KeyBank Absolute NNN Ground Lease | 10 Years Remaining

1098 S 300 W, Salt Lake City, UT 84101, USA
$2,210,576

Description

Marcus & Millichap is pleased to present for sale this Absolute Net Leased KeyBank Ground Lease located at 1098 South 300 West in Salt Lake City, Utah. The subject property consists of a free-standing building comprised of 3,836 square feet of retail space and is situated on a .82-acre parcel of land.
Strategically located on a Hard-Signalized Intersection, the subject property is an outparcel to a 200,000+ SF Target Anchored Center. The property is highly visible to a large number of vehicles and is also immediately off of Interstate-15 which sees traffic counts in excess of 230,500 daily. This infill location benefits from superb demographics including over 321,000 full time residents in the immediate trade area with an average household income exceeding $82,000. The immediate trade area is home to a number of National and Regional retailers including but not limited to Target, Walmart, Lowe’s, Costco, Ashley Home Store, Sam’s Club, Home Depot, McDonald’s, Best Buy, among many others. The property is located less than five minutes from Downtown Salt Lake City.
KeyBank executed a 20-Year Absolute Net-Lease when originally built in 2011. There are 10 years left on the initial term with attractive 10% increases every five years, including the four five-year options. KeyBank has experience exceptional YOY deposit growth and most recently (2020) reported over $63,000,000 in total deposits.
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $136.5 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through branches and offices; a network of 1,500 ATMs; telephone banking centers, and their website, Key.com, that provides account access and financial products 24 hours a day.

  • Absolute NNN Ground Lease | 10 Years Remaining
  • 10 Percent Rental Increases Every 5 Years
  • Excellent Outparcel Location to Target Anchored Center
  • Directly off Interstate-15 | 230,000+ Vehicles per Day
  • Infill Salt Lake City | 321,000+ Full Time Resident in Trade Area
  • Strong Deposits | $63,047,000 as of 6/2020
  • TESLA Service Center and Charging Stations Adjacent to the Center | The Only TESLA Service Center in Utah
  • Minutes from Downtown Salt Lake City
  • Salt Lake City International Airport Only 10 Minutes from Property | Over 12,700,000 Travelers per Year

Property Documents

  • KeyBank-Salt-Lake-City-UT-om-ib
  • City: Salt Lake City
  • State/county: Utah
  • Zip/Postal Code: 84101
  • Country: United States

Detail

  • Price: $2,210,576
  • Year Built: 2011

Additional details

  • CAP RATE: 5.20%
  • NOI: $114,950

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