Sherwin Williams,
Payson, UT Investment Summary
| Price | $3,230,000 |
| Cap Rate | 4.64% |
| NOI | $150,000 |
| Lease Term | 10 Years |
| Lease Type | Net Lease |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2022 |
| Building Size | 4,500 SF |
| Lot Size | 0.984 Acres (42,863 SF) |
| Status | Sold |
| Lead Brokers | Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Jack Hinson Brokerage 704.572.9921 jack.hinson@cushwake.com CA RE License #02059267 |
Investment Highlights
NEW 10-YEAR NET LEASE TO INVESTMENT GRADE TENANT
» 10-year net lease to strong and growing corporate tenant
» Scheduled rental increases, providing a hedge against inflation
» Sherwin-Williams (NYSE: “SHW”) is rated “BBB” by Standard & Poor’s
» 2022 construction built to latest Sherwin-Williams prototype
HIGH-VISIBILITY LOCATION IN LARGE AND GROWING UTAH SUBURB
» Conveniently located on West 800 South, with access to 19,285 vehicles per day
» Less than a quarter of a mile from Interstate 15, with visibility to an additional 48,000 vehicles per day
» Utah County grew by a staggering 35.7% from 2010-2020, the 35th fastest-growing county nationwide
» 50,314 residents within a five-mile radius, providing a consistent customer base for the property
» Average household income of $91,313 within five miles and projected to increase 14 percent by 2026, poising Sherwin-Williams and the immediate trade area for concurrent growth
PROXIMITY TO PAYSON’S LARGEST RETAIL CENTERS, SCHOOLS, AND COMMUNITY HUBS
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Dutch Bros (also available), Taco Bell, Arby’s, IHOP, KFC, AutoZone, Big O Tires, and many more
» 1.5 miles from Payson High School (1,318 students) and Payson Junior High School (1,051 students)
» 10 miles from Utah Lake (285,000+ annual visitors)
» Interstate 15 carries significant commuter traffic to and from the Salt Lake City MSA (1.24 million population)
» One mile from Payson Utah Temple (95,000+ members), providing a large customer base to the site
Property Description
SOLD
This Sherwin-Williams is conveniently located on West 800 South, with excellent access and visibility to 19,285 vehicles per day. The site is less than a quarter of a mile from Interstate 15, with visibility to an additional 48,000 vehicles per day. Utah County grew by a staggering 35.7% from 2010-2020, the 35th fastest-growing county nationwide. The site has strong demographics, with 50,314 residents living within a five-mile radius, providing a consistent customer base for the property. The average household income is $91,313 within five miles and is projected to increase 14 percent by 2026, poising Sherwin-Williams and the immediate trade area for concurrent growth.
The property benefits from its proximity to Payson’s largest retail centers, schools, and community hubs. Major tenants in the surrounding area include Walmart Supercenter, Dutch Bros (also available), Taco Bell, Arby’s, IHOP, KFC, AutoZone, and many more, significantly increasing traffic to the site. The property is 1.5 miles from Payson High School (1,318 students) and Payson Junior High School (1,051 students), driving breakfast and lunchtime traffic to the location. The site is 10 miles from Utah Lake (285,000+ annual visitors) and maintains excellent proximity to Payson Utah Temple (95,000+ members), providing a large customer base to the site.
