1331 State StOrem, UT 84057

Property Details for 1331 State St

Year built

1998

Lot size

1.18 AC

Property size (Sq ft)

4,455 SF

Property type

Retail properties

Property subtype

Drive through restaurants

APN

41-351-0002

APU

413510002

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,747,133

  6.5%

  $1,612,738

  7%

  $1,497,543

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,249,249

  Geo Method

  $2,249,249

• Alternative Use

  Use

  Valuation

  Residential

  $1,360,405

  Hospitality

  $1,246,124

  Educational

  $1,036,760

  Medical

  $1,072,416

  Retail

  $1,612,738

Location Insight

City

Orem

County

Utah

State

Utah

Latitude

40.3216

Longitude

-111.707

CBSA code

39340

CBSA name

PROVO-OREM, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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