For Sale
$2,590,000

6161 State StMurray, UT 84107

High-exposure, long-term ground lease.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 1.67-acre parcel located at 6161 S State St, Murray, UT 84107, featuring a 6,623 square foot retail building currently leased to a prominent tenant. The property boasts a highly visible location as an outparcel of Fashion Place Mall, directly across from Nordstrom. The existing ground lease is a triple net (NNN) lease with 38 years remaining, offering significant long-term stability. The annual lease payment is $85,896.38, subject to a 15% increase every 10 years, ensuring consistent rental income growth. The lease terms are absolute net, meaning the owner incurs no operating expenses. The current rental rate is below market value, presenting an attractive return on investment. At the lease's end, the building and improvements revert to the landowner. A 30-day first right of refusal is included in the lease agreement. The property's total net rentable area is 72,745 square feet, with an asking price of $2,590,000 ($35.60 per square foot). This presents a rare chance to acquire a high-value retail property with substantial long-term income potential in a prime Murray location.

Highlights

  • 1.67-acre parcel in Murray, UT.
  • High-visibility outparcel of Fashion Place Mall, across from Nordstrom.
  • 38-year remaining NNN ground lease.
  • $85,896.38 annual lease payment with 15% increases every 10 years.
  • Absolute net lease; no owner expenses.
  • Below-market rent.

Property Details for 6161 State St

Property type
Retail properties, Land
Square Feet
6,623 SF
Lot Size (sq. ft)
72,745 SF

Location Insight

City
Murray
County
Salt Lake
State
Utah
Latitude
40.6294439
Longitude
-111.8897841
6161 State St, Murray, Utah

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6161 State St
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