692 Confluence Ave Murray, UT 84123-1378
- Warehouses
- 3,051 SF
- 0.01 lot acres
Feb 24, 2022
Current Use by Public Records
- Warehouses
Property Details for 692 Confluence Ave
- Year built
- 2006
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.01 lot acres
- Property size
- 3,051 SF
- Zone code
- M-G
- Property type
- Warehouses
- APN
- 21-01-156-029
- APU
- 2101156029
Description
This exceptional investment opportunity presents a 6,200 square foot mixed-use property located at 692 Confluence Ave, Murray, UT 84123. The property, built in 2006, features a two-story building with two units and is currently occupied by Luxor Reptiles (Heatseeker Reptiles) under a gross lease. The building boasts two loading docks and sits on a lot zoned M-G, offering flexibility for various uses. The current lease includes a five-year renewal option at fair market value with annual rent increases of 3%. The current annual gross rent is $82,656, generating a net operating income (NOI) of $62,293. The property's pro-forma cap rate is 6.57%, based on a projected annual rent of $94,500 ($1.25/SF NNN). The current lease expires April 30, 2026. Property taxes are $10,258.73, insurance is $2,031, and HOA fees are $2,479.68. A 3% reserve of $2,479.68 is also included. This property offers a strong return on investment with potential for future appreciation. The combination of a stable tenant, favorable lease terms, and a desirable location makes this an attractive opportunity for discerning investors.
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
- Murray
- County
- Salt Lake
- State
- Utah
- Longitude
- -111.91
- Latitude
- 40.6787
- CBSA code
- 41620
- CBSA name
- SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA
