244 Main St Spanish Fork, UT 84660-1783
- Warehouses
- 5,819 SF
- 0.31 lot acres
Sep 30, 2021
Current Use by Public Records
- Warehouses
Property Details for 244 Main St
- Year built
- 1998
- Lot size
- 0.31 lot acres
- Property size
- 5,819 SF
- Property type
- Warehouses
- Property subtype
- Self storage facilities
- APN
- 07-068-0011
- APU
- 70680011
Description
This exceptional Spanish Fork, Utah commercial property, located at 244 N Main St, presents a unique owner-user or lease-up opportunity. The 5,819 square foot building, constructed in 1997 and renovated in 2023, boasts a Class B designation and is situated on a 0.31-acre lot. The property features a mix of creative office, storefront, and traditional office spaces, currently housing one tenant (Preloved) with a lease expiring November 30, 2026. The existing lease generates a net operating income (NOI) of $51,600 annually. The building includes 15 parking spaces and offers 3,200 square feet of immediately available space, plus a 1,300 square foot rear warehouse ideal for shipping and receiving. The property benefits from a high-traffic location with 37,000 average annual daily traffic (AADT), significant consumer spending ($374,657,985 within 2 miles), and substantial daytime employment (9,123 within 2 miles). The asking price is $1,450,000 ($249.18 per square foot), with a triple net (NNN) lease structure. The building is two stories tall, with a permitted zoning of Commercial and a 27' building height allowing for crown signage. Lease options are available. The property is offered fee simple. Currently, the occupancy is 45%, with full occupancy expected by November 1, 2024. This is an excellent investment opportunity in a thriving commercial area.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Spanish Fork
- County
- Utah
- State
- Utah
- Longitude
- -111.654
- Latitude
- 40.1129
- CBSA code
- 39340
- CBSA name
- PROVO-OREM, UT METROPOLITAN STATISTICAL AREA
