JUST LISTED: Firewood Restaurant Main Street Park City, UT | Veteran Tenant of 30 Years | ST Abs NNN Lease - 2% Annuals

306 Main Street Park City, UT 84060

306 Main Street, Park City, UT, 84060
306 Main Street, Park City, UT, 84060
FOR SALE NNN Property
Property Type:
Restaurant
Amount:
$8,260,000
Cap Rate:
5.00%
Last Verified:
Oct 15, 2021

Incredibly rare “Main Street” single-tenant Park City, Utah investment opportunity. The building is leased to Firewood Restaurant, with long-time, Utah-based executive chef John Murcko as tenant, having over 30 years of experience. • This investment offering consists of an absolute triple-net lease with over Five (5) years remaining in the initial term, 2% annual increases, and Two (2), Five (5) year tenant renewal options. • Firewood is located at the top of Main Street in a historic building built in 1901 and recently improved in 2016. • Exceptional demographics in a five-mile radius, with an average household income of ±$169,382 and estimated annual population growth rate of 2.65% over the next five years (Source: Esri). • The Property is located in Park City, Utah, a world-class resort destination and host to global events such as the 2002 Winter Olympics and the Sundance Film Festival. Park City draws in ±4,006,071 annual visitors on average • (Source: parkcityinformation.org). • Park City has ±426 downhill ski trails across ±9,326 acres of land. Park City Mountain is the largest ski resort in the United States and is owned by Vail, while Deer Valley is one of the country’s most popular luxury mountain resorts and owned by Altera (Source: visitutah.com). • The Park City area’s luxury scene significantly evolved in recent years when four major players in the industry opened: Stein Erickson, Waldorf Astoria Park City, St. Regis Deer Valley and the Montage at Deer Valley (Source: visitutah.com).

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Map of 306 Main Street, Park City, UT, 84060

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.