Clearfield, UT - Sinclair
$6,750,000
1972 E. 700 S, Clearfield, UT 84041
6.3
Cap Rate
424,976
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in premier, long term NNN, Sinclair Gas Station investment property located in Clearfield, Utah. The tenant, Clearfield Sinclair Operating, LLC, has approximately 15 years remaining on its lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases in years 8, 11, and 16 throughout the remainder of the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low management investment opportunity for a passive investor. The Sinclair brand is a highly reputable brand in the energy business with over 1,600 stations.
The subject property has excellent position and visibility at the signalized, hard corner intersection of E. 700 S. and University Park Blvd (combined 38,900 VPD). The site receives significant consumer traffic from its position and proximity to on/off ramps of Interstate 15 (114,200 VPD), a major highway connecting the property to downtown Salt Lake City, the largest city in the state with 211,000+ residents and over 1.2 million residents in its MSA. Moreover, the asset has access to a direct residential community with 2,600+ apartment and multi-family units within 1-mile, including the adjacent Bravada 193 luxury apartments, in addition to the Hill Air Force Base. The air force base is the second largest in the country and the sixth largest employer in the state with over 31,000 personnel on site, responsible for an estimated economic impact of $11 billion. The surrounding 5-mile trade area is supported by a population of over 221,900 residents and 74,300 residents with an average household income of $121,384, providing a direct, affluent consumer base in the immediate area from which to draw.
Location
Gallery
