1192 Us-40 Vernal, UT 84078

Property Details for 1192 Us-40

Year built

2010

Lot size

0.67 lot acres

Property size

1,496 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents the fee-simple ownership of a Sonic Drive-In located at 1192 US-40, Vernal, Utah. The 1,496 square foot building, constructed in 2010, sits on a 0.67-acre lot and boasts 19 drive-in stalls, offering convenient drive-thru accessibility. This QSR property is an outparcel to Diamond Mountain Shopping Center, benefiting from high visibility and traffic on Hwy 40/191 (25,331 vehicles per day). The property enjoys a strong location near national retailers, schools, and other economic drivers. The current lease, a Net Lease (NNN) agreement with a franchisee, has a remaining term of 7.6 years, expiring March 30, 2030, with three five-year renewal options. Rent increases of 10% every five years are built into the lease, providing protection against inflation. The next rent increase is scheduled for April 2025. The property's Net Operating Income (NOI) is $163,350, resulting in a 7.00% cap rate. The asking price is $2,335,000, or $1,560.83 per square foot. The property's location in Vernal, a growing community with a 2022 population of 10,657 and a trade area population of 27,483, offers significant long-term potential. This rare mountain west investment opportunity provides a passive income stream with built-in growth potential. The tenant, a Sonic Drive-In franchisee, has a 100% occupancy rate since July 20, 2010.