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Full details for Retail For Sale in Spanish Fork, Utah

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Description

Prime opportunity to own a historic building on Spanish Fork Main St that has been a landmark of the community for many years. The building is 10,413 SF, with 5,335 SF on the main/ground level and 5,078 SF in the basement. The building is for sale, not the business. The building is currently occupied 100% by MVP Sports, who has been a tenant in the building for 30+ years. This is fantastic opportunity to purchase the building as a hands off investment and renew the lease at a higher rate with a long term tenant or to prepare to occupy the building as owner occupied at the end of the tenant lease period. The tenant is currently paying $3,500 monthly base rent, plus taxes and insurance on top of that. Property Taxes 2022 approximately $4,520. Building Insurance 2022 approximately $1,300. Tenant is also paying all utilities on their own. Tenant lease expires on 12/31/2023. Tenant has desire to sign a new lease, and understands that their lease renewal will be a new market rate. Our estimation is that the base rent will increase to $5,500+ monthly. At $5,500 monthly the property pro forma shows a 6.7% cap rate. Back to listing