Jorgi PaulAssociate 801 303 5570 [email protected]
Kip PaulVice Chairman 801 303 5555 [email protected]
Mike RichmondExecutive Director 801 303 5434 [email protected]
Dana Baird, CCIMExecutive Director 801 303 5526 [email protected]
170 South Main Street, Suite 1600 Salt Lake City, UT 84101 Main +1 801 322 2000 Fax +1 801 322 2040cushmanwakefield.com
MULTI-TENANT INVESTMENT
Property Highlights• 78% occupied with multiple quality tenants
including L3, Cornerstone Aviation, GSA/
Aphis and FedEx Trade Networks
• Credit tenant L3 Technologies offers four
years remaining lease term with 3% (approx.)
annual escalations
• Immediate access to I-215 and I-80 Freeway
• Nearby TRAX Light Rail station with direct
access to Salt Lake City International Airport
• Proximity to numerous restaurants
and lodging amenities
• Included in newly designated
Inland Port geographic area
OverviewThis Investment Offering provides the Opportunity to
acquire the Airport Business Park Building 176. Located
in close proximity to Salt Lake City International Airport,
this multi-tenant office property is one of six Airport
Business Park buildings.
Property Information
Sale Price: $3,500,000 ($125.32 psf)
Cap Rate: 6.16% In Place NOI - 78% occupied
Building Size: 27,927 sq. ft.
Age: 1978/1998
Parking: 80 spaces - 2.86/1,000 (approx.)
Zoning: TSA-MUEC-C
Parcel Number & Size:
Airport Park subdivision into individual parcels for each building was recently completed
Airport Business Park - Building 176176 North 2200 West / Salt Lake City, Utah
FOR SALE
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WAR-RANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.path: 1 - Projects\Paul, K\1 - Flyers\AirportPark\176n2200w
Jorgi PaulAssociate 801 303 5570 [email protected]
Kip PaulVice Chairman 801 303 5555 [email protected]
Mike RichmondExecutive Director 801 303 5434 [email protected]
Dana Baird, CCIMExecutive Director 801 303 5526 [email protected]
170 South Main Street, Suite 1600 Salt Lake City, UT 84101 Main +1 801 322 2000 Fax +1 801 322 2040cushmanwakefield.com
Income Statement
Income 2017 ActualIn-Place Income &Budgeted Expenses Proforma
Rent $ 290,448 $ 348,716 ($16.16 psf, NNN) ($19.96 psf, FS)
$ 363,051 ($13.00 psf, NNN)
CAM $ 90,532 $ 71,556 ($3.27 psf) $ 201,354 ($7.21 psf)Other $ 859 $ 0 $ 0Total Income $ 381,840 $ 420,272 $ 564,405
Vacancy NET NET (21.73%) <$ 39,508> (7%)Gross Operating Income $ 381,840 $ 420,272 $ 524,896
ExpensesPayroll $ 8,467 $ 8,400 $ 8,400Leasing/Advertising $ 92 $ 0 $ 0Repairs & Maintenance $ 47,101 $ 44,120 $ 44,120Utilities $ 75,276 $ 84,640 $ 84,640Administrative $ 16,751 $ 38,961 $ 38,961Taxes* $ 25,000 $ 25,000 $ 25,000Insurance $ 2,359 $ 2,160 $ 2,160Total Expenses $ 175,045 ($6.27 psf) $ 203,281 ($7.28 psf) $ 203,281 ($7.28 psf)
Net Operating Income $ 206,795 $ 216,991 $ 321,615
*Airport Park subdivision into individual parcels for each building was recently completed – Taxes are estimated
• Proforma Rent based upon all new leases at $13.00 psf NNN• Proforma CAM based upon current budget of $7.21 psf
Occupied SF 21,859 sq. ft. 78.27%Vacant SF 6,068 sq. ft. 21.73%Total 27,927 sq. ft. 100.00%
Contact listing broker for rent roll details
Airport Business Park - Building 176176 North 2200 West / Salt Lake City, Utah
FOR SALE
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WAR-RANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.path: 1 - Projects\Paul, K\1 - Flyers\AirportPark\176n2200w
Jorgi PaulAssociate 801 303 5570 [email protected]
Kip PaulVice Chairman 801 303 5555 [email protected]
Mike RichmondExecutive Director 801 303 5434 [email protected]
Dana Baird, CCIMExecutive Director 801 303 5526 [email protected]
170 South Main Street, Suite 1600 Salt Lake City, UT 84101 Main +1 801 322 2000 Fax +1 801 322 2040cushmanwakefield.com
Airport Business Park - Building 176176 North 2200 West / Salt Lake City, Utah
FOR SALE
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WAR-RANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.path: 1 - Projects\Paul, K\1 - Flyers\AirportPark\176n2200w
SITE
TRAX-Green Line
215
NORTH TEMPLE ST
160 N
210 N
NORTH TEMPLE ST
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Airport ParkSome Imagery by nearmap - F:\Projects\SL\PaulK\176N2200West\Rooftop-L.mxd - 7/10/2018 Matt.Liapis
