Key Bank Branch Building | 562 S Main St
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Key Bank Branch Building 562 S Main St
9,701 SF 70% Leased Retail Building Bountiful, UT 84010 $1,465,000 ($151/SF) 6.50% Cap Rate
Investment Highlights
- Attractive Rent Increases
- Strong Area Demographics
- Long-Term Tenancy
Executive Summary
• NNN Lease: KeyBank is responsible for 50% share of taxes, insurance, utilities, and R&M (Including roof repairs but not replacement)
• Attractive Rent Increases: Lease features 10% rent increases every option period or every 5 years, providing a strong hedge against inflation
• Term & Options: KeyBank has 1.5 years of term remaining with two 5-year renewal options
• Long-Term Tenancy: KeyBank has occupied this location since 1988
• Credit Tenant: KeyBank National Association is rated BBB+
• Location: Prime visibility and strategically located on the highly-trafficked Main Street (12,554 ADT), adjacent to a Smith’s, Natural Grocers, and Planet Fitness
• Strong Area Demographics: Within a 3-mile radius, there are 26,415 households featuring average annual income of $135,950 and population of 78,430
• Attractive Rent Increases: Lease features 10% rent increases every option period or every 5 years, providing a strong hedge against inflation
• Term & Options: KeyBank has 1.5 years of term remaining with two 5-year renewal options
• Long-Term Tenancy: KeyBank has occupied this location since 1988
• Credit Tenant: KeyBank National Association is rated BBB+
• Location: Prime visibility and strategically located on the highly-trafficked Main Street (12,554 ADT), adjacent to a Smith’s, Natural Grocers, and Planet Fitness
• Strong Area Demographics: Within a 3-mile radius, there are 26,415 households featuring average annual income of $135,950 and population of 78,430
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Bank
Building Size
9,701 SF
Building Class
C
Year Built/Renovated
1958/1981
Price
$1,465,000
Price Per SF
$151
Cap Rate
6.50%
NOI
$95,225
Percent Leased
70%
Tenancy
Multiple
Building Height
2 Stories
Slab To Slab
11’
Building FAR
0.22
Lot Size
1.00 AC
Zoning
CG
Parking
50 Spaces (7.38 Spaces per 1,000 SF Leased)
Frontage
210 FT on Main
Walk Score ®
Very Walkable (85)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 03-036-0108 | Improvements Assessment | $528,180 |
| Land Assessment | $395,307 | Total Assessment | $923,487 |
PROPERTY TAXES
Parcel Number
03-036-0108
Land Assessment
$395,307
Improvements Assessment
$528,180
Total Assessment
$923,487
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Key Bank Branch Building | 562 S Main St
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