114 SOUTH 850 EAST | LEHI UTAH 84043 · ADOBE XANGO Lehi is the fifth fastest-growing city in the country. The City has more than doubled in size since 2000, with population estimates
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$2,525,000 | 5.5% CAP ABSOLUTE NNN LEASE
114 SOUTH 850 EAST | LEHI UTAH 84043
OFFICE16501 Ventura Blvd. Suite 448Encino, CA 91436Phone: 818.386.6888Fax: 818.386.2805
www.irea.com
LISTING AGENT
I R E A
CHRISTHOMPSONSenior Partner818-522-4792chris@irea.comDRE | 01205918
INVESTMENT OVERVIEW.........3
TENANT PROFILE...........................6
LOCATIION...........................................7
DEMOGRAPHICS...........................10
JAMES BEKKERWindmere Comercial370 E 500 South, Ste 130Salt Lake City, UT 84111801.425.7699jbekker@wincre.com
01IN
VE
ST
ME
NT
OV
ER
VIE
W
Top Stop
Purchase Price: $2,525,000 Lease Begin: 3/29/16
Down Payment: 100% $2,525,000 Lease Expire: 3/28/31
Approx. Lot Size: 1.25 Acres
CAP Rate: 5.5% Net Square Feet: 4,531 sf C-Store & 1,935 sf carwash
Cash on Cash Return: 5.5% Year Built: 1996
Cap Rate$126,000.00 Current to 3/28/21 5.0%$138,600.00 3/29/21 to 3/28/26 5.5%$152,460.00 3/29/26 to 3/28/31 6.0%$167,706.00 3/29/31 to 3/28/36 6.6% Option 1$184,476.60 3/29/36 to 3/28/41 7.3% Option 2$202,924.26 3/29/41 to 3/28/46 8.0% Option 3$223,216.69 3/29/46 to 3/28/51 8.8% Option 4
Financial Indicators
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Information deemed reliable, but not guaranteed.
Annual Rents
Property Abstract
Notes
Convenience Store & Gas Station
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INVESTMENT OVERVIEW | 3THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
1 1 4 S O U T H 8 5 0 E A S T | L E H I , U TA H 8 4 0 4 3
PROPERTY INFORMATION
ADDRESS
APN
BUILDING SIZE
SITE SIZE
YEAR BUILT
CAR WASH
FUEL BRAND
SALES PRICE
CAP RATE
LEASE INFORMATION
TENANT
LEASE TYPE
TERM
BASE RENT
ESCALATIONS
OPTIONS
NOTE
114 South 850 East, Lehi Utah 84043
Store No. C-30
452140006
6,466 SF*
4,532 SF Convenience Store*
1,935 SF Car Wash*
1.25 Acres
1996
Yes
Chevron
$2,525,000
5.5%
Wind River Petroleum
Absolute NNN
3/29/2016 - 3/28/2031, ~11 years left
$138,600
10% every 5 Years
4-5 Year Options
Seller is capitalizing the 2021 increase.At closing buyer will receive a credit for the difference in current and 2021 rent.
INVESTMENT HIGHLIGHTS | 4THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
*Per ALTA Survey Buyer to Verify
• Top Regional Operator
• 30 Locations and 30+ Years in Business
• Approximately 11 Years Left on lease
• At the I-15 Freeway Exit and Lehi Main Street
• Absolute NNN Lease
• Likely Qualifies for 15 Year Depreciation
• Next to Silicon Slopes in a Huge Growth Area
• Freeway Signage
INVESTMENT HIGHLIGHTS
THE PROPERTY | 5THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
TENANT PROFILE 02Top Stop was founded in January 1988 and co-owned
by Keith S. Christensen and J. Craig Larson, Wind River
Petroleum is the third largest petroleum retailer in Utah
with annual sales of $177M. The company currently owns
and operates 30 convenience stores in Utah and Idaho
and employs over 400 individuals. They operate under
and are wholesale distributors of the major oil brands of
Chevron, Texaco and Sinclair. Additionally, the company
operates a trucking company to deliver to their own stores
as well as wholesale customers.
TENANT PROFILE | 6THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
LOCATION 03
LEHI ROLLER
MILLS
LEHI HIGH SCHOOL
Main St20,625 ADT22,980ADT
119,570 ADT
State St
13,255 ADT
LOCATION | 7
14,205 ADT
122,050 ADT
near Lehi — Utah
1 of 1
00 500500 1,000 m1,000 m
LOCATION & TRAFFICLEHI, UTAH
119,570 VPD
122,050 VPD
LOCATION & TRAFFIC | 8
THANKSGIVING POINT
ADOBE, LEHI
UTAH VALLEY UNIVERSITY
BRIGHAM YOUNG UNIVERSITY
5.2 miles
5.1 miles
10.3 miles
14.9miles
22,980 VPD27,695 VPD
Distance from TOP STOP
STATE STREET
MAIN STREET
20,625 VPD
ADOBE XANGO
Lehi is the fifth fastest-growing city in the country. The City has more than doubled in size since 2000, with population estimates approaching 60,000 residents. Lehi is quickly becoming a premier technology and commercial center along the Wasatch Front. Several landmark companies call Lehi home, including Adobe, I.M. Flash, Xactware, Microsoft, Vivint, Oracle, and Xango. Lehi is also home to a wide variety of retail stores and restaurants. Thanksgiving Point, a unique destination offering museums, botanical gardens, shopping, restaurants, and other entertainment options highlights all that Lehi has to offer.
Lehi is a beautiful place to live and work. Utah Lake is located just to the south, with the picturesque Jordan River running through the City. Lehi is surrounded by the Wasatch Mountains on the East and the White Mountains and Oquirrh Mountains on the West. Lehi’s beautiful natural surroundings provide easy access to hiking, mountain biking, fishing, camping, skiing, hunting, and many other outdoor activities.
The City provides a full range of services, including police and fire protection, construction and maintenance of roads, parks, commercial and residential building inspection, recreational opportunities (including a recreation center, indoor pool, and outdoor pool), and many cultural events. The City also owns and operates a culinary water system, a secondary water system, a wastewater system, a storm water system, an electrical distribution system, solid waste collection, and an emergency medical service.
THANKSGIVING POINT
LEHI, UTAH
LOCATION | 9THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
DEMOGRAPHIC HIGHLIGHTS 04
DEMOGRAPHICS | 10
114 SOUTH 850 EAST | LEHI, UTAH 84043Demographic and Income Profile114 S 850 E, Lehi, Utah, 84043 Prepared by EsriRing: 1 mile radius Latitude: 40.38746
Longitude: -111.83550
Summary Census 2010 2019 2024Population 6,484 7,896 8,797Households 1,908 2,321 2,584Families 1,596 1,914 2,119Average Household Size 3.36 3.37 3.38Owner Occupied Housing Units 1,408 1,681 1,885Renter Occupied Housing Units 500 640 699Median Age 28.2 30.0 30.8
Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 2.18% 1.76% 0.77%Households 2.17% 1.70% 0.75%Families 2.06% 1.64% 0.68%Owner HHs 2.32% 1.76% 0.92%Median Household Income 2.54% 2.69% 2.70%
2019 2024 Households by Income Number Percent Number Percent
<$15,000 108 4.7% 87 3.4%$15,000 - $24,999 93 4.0% 68 2.6%$25,000 - $34,999 145 6.2% 133 5.1%$35,000 - $49,999 300 12.9% 262 10.1%$50,000 - $74,999 470 20.2% 482 18.7%$75,000 - $99,999 404 17.4% 455 17.6%$100,000 - $149,999 595 25.6% 788 30.5%$150,000 - $199,999 119 5.1% 188 7.3%$200,000+ 87 3.7% 121 4.7%
Median Household Income $77,015 $87,314Average Household Income $87,966 $101,305Per Capita Income $25,445 $29,286
Census 2010 2019 2024 Population by Age Number Percent Number Percent Number Percent
0 - 4 777 12.0% 879 11.1% 966 11.0%5 - 9 705 10.9% 846 10.7% 927 10.5%10 - 14 572 8.8% 714 9.0% 831 9.4%15 - 19 452 7.0% 515 6.5% 620 7.0%20 - 24 411 6.3% 410 5.2% 406 4.6%25 - 34 1,087 16.8% 1,314 16.6% 1,313 14.9%35 - 44 768 11.8% 1,082 13.7% 1,324 15.1%45 - 54 616 9.5% 704 8.9% 814 9.3%55 - 64 469 7.2% 625 7.9% 661 7.5%65 - 74 309 4.8% 443 5.6% 520 5.9%75 - 84 216 3.3% 234 3.0% 283 3.2%
85+ 104 1.6% 131 1.7% 131 1.5%Census 2010 2019 2024
Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 6,011 92.7% 7,151 90.6% 7,852 89.2%Black Alone 32 0.5% 50 0.6% 67 0.8%American Indian Alone 47 0.7% 69 0.9% 81 0.9%Asian Alone 104 1.6% 183 2.3% 247 2.8%Pacific Islander Alone 20 0.3% 30 0.4% 36 0.4%Some Other Race Alone 130 2.0% 196 2.5% 251 2.9%Two or More Races 140 2.2% 216 2.7% 264 3.0%
Hispanic Origin (Any Race) 390 6.0% 555 7.0% 700 8.0%Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.
May 27, 2020
©2020 Esri Page 1 of 6
THE NUMBERSDEMOGRAPHICS & INCOME
Total Population
201020192024*Projected Growth Rate
Total Households
201020192024*Projected Growth Rate
Average Household Income
20192024*Projected Growth Rate
Renter Occupied Housing Units
201020192024*
6,4847,8968,79710.2%
1,9082,3212,58410.1%
$87,966$101,30513.1%
500640699
1-MILE RADIUS FROM PROPERTY
DEMOGRAPHICS | 11
DEMOGRAPHICS - 1 MILE
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
114 SOUTH 850 EAST | LEHI, UTAH 84043Demographic and Income Profile114 S 850 E, Lehi, Utah, 84043 Prepared by EsriRing: 3 mile radius Latitude: 40.38746
Longitude: -111.83550
Summary Census 2010 2019 2024Population 61,099 75,338 83,689Households 16,043 19,698 21,896Families 14,052 17,099 18,930Average Household Size 3.79 3.81 3.81Owner Occupied Housing Units 12,924 15,879 17,726Renter Occupied Housing Units 3,119 3,819 4,170Median Age 25.5 26.8 27.1
Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 2.12% 1.76% 0.77%Households 2.14% 1.70% 0.75%Families 2.06% 1.64% 0.68%Owner HHs 2.23% 1.76% 0.92%Median Household Income 2.62% 2.69% 2.70%
2019 2024 Households by Income Number Percent Number Percent
<$15,000 691 3.5% 565 2.6%$15,000 - $24,999 780 4.0% 590 2.7%$25,000 - $34,999 1,004 5.1% 897 4.1%$35,000 - $49,999 1,764 9.0% 1,542 7.0%$50,000 - $74,999 4,206 21.4% 4,211 19.2%$75,000 - $99,999 3,462 17.6% 3,766 17.2%$100,000 - $149,999 5,095 25.9% 6,444 29.4%$150,000 - $199,999 1,560 7.9% 2,350 10.7%$200,000+ 1,136 5.8% 1,531 7.0%
Median Household Income $83,243 $94,724Average Household Income $98,004 $111,865Per Capita Income $25,623 $29,272
Census 2010 2019 2024 Population by Age Number Percent Number Percent Number Percent
0 - 4 7,743 12.7% 8,998 11.9% 10,033 12.0%5 - 9 7,771 12.7% 8,692 11.5% 9,515 11.4%10 - 14 6,656 10.9% 7,819 10.4% 8,715 10.4%15 - 19 4,716 7.7% 5,785 7.7% 6,656 8.0%20 - 24 3,200 5.2% 4,233 5.6% 4,386 5.2%25 - 34 9,923 16.2% 12,233 16.2% 13,301 15.9%35 - 44 8,142 13.3% 10,261 13.6% 11,814 14.1%45 - 54 5,444 8.9% 6,860 9.1% 7,645 9.1%55 - 64 3,656 6.0% 4,994 6.6% 5,177 6.2%65 - 74 2,175 3.6% 3,345 4.4% 3,863 4.6%75 - 84 1,199 2.0% 1,499 2.0% 1,918 2.3%
85+ 474 0.8% 619 0.8% 667 0.8%Census 2010 2019 2024
Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 57,106 93.5% 69,248 91.9% 76,065 90.9%Black Alone 246 0.4% 396 0.5% 529 0.6%American Indian Alone 262 0.4% 384 0.5% 451 0.5%Asian Alone 533 0.9% 903 1.2% 1,188 1.4%Pacific Islander Alone 335 0.5% 533 0.7% 674 0.8%Some Other Race Alone 1,347 2.2% 1,905 2.5% 2,382 2.8%Two or More Races 1,270 2.1% 1,969 2.6% 2,399 2.9%
Hispanic Origin (Any Race) 3,812 6.2% 5,339 7.1% 6,702 8.0%Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.
May 27, 2020
©2020 Esri Page 3 of 6
THE NUMBERSDEMOGRAPHICS & INCOME
Total Population
201020192024*Projected Growth Rate
Total Households
201020192024*Projected Growth Rate
Average Household Income
20192024*Projected Growth Rate
Renter Occupied Housing Units
201020192024*
61,09975,33883,6899.9%
16,04319,69821,89610%
$98,004$111,86512.4%
3,1193,8194,170
3-MILE RADIUS FROM PROPERTY
DEMOGRAPHICS | 12
DEMOGRAPHICS - 3 MILE
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
114 SOUTH 850 EAST | LEHI, UTAH 84043Demographic and Income Profile114 S 850 E, Lehi, Utah, 84043 Prepared by EsriRing: 5 mile radius Latitude: 40.38746
Longitude: -111.83550
Summary Census 2010 2019 2024Population 117,403 157,221 177,829Households 30,683 41,349 46,925Families 26,903 35,753 40,365Average Household Size 3.81 3.79 3.78Owner Occupied Housing Units 24,582 32,656 37,140Renter Occupied Housing Units 6,101 8,693 9,785Median Age 25.1 26.5 27.0
Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 2.49% 1.76% 0.77%Households 2.56% 1.70% 0.75%Families 2.46% 1.64% 0.68%Owner HHs 2.61% 1.76% 0.92%Median Household Income 2.71% 2.69% 2.70%
2019 2024 Households by Income Number Percent Number Percent
<$15,000 1,440 3.5% 1,243 2.6%$15,000 - $24,999 1,420 3.4% 1,118 2.4%$25,000 - $34,999 2,096 5.1% 1,892 4.0%$35,000 - $49,999 3,697 8.9% 3,257 6.9%$50,000 - $74,999 8,118 19.6% 8,312 17.7%$75,000 - $99,999 6,710 16.2% 7,547 16.1%$100,000 - $149,999 10,387 25.1% 13,009 27.7%$150,000 - $199,999 4,101 9.9% 6,049 12.9%$200,000+ 3,380 8.2% 4,499 9.6%
Median Household Income $87,666 $100,202Average Household Income $106,123 $120,367Per Capita Income $27,832 $31,660
Census 2010 2019 2024 Population by Age Number Percent Number Percent Number Percent
0 - 4 15,311 13.0% 19,206 12.2% 21,932 12.3%5 - 9 14,973 12.8% 18,484 11.8% 20,621 11.6%10 - 14 12,738 10.8% 16,507 10.5% 18,375 10.3%15 - 19 9,117 7.8% 12,104 7.7% 13,793 7.8%20 - 24 6,299 5.4% 8,764 5.6% 9,230 5.2%25 - 34 19,733 16.8% 25,387 16.1% 28,897 16.2%35 - 44 15,464 13.2% 22,253 14.2% 25,997 14.6%45 - 54 10,253 8.7% 13,985 8.9% 15,518 8.7%55 - 64 6,787 5.8% 10,087 6.4% 10,625 6.0%65 - 74 3,865 3.3% 6,483 4.1% 7,742 4.4%75 - 84 2,099 1.8% 2,864 1.8% 3,854 2.2%
85+ 763 0.6% 1,094 0.7% 1,244 0.7%Census 2010 2019 2024
Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 109,585 93.3% 143,960 91.6% 160,894 90.5%Black Alone 494 0.4% 873 0.6% 1,188 0.7%American Indian Alone 447 0.4% 689 0.4% 823 0.5%Asian Alone 1,184 1.0% 2,305 1.5% 3,094 1.7%Pacific Islander Alone 720 0.6% 1,220 0.8% 1,573 0.9%Some Other Race Alone 2,237 1.9% 3,461 2.2% 4,407 2.5%Two or More Races 2,735 2.3% 4,712 3.0% 5,850 3.3%
Hispanic Origin (Any Race) 7,099 6.0% 10,911 6.9% 13,961 7.9%Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.
May 27, 2020
©2020 Esri Page 5 of 6
THE NUMBERSDEMOGRAPHICS & INCOME
Total Population
201020192024*Projected Growth Rate
Total Households
201020192024*Projected Growth Rate
Average Household Income
20192024*Projected Growth Rate
Renter Occupied Housing Units
201020192024*
117,403157,221177,82911.5%
30,68341,34946,92511.8%
$106,123$120,36711.8%
6,1018,6939,785
5-MILE RADIUS FROM PROPERTY
DEMOGRAPHICS | 13
DEMOGRAPHICS - 5 MILE
114 SOUTH 850 EAST | LEHI, UTAH 84043
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
KEY FACTS
7,896Population
30.0
Median Age
3.4
Average Household Size
$77,015Median Household
Income
EDUCATION
5%
No High School
Diploma 20%High School
Graduate
38%Some College 37%
Bachelor's/Grad/Prof Degree
BUSINESS
634Total Businesses
6,942Total Employees
EMPLOYMENT
64%White Collar
20%Blue Collar
17%Services
2.2%
Unemployment Rate
INCOME
$77,015
Median Household Income
$25,445
Per Capita Income
$153,212
Median Net Worth
Households By IncomeThe largest group: $100,000 - $149,999 (25.6%)
The smallest group: $200,000+ (3.7%)
Indicator Value Difference
<$15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
4.7%
$75,000 - $99,999
4.0%
$100,000 - $149,999
6.2%
$150,000 - $199,999
12.9%
$200,000+
20.2%
-1.5%
17.4%
-1.9%
25.6%
-1.2%
5.1%
+1.0%
3.7%
+0.2%
+2.7%
+5.2%
-2.3%
-2.4%
Bars show deviation from
Utah CountySources: IREA; ESRI Information Services; U.S. Census Bureau of Labor Statistics; Wikipedia.
Ring of 1 mile
MARKETING PROFILE114 S 850 E, Lehi, Utah, 84043
ANNUAL LIFESTYLE SPENDING
$2,311Travel
$76Theatre/Op
eras/ Concerts
$68Sports Events
$4Online Games
KEY FACTS
7,896Population
30.0
Median Age
3.4
Average Household Size
$77,015Median Household
Income
Age Pyramid
20%1001020%
The largest group:
2019 Male Population Age 5-9 (Esri)
The smallest group:
2019 Male Population Age 80-84 (Esri)
Dots show comparison to
Utah County
ANNUAL HOUSEHOLD SPENDING
$2,122Apparel & Services
$166Computers &
Hardware
$3,668Eating Out
$5,050Groceries
$6,004Health Care
EDUCATION
5%
No High School
Diploma 20%High School
Graduate
38%Some College 37%
Bachelor's/Grad/Prof Degree
INFOGRAPHICS | 14
INFOGRAPHICS - 3 MILE
3-MILE RADIUS FROM PROPERTY
114 SOUTH 850 EAST | LEHI, UTAH 84043
$2,525,000 | 5.5 % CAPABSOLUTE NNN LEASE
Chris ThompsonSenior Partner(818) 574-5102chris@irea.com01205918
16501 Ventura Blvd. Suite 448Encino, CA 91436Phone: 818.386.6888Fax: 818.386.2805
www.irea.com
I R E A
James BekkerWindmere Comercial370 E 500 South, Ste 130Salt Lake City, UT 84111801.425.7699jbekker@wincre.com
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