For Sale
$2,330,640

1331 State StOrem, UT 84057

High-yield Carl's Jr. storefront, Utah.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 5,416 square foot Carl's Jr. storefront located at 1331 N State St, Orem, UT 84057. The property sits on a 1.18-acre lot and boasts a strong 5.00% cap rate, generating a substantial net operating income (NOI) of $116,532. Built in 1998, this single-tenant property is secured by a 20-year absolute NNN lease with a franchisee tenant, commencing September 30, 2022, and expiring September 29, 2042. The lease includes four, five-year renewal options, providing long-term stability and predictable cash flow. Rent increases of 8% are built into the lease every five years. The property benefits from its prime location on State Street, a major commuter route with a high average annual daily traffic count of 46,068 vehicles. The tenant, Snow Star LP, is a reputable operator of all 44 Carl's Jr. locations in Utah, further enhancing the investment's security. Orem's thriving community is bolstered by the presence of Utah Valley University, a large and rapidly growing public university, contributing to significant foot traffic and consumer demand. This property offers a compelling combination of strong tenant occupancy (100%), a secure long-term lease, and a desirable location, making it an ideal addition to any investment portfolio. The property's APN is 413510002. The asking price is $2,330,640.

Highlights

  • 1331 N State St, Orem, UT 84057, a 5,416 SF Carl's Jr. building on a 1.18-acre lot.
  • Located on State Street with 46,068 AADT.
  • Built in 1998.
  • Single-tenant, 20-year absolute NNN lease with four, five-year renewal options; 8% rent increases every five years.
  • Strong 5.00% cap rate, $116,532 NOI; Asking price: $2,330,640.

Property Details for 1331 State St

Property type
Retail properties, Retail space
Square Feet
5,416 SF
Year Built
1998
Lot Size (sq. ft)
51,401 SF

Location Insight

City
Orem
County
Utah
State
Utah
Latitude
40.3215496
Longitude
-111.7064696
1331 State St, Orem, Utah

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1331 State St
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