Description
Prime opportunity to own a historic building on Spanish Fork Main St. The building is 10,413 SF, with 5,335 SF on the main/ground level and 5,078 SF in the basement. The building is for sale, not the business. The building is currently occupied 100% by MVP Sports, who has been a tenant in the building for 30+ years. This is fantastic opportunity to purchase the building as a hands off investment and renew the lease at a higher rate with a long term tenant or to prepare to occupy the building as owner occupied at the end of the tenant lease period. The tenant is currently paying $3,500 monthly base rent, plus taxes and insurance on top of that. Property Taxes 2022 approximately $4,520. Building Insurance 2022 approximately $1,300. Tenant is also paying all utilities on their own. Tenant lease expires on 12/31/2023. Tenant has desire to sign a new lease, and understands that their lease renewal will be a new market rate. Our estimation is that the base rent will increase to $5,500+ monthly.
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0BEDS
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0.15ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Prime opportunity to own a historic building on Spanish Fork Main St. The building is 10,413 SF, with 5,335 SF on the main/ground level and 5,078 SF in the basement. The building is for sale, not the business. The building is currently occupied 100% by MVP Sports, who has been a tenant in the building for 30+ years. This is fantastic opportunity to purchase the building as a hands off investment and renew the lease at a higher rate with a long term tenant or to prepare to occupy the building as owner occupied at the end of the tenant lease period. The tenant is currently paying $3,500 monthly base rent, plus taxes and insurance on top of that. Property Taxes 2022 approximately $4,520. Building Insurance 2022 approximately $1,300. Tenant is also paying all utilities on their own. Tenant lease expires on 12/31/2023. Tenant has desire to sign a new lease, and understands that their lease renewal will be a new market rate. Our estimation is that the base rent will increase to $5,500+ monthly.
Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 2023-06-02T21:38:31.067. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed accurate. Buyer to verify all information.