OFFERING MEMORANDUM UTAH EYE ASSOCIATES BUILDING 150 S 1000 E SALT LAKE CITY, UT 84102
EXCLUSIVELY MARKETED BY: TABLE OF CONTENTS 111 S. Main St., Suite 2200 Salt Lake City, Utah 84111 801.947.8300 cbcadvisors.com Rawley Nielsen President of Investment Sales 415.407.3942 rawley.n@cbcadvisors.com Darren Nielsen Investment Sales 801.448.2662 darren.n@cbcadvisors.com PROPERTY DETAILS 3 FINANCIAL SUMMARY 9 TENANT PROFILES 12 PROPERTY PHOTOS 14 All materials and information received or derived from Utah its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. LOCATION INFORMATION 18 Neither Utah its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. Utah will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. DEMOGRAPHICS 21 EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Utah makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Utah does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Utah in compliance with all applicable fair housing and equal opportunity laws.
SECTION 1 PROPERTY DETAILS
EXECUTIVE SUMMARY OFFERING SUMMARY Sale Price: $1,350,000 Cap Rate: 6.5% Lot Size: 0.35 Acres Year Built: 1970 (Updated 2005) Building Size: 7,918 SF Zoning: RMF-35 (Residential Multifamily) Price / SF: $170.50 PROPERTY OVERVIEW CBC Advisors is pleased to offer the Utah Eye Associates Building. Largely due to its location less than 1 block from the Salt Lake Regional Medical Center -- and its close proximity just minutes from University of Utah Hospital, Shriners Hospital, LDS Hospital, Huntsman Cancer Institute, Primary Children's Hospital, and VA Salt Lake City -- the Utah Eye Associates Building has historically been very well-suited to medical office tenancy. However, 50% of the building's tenancy is currently non-medical and the building's excellent downtown location makes it well-positioned to be either medical or general office far into the future. PROPERTY HIGHLIGHTS One Block From Salt Lake Regional Medical Center Centrally located. 5 minutes from Six Major Hospitals. 100% occupancy. Strong and stable history due to location. Stable history of medical tenants. Currently 50% medical. Desirable Downtown Location On-going strong demand due to on-campus proximity 150 S 1000 E, SALT LAKE CITY, UT 4
LOCATION DESCRIPTION LOCATION DESCRIPTION The Utah Eye Associates Building will continue to experience strong demand due to on-campus proximity - one block from Salt Lake City Regional Medical Center, a 200-bed specialized medical hospital - though it is not controlled and/or occupied by the Medical Center. For medical use, many physicians would like to have some distance separating themselves from hospitals, but at the same time want the convenience of direct access to emergency care and referrals from an on-campus medical-office building, which command higher lease rates. In addition to its location directly beside Salt Lake Regional Medical Center, the Utah Eye Associates Building also has close proximity minutes from University of Utah Hospital, Shriners Hospital, LDS Hospital, Primary Children's Hospital, VA Salt Lake City, and other regional hospitals. In spite of its strong history of medical use, the building is well-positioned to accommodate any tenants who want to be downtown, but prefer a smaller and more convenient setting. 50% of the building's tenancy is currently non-medical. 150 S 1000 E, SALT LAKE CITY, UT 5
150 S 1000 E, SALT LAKE CITY, UT 6
PROPERTY DETAILS PROPERTY NAME: PROPERTY ADDRESS: PROPERTY TYPE: Utah Eye Associates Building 150 S 1000 E Salt Lake City, UT 84102 Office/Medical Office APN: 1605135021, 1605135020, 1605135019 BUILDING SIZE: LOT SIZE: BUILDING CLASS: ZONING: 7,918 SF 0.35 Acres B RMF-35 (Residential Multifamily) *Currently a legal non-conforming use PARKING SPACES: 21 PARKING RATIO: 3.6 / 1,000 *Convenient on-street parking also available BUILDING FRONTAGE: 96 Feet CROSS STREETS: 100 South & 1000 East YEAR BUILT: 1970 (updated in 2005) CONSTRUCTION TYPE: Masonry NUMBER OF STORIES: 2 AVERAGE FLOOR SIZE: 3,959 SF NUMBER OF UNITS: 2 ROOF: New TPO Membrane (1/26/2015) 150 S 1000 E, SALT LAKE CITY, UT 7
150 S 1000 E, SALT LAKE CITY, UT 8
SECTION 2 FINANCIAL SUMMARY
RENT ROLL 150 S 1000 E, SALT LAKE CITY, UT 10
FINANCIAL SUMMARY 150 S 1000 E, SALT LAKE CITY, UT 11
SECTION 3 TENANT PROFILES
TENANT PROFILES Utah Eye Associates Dr. Masihdas is a board-certified optometric physician and caring eye doctor serving Salt Lake City, and an innovative leader in eye care. A pioneer in medical optometry, Dr. Masihdas founded the renowned Diabetic Eye Center in 2005 to provide unmatched eye care for diabetics. In addition to offering diagnosis and treatment of diabetic eye conditions, Dr. Masihdas also offers comprehensive care for common conditions like cataracts, glaucoma, and dry eye. He has been in practice for over three decades as a board-certified optometric physician, proudly serving the residents of Utah. His practice has become a symbol of eye care excellence. Dr. Masihdas is as passionate about the protection of sight now as he was when he graduated from the University of Houston. Gifted Music School Launched in 2008 by Eugene and Vera Watanabe, Gifted Music School sought to make exceptional, comprehensive music education available to children in Utah. Deborah Moench was among the visionary founding board members. Recruiting world-class faculty, Gifted Music School made outstanding training accessible through generous scholarships. Soon, GMS students started consistently winning competitions, both locally and nationally. Graduates began to be accepted to the nation s top schools, including The Juilliard School, Curtis Institute of Music, academic programs at Stanford, and all Utah universities. An extraordinary organization took flight. Currently, the school serves 469 students every single week and provides 700 lessons and/or classes every month. The standard setting music program is recognized nationally for its quality. 150 S 1000 E, SALT LAKE CITY, UT 13
SECTION 4 PROPERTY PHOTOS
UTAH EYE ASSOCIATES 150 S 1000 E, SALT LAKE CITY, UT 15
UNIVERSITY OF UTAH 150 S 1000 E, SALT LAKE CITY, UT 16
GIFTED MUSIC SCHOOL 150 S 1000 E, SALT LAKE CITY, UT 17
SECTION 5 LOCATION INFORMATION
150 S 1000 E, SALT LAKE CITY, UT 19
150 S 1000 E, SALT LAKE CITY, UT 20
SECTION 6 DEMOGRAPHICS
DEMOGRAPHICS MAP 1 Mile 2 Miles 3 Miles Total Population 23,854 64,383 115,000 Population Density 7,593 5,123 4,067 Median Age 30.3 32.7 32.8 Median Age (Male) 31.0 32.5 32.8 Median Age (Female) 30.6 33.4 33.2 Total Households 12,726 32,781 54,504 # of Persons Per HH 1.9 2.0 2.1 Average HH Income $52,820 $56,369 $60,670 Average House Value $314,856 $320,585 $313,526 *Information provided from 2010 Census 150 S 1000 E, SALT LAKE CITY, UT 22
UTAH EYE ASSOCIATES BUILDING Rawley Nielsen President of Investment Sales 415.407.3942 rawley.n@cbcadvisors.com Darren Nielsen Investment Sales 801.448.2662 darren.n@cbcadvisors.com DOWNTOWN SLC 111 S. MAIN ST. SUITE 2200 SALT LAKE CITY, UT 84111 801.947.8300 www.cbcadvisors.com