965 N Beck St
Salt Lake City, UT 84103
Tesoro Refinery Station · Retail Property For Sale

The subject property is an approximate 3,800-square foot, single-tenant retail building on approximately 2.60 acres of land. There is a rental rate increase in December of 2017 that will improve investors CAP rate to 7.2%. The property is leased to Tesoro Wasatch LLC (with a corporate guarantee from Tesoro Petroleum Corporation) on an absolute triple-net (NNN) lease basis. There are approximately three years remaining on the initial 17-year lease term, with four, 5-year options to renew. Located on the hard, signalized corner of North Beck Street and 400 West in Salt Lake City, Utah, this Tesoro gas station enjoys a combined traffic count of over 15,000 vehicles daily. North Beck Street is one of the major arteries in the Salt Lake Area for commuters coming from the Bountiful and North Salt Lake communities into Downtown Salt Lake City. The population within a five-mile radius is approximately 190,000 people. The subject property is directly adjacent to one of only six Tesoro refineries spread throughout the country, the property is also located in very close proximity to the heart of downtown Salt Lake City. Nearby attractions within one mile include The Vivint Smart Home Arena (home to the Utah Jazz), City Creek Center (Utah's premier fashion center), The Utah State Capitol building, Salt Lake City Temple Square, The Salt Palace Convention Center, and the Gateway Mall.