6161 State St Murray, UT 84107
- Turn key restaurants
- 7,080 SF
- 1.67 lot acres
Current Use by Public Records
- Houston TX Hot Chicken / Chicken Restaurant / New American Restaurant
- Fashion Place - H&M/Brio Lot / Parking Lot
Property Details for 6161 State St
- Year built
- 1972
- Lot size
- 1.67 lot acres
- Property size
- 7,080 SF
- Zone code
- CDC
- Property type
- 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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salt Lake City
- County
- Salt Lake
- State
- Utah
- Longitude
- -111.888
- Latitude
- 40.6369
- CBSA code
- 41620
- CBSA name
- SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA
