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    6161 State St Murray, UT 84107

    Sponsored
    For Sale
    $2,590,000

    High-exposure, long-term ground lease.

    Property size:
    6,623 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    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.

    Property Features for 6161 State St

    General Information

    Property type
    Land
    Square Feet
    6,623 SF
    Lot Size
    72,745 SF

    HighLights

    • 1.67‑acre parcel in Murray, UT.
    • High‑visibility outparcel of Fashion Place Mall, across from Nordstrom.
    • 38‑year remaining NNN ground lease.
    • $85,896.38 annual lease payment with 15% increases every 10 years.
    • Absolute net lease; no owner expenses.
    • Below‑market rent.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Murray
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.8897841
    Latitude
    40.6294439

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    FAQs

    What type of property is this?
    Land - High-exposure, long-term ground lease.
    Where is this land located?
    The property is located at 6161 State St Murray, UT.
    What is the asking price?
    The asking price for this property is $2,590,000.
    What are key features of this property?
    This property features: 1.67-acre parcel in Murray, UT.; High-visibility outparcel of Fashion Place Mall, across from Nordstrom.; 38-year remaining NNN ground lease.
    Request Owner's contact information
    6161 State St Murray, UT 84107
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6161 State St Murray, UT 84107
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