1850 West 4100 South West Valley, UT 84119
- 1,724 Square Feet
- For Sale
Situated as an outparcel to an existing KMart shopping center that is scheduled for a major redevelopment in the later half of 2016, Jiffy Lube is an absolute NNN single tenant investment with approximately 7 years remaining with no options remaining. There is a fixed 10% rental increase in May of 2018. At the end of the fixed term in 2023, the owner will have the opportunity to renegotiate a new lease with Jiffy Lube, leading to a strong upside opportunity, especially when considering the forthcoming redevelopment of the entire shopping center. Finally, the lease includes a percentage rent clause of 5% of gross revenues above Annual Rent. It is also important to note that there is a Lessor Right of Termination, providing an Owner with the power to terminate the existing lease in the instance that a better tenant / offer is presented. The lease is signed and backed by a 50 unit operator of Jiffy Lube stores - inquire for more details on financials (which are strong). This is an excellent opportunity to purchase a proven Jiffy Lube asset on an absolute NNN lease (zero landlord obligations) that is situated as an outparcel (convenient ingress / egress with excellent street visibility) in West Valley (Salt Lake City).
Property Status: Available
Building Size: 1724 Square Feet
Area Available: 1,724 Square Feet