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Honest-1 Auto Care 1155 N Freedom Blvd 6,120 SF Retail Building Provo, UT 84604 $2,016,000 ($329.41/SF) 5.35% Cap Rate
Investment Highlights
- Honest-1 Auto has been operating at this location since 2008, for almost 17 years. The tenant has approximately 3 years remaining on the current term
- The lease is NNN with the Tenant responsible for all expenses. Additionally, the Tenant has above market annual increases of 2.5%.
- The property is directly across from Brigham Young University which has enrollment of 35,000+ students, also adjacent to McDonald's
- Neighboring tenants: Utah Valley Hospital,Target, Macy's, Chick-fil-A, Dutch Bros, Starbucks, CVS, Chipotle, Raising Cane's & more
Executive Summary
Northmarq is pleased to exclusively offer this 100% occupied, absolute NNN leased Honest 1 Auto Care in booming Provo, UT. Long-tenured tenant (17 years) with 3 years remaining on current term + three 5-year FMV options. Above-market 2.5% annual escalations provide stable cash flow and rental upside at renewal (current $17.07 PSF). Added income stream from long-term ground lease with First Digital Networks (Veracity Networks, LLC) for underground cable closet—nominal $275/mo ($3,300/yr) NNN through Feb 2034 (~8.3 years remaining), no landlord expenses.
Data Room Click Here to Access
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
6,120 SF
Building Class
B
Year Built
1988
Price
$2,016,000
Price Per SF
$329.41
Cap Rate
5.35%
NOI
$107,856
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
0.64 AC
Zoning
CG - CG (General Commercial) under Provo City Code Title 14, Chapter 14.22, which is designed for a wide variety of commercial activities.
Frontage
173’ on Freedom Blvd
Amenities
- Pylon Sign
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- FirstDigital Networks
- Services
- -
-
$9.99
-
Lorem Ipsum
- -
-
- Services
-
99,999 SF
- -
-
Lorem Ipsum
-
Jan 0000
Honest-1 Auto Care is a nationwide network of locally owned and independently operated automotive service centers that has been Caring for People and Their Communities by Keeping Cars Roadworthy® since 2003. The organization’s mission centers on delivering exceptional auto repair and maintenance services while upholding a commitment to both people and the planet.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| FirstDigital Networks | Services | - | $9.99 | Lorem Ipsum | - | |
|
|
Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
Moderately walkable
70/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 19-072-0014 | Improvements Assessment | $565,400 |
| Land Assessment | $853,700 | Total Assessment | $1,419,100 |
Property Taxes
Parcel Number
19-072-0014
Land Assessment
$853,700
Improvements Assessment
$565,400
Total Assessment
$1,419,100
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Honest-1 Auto Care | 1155 N Freedom Blvd
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