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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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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