 S at S 2700 W: Riverton,UT 84065:Site located at 40.52227, 111.95768

12,364 67,584

3 mi ring1 mi ring 5 mi ring

247,105

Page 1 of 1

732

95,940

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Source: Scan/US 2019 Estimates (Jan 1), US Census, InfoGroup 2019 06/24/2019

13,841 90,544

11,079 36,974

234,693

101,401165,855

14,617

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ST112

ST138

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ST66

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ST150

ST190

ST39

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ST101

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ST65

ST83

ST199

ST196

ST16

ST101

ST96

ST39

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ST150

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FLINT

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RD

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35

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48

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68

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13

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RD

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INS

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LITTLE COTTONWO OD RD

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MA

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43

50

W

1975 N

HWY 54

5300 S

MA

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SB

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600E

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7200 N

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6400 S

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9120 S

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45

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6200 N

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2425 N

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11600 N

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2150 N

29

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W

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HW

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20

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11800 N

54

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US 40

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US

89

US

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US

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NEW BINGHAM HWY

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HWY 39

HW

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26400 N

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MA

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HWY 31

HWY 248

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NC

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CANYON RD

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SH

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RD

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US

189

WE

BE

RC

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WEBER CANYON RD

16800 N

US 6

US

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US

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Site Demographics

Page 11: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

Riverton Office PlazaRiverton, UT

This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information, while not guaranteed, has been secured from sources we believe to be reliable.

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com

Salt Lake County Economic Snapshot

2.8%Salt Lake County

Unemployment Rate

Page 12: Riverton Office Plaza 12559 South 2700 West...ton, Utah. Subject property is located directly east of Riverton High School. The building has 7,373 sf of rentable area and is locat-ed

For More Information, Please Contact:

Hunter ToddRetail Specialist

[email protected]

Matt HarlinRetail Specialist

[email protected]

Riverton Office PlazaRiverton, UT

Exclusively Marketed by SITUS RETAIL GROUPwww.situsretail.com