Bank & Vault Building | 108 N Main St
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Bank & Vault Building 108 N Main St
13,770 SF 100% Leased Office Building Richfield, UT 84701 $1,175,000 ($85/SF) 9.40% Cap Rate
Investment Highlights
- Foot Traffic
- Centrally Located
- Desirable Location
- High Visibility
- High Occupancy
- City Maintained Parking Lot
Executive Summary
Prime Commercial Building for Sale in the Heart of Richfield’s Downtown
Discover an exceptional investment opportunity with this iconic corner lot commercial building, a landmark of Richfield’s bustling downtown main street. Spanning three stories above grade, this meticulously updated property combines the charm of historical architecture with modern amenities, offering a unique blend of business and residential spaces.
Key Features:
Location: Situated on a prominent corner lot in Richfield's vibrant downtown area, this building offers high visibility and foot traffic, perfect for retail and dining establishments.
Versatile Spaces: The ground floor boasts a dynamic mix of restaurant/retail and office spaces, designed to cater to a diverse clientele. The second-floor features 10 office spaces, accommodating a variety of professional services. The third-floor houses 4 residential apartment units, offering serene living spaces amidst the downtown hustle.
Additional Income Potential: A leased rooftop to a telecommunication company provides a unique revenue stream. Moreover, a separate garage presents opportunities for additional rental income.
High Occupancy: Currently 100% occupied, with a steady flow of prospective tenants, ensuring a continuous revenue stream.
Updates and Improvements: Fully renovated to meet contemporary standards, including new electrical and plumbing systems, cosmetic enhancements, and a roof under 5 years old, ensuring low maintenance and operational costs.
This property is not just a building but a piece of Richfield’s history, now reimagined for modern use. Its strategic location, combined with the mix of commercial, office, and residential spaces, makes it an attractive hub for businesses and residents alike. The current high occupancy rate and ongoing interest from potential tenants speak volumes about its desirability and investment potential.
Seize the opportunity to own a cornerstone of Richfield’s community, a building that epitomizes the blend of tradition and progress. Whether you’re expanding your real estate portfolio or looking for a standout location for your business, this commercial building offers an unparalleled opportunity to invest in a vibrant and growing downtown district.
Don’t miss out on this unique investment opportunity. Contact us today to schedule a viewing and explore the potential of this exceptional property.
Discover an exceptional investment opportunity with this iconic corner lot commercial building, a landmark of Richfield’s bustling downtown main street. Spanning three stories above grade, this meticulously updated property combines the charm of historical architecture with modern amenities, offering a unique blend of business and residential spaces.
Key Features:
Location: Situated on a prominent corner lot in Richfield's vibrant downtown area, this building offers high visibility and foot traffic, perfect for retail and dining establishments.
Versatile Spaces: The ground floor boasts a dynamic mix of restaurant/retail and office spaces, designed to cater to a diverse clientele. The second-floor features 10 office spaces, accommodating a variety of professional services. The third-floor houses 4 residential apartment units, offering serene living spaces amidst the downtown hustle.
Additional Income Potential: A leased rooftop to a telecommunication company provides a unique revenue stream. Moreover, a separate garage presents opportunities for additional rental income.
High Occupancy: Currently 100% occupied, with a steady flow of prospective tenants, ensuring a continuous revenue stream.
Updates and Improvements: Fully renovated to meet contemporary standards, including new electrical and plumbing systems, cosmetic enhancements, and a roof under 5 years old, ensuring low maintenance and operational costs.
This property is not just a building but a piece of Richfield’s history, now reimagined for modern use. Its strategic location, combined with the mix of commercial, office, and residential spaces, makes it an attractive hub for businesses and residents alike. The current high occupancy rate and ongoing interest from potential tenants speak volumes about its desirability and investment potential.
Seize the opportunity to own a cornerstone of Richfield’s community, a building that epitomizes the blend of tradition and progress. Whether you’re expanding your real estate portfolio or looking for a standout location for your business, this commercial building offers an unparalleled opportunity to invest in a vibrant and growing downtown district.
Don’t miss out on this unique investment opportunity. Contact us today to schedule a viewing and explore the potential of this exceptional property.
Data Room Click Here to Access
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
13,770 SF
Building Class
B
Year Built/Renovated
1913/2023
Price
$1,175,000
Price Per SF
$85
Cap Rate
9.40%
NOI
$110,393
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
4,590 SF
Slab To Slab
10’
Building FAR
2.63
Lot Size
0.12 AC
Zoning
Downtown - Downtown Special Purpose District
Amenities
- Banking
- Food Service
- Restaurant
- Kitchen
- Accent Lighting
- Storage Space
- Central Heating
- Direct Elevator Exposure
- Natural Light
- Partitioned Offices
- Shower Facilities
- Hardwood Floors
- Air Conditioning
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Walk Score ®
Very Walkable (72)
PROPERTY TAXES
| Parcel Number | 1-30-5 | Total Assessment | $1,018,018 (2023) |
| Land Assessment | $83,363 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $934,655 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
1-30-5
Land Assessment
$83,363 (2023)
Improvements Assessment
$934,655 (2023)
Total Assessment
$1,018,018 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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VIDEOS
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Presented by
ERA Brokers Consolidated
Bank & Vault Building | 108 N Main St
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