231 Edison StSalt Lake City, UT 84111
- Retail properties
- 4,915 SF
Property Details for 231 Edison St
- Year built
- 1899
- Lot size
- 0.01 AC
- Property size (Sq ft)
- 4,915 SF
- Zone code
- D-1
- Property type
- Retail properties
- Property subtype
- Turn key restaurants
- APN
- 16-06-186-009
- APU
- 1606186009
Description
This exceptional investment opportunity presents a thriving 5,706 square foot restaurant located at 231 S Edison St, Salt Lake City, UT 84111. The property, part of the prestigious Warhol Lofts building, is currently 100% occupied by Franklin Ave Cocktails & Kitchen under a triple-net (NNN) lease with a strong guarantor. The lease generates $173,376 annually, with a 6% cap rate and 3% annual rent increases. The lease extends until November 30th, 2033, with four 5-year renewal options, providing significant long-term stability. The asking price is $2,800,000, translating to $490.71 per square foot. This prime location in downtown Salt Lake City offers high visibility, significant foot traffic, and proximity to popular attractions and amenities. The property's historic charm and flexible floor plan present a unique opportunity for continued success. The property is zoned for retail and restaurant use, and potential exists for outdoor seating or display. This is a rare chance to acquire a high-performing asset in a desirable urban setting. The APN is 16-06-186-009.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $3,841,614
- 6.5%
- $3,546,105
- 7%
- $3,292,812
-
Comparable approach
- Method
- Valuation
- Relative Method
- $4,742,028
- Geo Method
- $4,742,028
-
Alternative Use
- Use
- Valuation
- Residential
- $2,991,272
- Hospitality
- $2,739,989
- Educational
- $2,279,639
- Medical
- $2,358,039
- Retail
- $3,546,105
Location Insight
- City
- Salt Lake City
- County
- Salt Lake
- State
- Utah
- CBSA code
- 41620
- CBSA name
- SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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