Net Leased Restaurant-Retail
For Sale
Contact for pricing
222 West State Street, Hurricane, UT 84737
Restaurant and retail investment featuring Pizza Hut and T-Mobile tenants under lease terms.
Property Size5,569 SF
Price / SF$493.80
Days on Market135
Property Features for 222 West State Street
General Information
Standard status
Active
Size
5,569 SF
Property subtype
Retail
Zoning
Highway Commercial
Occupancy
100%
Investment Type
Net Lease
Additional Details
Business Included
Yes
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
NAI Excel
Listed By:
Jon Walter · License #UT 5640288-AB00
(435) 627-5719
Source:
Crexi
Added: Apr 23
Changed: Aug 25
Last Checked: Sep 1 at 10:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Excel
Investment Insights
Based on property information with market context.
This offering includes a 5,569 SF restaurant/retail property with Pizza Hut and T-Mobile as tenants. The building is presented as a net leased investment with a 10-year sale-leaseback agreement in place for Pizza Hut, who will be signing a new lease agreement.
The property is located on State Street in Hurricane, Utah, in a prominent location.
T-Mobile signed a five-year renewable lease in 2023 covering 2,161 SF of the building.
The property is located on State Street in Hurricane, Utah, in a prominent location.
T-Mobile signed a five-year renewable lease in 2023 covering 2,161 SF of the building.
Key Highlights
- ±5,569 SF restaurant/retail property built in 2007
- Tenant mix includes Pizza Hut and T‑Mobile under current lease terms
- 10‑year sale leaseback agreement with Pizza Hut; Pizza Hut will be signing a new lease
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$107,349
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,146,980
$2.1M
Cap Rate 7%
$1,533,557
$1.5M
Cap Rate 9%
$1,192,767
$1.2M
Market Conditions
NOI Build-Up for 5,569 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$145.0K $26.04/SF
− Vacancy
−$1.9K −$0.34/SF
EGI
$143.1K $25.70/SF
− OpEx
−$35.8K −$6.43/SF
NOI
$107.3K $19.28/SF
Area
Washington County, UT
Vacancy
1.30%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,146,980
Cap Rate 7%
$1,533,557
Cap Rate 9%
$1,192,767
Alternative Uses
Best Use
Specialty Retail
$1.53M
$1.34M – $1.79M
NOI $107,349 @ 7.0% cap · market cap 3.90%
Second Best
Retail
$980.4K
$857.8K – $1.14M
NOI $68,626 @ 7.0% cap · market cap 2.50%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
49k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 31%
Electronics 3%
Hotels & Casinos 2%
Maverik Adventures First Stop
Shops & Services
16,353 visits/mo
0.4 miles
Taco Bell
Dining
11,097 visits/mo
0.2 miles
Sinclair
Shops & Services
7,303 visits/mo
0.1 miles
Wells Fargo
Shops & Services
3,068 visits/mo
0.2 miles
Domino's Pizza
Dining
2,797 visits/mo
0.2 miles
Demographics for 84737, UT
21,212
Population
9,320
Households
2.3
Avg Household Size
39
Median Age
26%
College-Educated
95%
High-School Grad
250.1 sq mi
ZIP Area
85
Density / Sq Mi
$70,417
Median Household Income
$31,315
Median Earnings
$1,239
Median Rent
$420,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant and retail investment featuring Pizza Hut and T-Mobile tenants under lease terms.
Where is this conventional restaurant located?
The property is located at 222 West State Street Hurricane, UT.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: ±5,569 SF restaurant/retail property built in 2007; Tenant mix includes Pizza Hut and T‑Mobile under current lease terms; 10‑year sale leaseback agreement with Pizza Hut; Pizza Hut will be signing a new lease
