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

$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 [email protected] | 01205918

INVESTMENT OVERVIEW.........3

TENANT PROFILE...........................6

LOCATIION...........................................7

DEMOGRAPHICS...........................10

JAMES BEKKERWindmere Comercial370 E 500 South, Ste 130Salt Lake City, UT [email protected]

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

AApppprrooxxiimmaatteellyy 1111 yyeeaarrss lleefftt oonn lleeaassee

TToopp RReeggiioonnaall OOppeerraattoorr --

AAtt tthhee II--1155 FFrreeeewwaayy eexxiitt aanndd LLeehhii MMaaiinn SSttrreeeett

Information deemed reliable, but not guaranteed.

Annual Rents

Property Abstract

Notes

Convenience Store & Gas Station

3300 LLooccaattiioonnss && 3300++ yyeeaarrss iinn bbuussiinneessss

AAbbssoolluuttee NNNNNN LLeeaassee

LLiikkeellyy qquuaalliiffiieess ffoorr 1155 yyeeaarr ddeepprreecciiaattiioonn

SSiilliiccoonn SSllooppeess aarreeaa aanndd HHuuggee GGrroowwtthh

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) [email protected]

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 [email protected]