1331 State St Orem, UT 84057-2662
- Drive through restaurants
- 4,455 SF
- 1.18 lot acres
Sep 30, 2022
Current Use by Public Records
- Carl's Jr. / Hamburger Restaurant / Fast Food Restaurant
Property Details for 1331 State St
- Year built
- 1998
- Lot size
- 1.18 lot acres
- Property size
- 4,455 SF
- Property type
- Drive through restaurants
- APN
- 41-351-0002
- APU
- 413510002
Description
This exceptional investment opportunity presents a 5,416 square foot Carl's Jr. storefront located at 1331 N State St, Orem, UT 84057. The property sits on a 1.18-acre lot and boasts a strong 5.00% cap rate, generating a substantial net operating income (NOI) of $116,532. Built in 1998, this single-tenant property is secured by a 20-year absolute NNN lease with a franchisee tenant, commencing September 30, 2022, and expiring September 29, 2042. The lease includes four, five-year renewal options, providing long-term stability and predictable cash flow. Rent increases of 8% are built into the lease every five years. The property benefits from its prime location on State Street, a major commuter route with a high average annual daily traffic count of 46,068 vehicles. The tenant, Snow Star LP, is a reputable operator of all 44 Carl's Jr. locations in Utah, further enhancing the investment's security. Orem's thriving community is bolstered by the presence of Utah Valley University, a large and rapidly growing public university, contributing to significant foot traffic and consumer demand. This property offers a compelling combination of strong tenant occupancy (100%), a secure long-term lease, and a desirable location, making it an ideal addition to any investment portfolio. The property's APN is 413510002. The asking price is $2,330,640.
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
- Orem
- County
- Utah
- State
- Utah
- Longitude
- -111.707
- Latitude
- 40.3216
- CBSA code
- 39340
- CBSA name
- PROVO-OREM, UT METROPOLITAN STATISTICAL AREA
