6161 State StMurray, UT 84107

Property Details for 6161 State St

Year built

1972

Lot size

1.67 AC

Property size (Sq ft)

7,080 SF

Zone code

CDC

Property type

Retail properties

Property subtype

Turn key restaurants

APN

22-19-104-017

APU

2219104017

Description

This exceptional investment opportunity presents a 1.67-acre parcel located at 6161 S State St, Murray, UT 84107, featuring a 6,623 square foot retail building currently leased to a prominent tenant. The property boasts a highly visible location as an outparcel of Fashion Place Mall, directly across from Nordstrom. The existing ground lease is a triple net (NNN) lease with 38 years remaining, offering significant long-term stability. The annual lease payment is $85,896.38, subject to a 15% increase every 10 years, ensuring consistent rental income growth. The lease terms are absolute net, meaning the owner incurs no operating expenses. The current rental rate is below market value, presenting an attractive return on investment. At the lease's end, the building and improvements revert to the landowner. A 30-day first right of refusal is included in the lease agreement. The property's total net rentable area is 72,745 square feet, with an asking price of $2,590,000 ($35.60 per square foot). This presents a rare chance to acquire a high-value retail property with substantial long-term income potential in a prime Murray location.

Location Insight

City

Salt Lake City

County

Salt Lake

State

Utah

Latitude

40.6369

Longitude

-111.888

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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