8588 Magna Main StMagna, UT 84044

Property Details for 8588 Magna Main St

Year built

1922

Construction

WOOD FRAME

Lot size

0.22 AC

Property size (Sq ft)

880 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

14-20-377-016

APU

1420377016

Description

This 880-square-foot retail property, situated on a 0.22-acre lot in Magna, Utah (APN: 14-30-377-016-0000), presents a unique redevelopment opportunity. Zoned C-2, this vacant building offers significant potential for a variety of uses, including convenience store, QSR, or restaurant. Previously a gas station, environmental remediation has been completed, with only minor testing remaining before a No Further Action (NFA) letter is issued. A preliminary approval for a double drive-thru has already been obtained, and the seller is actively progressing towards full completion, including sidewalk, well, and landscaping improvements. The asking price of $350,000 reflects the current stage of the project and is expected to increase with further improvements. The total building square footage is 9,583 square feet, built in 1922 and renovated in 1997. While a lease of the completed drive-thru is an option, the lease price has yet to be determined. An existing insurance policy protects the buyer against potential additional remediation costs. This is an entry-level business or investment opportunity in a revitalizing area with over 3,500 new homes permitted nearby. The land value is $31.20 per square foot. The property is located at 8588 W Magna Main St, Magna, UT 84044.

• CAP approach

  CAP return

  Valuation

  6%

  $341,737

  6.5%

  $315,449

  7%

  $292,917

• Comparable approach

  Method

  Valuation

  Relative Method

  $444,296

  Geo Method

  $444,296

• Alternative Use

  Use

  Valuation

  Residential

  $266,093

  Hospitality

  $243,740

  Educational

  $202,789

  Medical

  $209,763

  Retail

  $315,449

Location Insight

City

Magna

County

Salt Lake

State

Utah

Latitude

40.7114

Longitude

-112.097

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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