1135 W 6800 S, Spanish Fork, UT

$699,000

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0.62

Acres

About 1135 W 6800 S

This is an old barn that used to be a vegetable processing plant and, later, a literal pottery barn - as in, a barn that people made pottery in. The land is currently zoned for agricultural storage. What is "agricultural storage"? It's a little vague. The present use is for business and construction storage as well as a spot for vehicles and farm equipment *not* in working order. There are two reasons to buy this property: REASON ONE: This property is located in Spanish Fork's Proposed High-Density West-Side Development and appears to be in the proposed High Density or Urban Density zone.This is a very exciting zoning change proposal. Please see attached property details PDF. Square footage per county. Buyer/Buyer's Broker to verify all info. REASON TWO: The property is currently rented WELL BELOW market at $3,100/mo triple-net lease with rent escalators (5.3 % cap rate). The lease goes through Oct 2026. The lease rate was negotiated at this amount in order to promote tenant-funded property improvements through the duration of the lease. The tenant has made roofing and waterproofing repairs, which has improved the condition of the property. There are still some improvements that could be performed at the exterior siding and windows to improve the building's condition; however, the property is in a safe, usable condition. The current lease rate is at $0.49/s.f. whereas the average current warehouse lease rates are at $0.71/s.f..

Features of 1135 W 6800 S

MLS® # 1823006
Price $699,000
Bathrooms 0.00
Acres 0.62
Year Built 1980
Type Commercial Sale
Sub-Type Industrial
Status Active

Community Information

Address 1135 W 6800 S
Area Sp Fork; Mapleton; Benjamin
City Spanish Fork
County Utah
State UT
Zip Code 84660

Amenities

Is Waterfront No
Has Pool No

Interior

Fireplace No

Additional Information

Date Listed June 22nd, 2022
Days on Market 13
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentMatt Evans
OfficeSummit Realty, Inc.
Contact Info801-225-7272

Listing Map

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