owner occupant opportunity

FOR SALE

TIM ANKER | 435 575 5630 | [email protected]

6,242 SF OFFICE BUILDING

1492 PARK AVENUE PARK CITY, UT 84098

OWNER OCCUPANT OPPORTUNITY

Property Highlights

• Building Size: 6,242 SF

• Stand Alone Marquis Property

• 12 Off-Street Parking Spaces

• Built in 1989, and Renovated in 2013

• Substantial Income from Existing Tenant

• 3 Level Building

• Property is 0.19 Acres

• Priced at $4.8M $3,950,000

FANTASTIC LOCATION NEAR MAIN STREET,

PARK CITY

Rarely does the opportunity present itself to acquire such an exquisitely crafted stand alone office building with its own off street parking in the heart of Park City. With nearly every conceivable amenity within walking distance, including Park City’s historic Main Street, 1492 Park Avenue is a stunning example of what it means to be Best in Class.

MAJOR PRICE MAJOR PRICE IMPROVEMENT IMPROVEMENT OF $3,950,000OF $3,950,000

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Tim Anker / 435 575 5630 / [email protected] Cushman & Wakefield

PROPERTY SITE PLAN & FLOOR PLANS

AUX

OPEN OFFICE

MENS WOMENS

MECH

ELEVATOR

OFFICE

CONFERENCE

COPYENTRYWAITING

OFFICE

RECEPTION OPEN OFFICE OFFICE

ELEVATOROFFICE

RECEPTION

WAITING

OFFICE OFFICE

OFFICEOPEN TO BELOW

ELEVATOR

OFFICE BUILDING6,242 SF

COVERED MAIN ENTRY

DRIVE ACCESS

TRASH ENCLOSURE

SECONDARY ENTRY

PARKING

Basement LevelSite Plan

Upper LevelMain Level

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PROPERTY PHOTOS

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Description2020

Projected2020

Projected (PSF) 2019 Actual2019

Actual (PSF)

Utilities $14,000.00 $2.24 $13,533.62 $2.17

Property Taxes $14,000.00 $2.24 $13,203.90 $2.12

Insurance $3,000.00 $0.48 $2,830.05 $0.45

Property Management $6,000.00 $0.96 $6,000.00 $0.96

Inspection & Testing $2,500.00 $0.40 $2,153.04 $0.34

Landscaping $3,000.00 $0.48 $2,495.93 $0.40

Snow Removal $6,000.00 $0.96 $5,500.00 $0.88

Maintenance & Repairs $10,000.00 $1.60 $18,421.84 $2.95

Cleaning & Supplies $12,000.00 $1.92 $11,218.72 $1.80

$70,500.00 $11.29 $75,377.10 $12.08

Area Usage S.F % of Total Rentable SF Gross

Lower Level - Available 1,055 0.24 1,493

Main Level - Leased to Metro Title until 8/31/2029- Rate $31.98 NNN with 3% Annual Increases

1,924 0.44 2,717

Upper Level- Available 1,440 0.33 2,032

Totals 4,419 6,242 7,083

2019 RECONCILIATION OF BUILDING OPERATING EXPENSES

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TIM ANKER435 575 [email protected]

1794 Olympic Parkway, Suite 130 Park City, UT Main +1 435 575 5600cushmanwakefield.com

ABOUT PARK CITY

Park City is known as one of the premier ski resort areas in the U.S. and is located approximately 30 miles east of Salt Lake City in the Wasatch mountains. Park City is home to Deer Valley Resort, Park City Mountain Resort, and the Sundance Film Festival, which draw thousands of tourists to the area annually.

The area is connected to Salt Lake City and its international airport by Interstate 80 and state routes 190 and 224. Office inventory in Park City consists of business parks and freestanding low-rise and mid-rise buildings. Outdoor companies, medical office, resort, and real estate tenants are prevalent in Park City. Several outdoor-related businesses have headquarters located in Park City, including Rossignol USA, Skullcandy, and backcountry.com. The largest office building in the area is the U.S. Ski Team building.

Park City generally only sees a handful of properties trade annually. Pricing is typically above Salt Lake’s average, and cap rates are slightly higher than the overall area’s average. The majority of sales are for mid-tier properties, and the rare high-end offering usually commands premium prices.

Cushman & Wakefield Copyright 2020. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. (path: G:\SL1\Shared\Apps\Gigas\1 - Projects\Park City Office\Anker_Tim\1 - Flyers\1492ParkAvenue_Synergy)

LOCATION MAP

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owner occupant opportunity

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