692 Confluence AveMurray, UT 84123

Property Details for 692 Confluence Ave

Year built

2006

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.01 AC

Property size (Sq ft)

3,051 SF

Zone code

M-G

Property type

Warehouses

APN

21-01-156-029

APU

2101156029

Description

This exceptional investment opportunity presents a 6,200 square foot mixed-use property located at 692 Confluence Ave, Murray, UT 84123. The property, built in 2006, features a two-story building with two units and is currently occupied by Luxor Reptiles (Heatseeker Reptiles) under a gross lease. The building boasts two loading docks and sits on a lot zoned M-G, offering flexibility for various uses. The current lease includes a five-year renewal option at fair market value with annual rent increases of 3%. The current annual gross rent is $82,656, generating a net operating income (NOI) of $62,293. The property's pro-forma cap rate is 6.57%, based on a projected annual rent of $94,500 ($1.25/SF NNN). The current lease expires April 30, 2026. Property taxes are $10,258.73, insurance is $2,031, and HOA fees are $2,479.68. A 3% reserve of $2,479.68 is also included. This property offers a strong return on investment with potential for future appreciation. The combination of a stable tenant, favorable lease terms, and a desirable location makes this an attractive opportunity for discerning investors.

• Alternative Use

  Use

  Valuation

  Residential

  $922,564

  Hospitality

  $845,064

  Educational

  $703,083

  Medical

  $727,263

  Retail

  $1,093,685

Location Insight

City

Murray

County

Salt Lake

State

Utah

Latitude

40.6787

Longitude

-111.91

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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