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
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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
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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
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
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
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.
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
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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
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SALT LAKECITY INTLAIRPORT
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Midvale
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Herriman
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Riverton
Millcreek
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South Jordan
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Major Retailer Aerial
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.
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
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
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
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