Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a freestanding CVS Pharmacy with drive-thru located at 50 S Fort Lane in Layton, Utah, within the Salt Lake City MSA. Built in 2018, the ±14,885-square-foot store sits on ±1.60 acres and is secured by an absolute NNN lease with zero landlord responsibilities and a CVS corporate guaranty. The lease commenced in October 2019 and runs through January 2045, leaving ±18 years of term, with ten (10) five-year renewal options. Annual base rent of $334,380 is offered at $6,079,645, a 5.50% cap rate. The property can be delivered free and clear or with assumable, fully amortizing debt of ±$3.83 million at a 3.86% fixed rate maturing in 2041. The site sits at the signalized corner of Fort Lane (±18,865 VPD) and Gentile Street (±13,611 VPD), just off the I-15 interchange (±140,744 VPD), next to Fort Lane Shopping Center with WinCo Foods, Wells Fargo, and Culver's. The 3-mile trade area holds 93,083 residents with an average household income of $147,850. Nearby demand drivers include Hill Air Force Base, Utah's largest single-site employer with 26,893 personnel, Intermountain Health Layton Hospital, Layton Hills Mall, Layton High School (2,202 students), and Davis Technical College (7,700 students).