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First Watch 991 N Hill Field Rd 5,897 SF Retail Building Layton, UT 84041 $3,645,000 ($618.11/SF) 5.35% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand New 15-Year Lease | Options To Extend | Scheduled Increases 2025 Construction
- Strong Demographics In 5-Mile Trade Area | Affluent Community |Salt Lake City MSA | Direct Consumer Base
- Hill Air Force Base | Falcon Aerospace Research Park
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Layton Hills Mall (3.8M+ Annual Visits) | Interstate 15 (134,400 VPD) Dense Retail Corridor | National/Credit Tenants
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding First Watch investment property located in Layton, Utah (Salt Lake City MSA). The tenant, Rise and Smile LLC, recently signed a brand new, 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. First Watch (NASDAQ: FWRG) is a rapidly expanding restaurant chain with over 630 locations across 32 states. The subject property will feature new 2025 construction with state-of-the-art materials and the brand’s latest modern store design.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Building Size
5,897 SF
Building Class
B
Year Built/Renovated
1981/2025
Price
$3,645,000
Price Per SF
$618.11
Cap Rate
5.35%
NOI
$195,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.82 AC
Zoning
CP-3 - Commercial
Parking
107 Spaces (18.14 Spaces per 1,000 SF Leased)
AMENITIES
- Corner Lot
- Freeway Visibility
- Pylon Sign
- Restaurant
- Signalized Intersection
Walk Score®
Very Walkable (75)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 10-317-0001 | Improvements Assessment | $10,000 |
| Land Assessment | $1,236,668 | Total Assessment | $1,246,668 |
PROPERTY TAXES
Parcel Number
10-317-0001
Land Assessment
$1,236,668
Improvements Assessment
$10,000
Total Assessment
$1,246,668
CONTACTS
-
Patrick Luther -
Michael Kaplan -
Matthew Mousavi -
Jack Cornell -
SRS National Net Lease
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First Watch | 991 N Hill Field Rd
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