TITLE:
2 Unit 100% Occupied Retail Bldg in Utah
CONTROL:
Owner
VALUE:
$600,000
LOAN:
$180,000
EQUITY:
$420,000
TYPE:
Retail/Commercial
HAVE:
3,000 sq ft, renovated retail building in rapidly growing small Utah town, 15 miles
from Snow College, 1 hr from "Silicon Slopes" & Provo (multiple universities).
Leases until 2027 & 2028 with existing tenants who want to stay. 3% & 4% annual
increases.
ADDRESS:
509 W Main St, Mt Pleasant, Utah
BENEFITS TO NEW OWNER:
Main tenant just put his own $70K+ in tenant improvements. Plus new parking lot. 2016 effective build date. 4.7% assumable seller financing available.
GROSS SCHEDULED INCOME:
$70,760 Actual
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$70,760
EXPENSES:
$25,299
NOI:
$45,461
DEBT SERVICE:
$14,292
CASH FLOW:
$31,169
CAP RATE:
7.58%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$180,000
$1,191
5%
02/01/2030
Yes
BENEFITS SOUGHT:
Move up
CAN ADD:
Two 100% occupied 8 cap Medical Office Buildings, 800k 1st Position Note, cash
REMARKS:
2016 - roof, A/C, sheet rock, flooring, paint, trim, windows, doors. Vape store &
collectors boutique shop tenant mix. New paved parking lot. It's the only vape license in county - license tied to the building.
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
