This unique offering is a tremendous value-add opportunity for an investor. Current ownership has remodeled and leased out most of the south portion of the property. The remaining 58,200 square feet provide an investor with two viable options. Either demise the space into 4 (or 8) two-story office/warehouse units and lease them out (with mainly just cosmetic TIs), or demo half of the second story office and create smaller, but more functional flex units. A feasibility study has been prepared for the latter option and is available. The current ownership has already prepared architectural plans which are ready to submit for permitting. A contractor has provided an estimate of costs for the work, and carrying costs and developer profit have been factored into the stabilized valuation. The heavy lifting has been completed and this project is turnkey ready for a value-add investor.
NEXUS Commercial Real Estate is proud to present a once-in-a-lifetime investment opportunity! The ROCKWELL RIDGE BUSINESS PARK is a two-building, 78,291 sq. ft., 100% leased, multi-tenant, Flex trophy asset with outsized growth potential driven by strong economic and demographic trends. It is located at what many consider to be the most desired Flex location in all of Salt Lake County (and Utah); right off I-15 exit at the gateway to The Point development, a 600-acre planned community in Draper. The park is supported by six adjacent retail buildings. Seller will lease back 53% of the space for 3-5 years. The remaining 47% is comprised of six units occupied by 4 tenants. All leases are NNN and WALT is 3.5 years. Year 1 NOI is $1,083,524 with potential to increase NOI by 41% in 5 years, and increase NOI by 123% in 10 years! Contact Jason for more info.
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