Duchesne Chevron/Burger King 472 W Main, Duchesne UT 84021

O F F E R I N G M E M O R A N D U M Duchesne Chevron/Burger King

CONTENTS

01 Executive Summary Investment Summary 5 Location Summary 6

02 Property Description Property Features 8

03 Financial Analysis Income & Expense Analysis 13 Multi-Year Cash Flow Assumptions 14 Cash Flow Analysis 15 Disposition Sensitivity Analysis 17

04 Demographics Demographics 19 Demographic Charts 21

Exclusively Marketed by:

Trenton Bright Eric Gerardi Associate Broker Sales Agent (435) 820-6801 (385) 394-5552 [email protected] [email protected] Lic: 7961776-AB00 Lic: 10217079-SA00

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KING CHEVRON/BURGER DUCHESNE Summary Summary t Summary

Executive Investmen Location ...... 01

Duchesne Chevron/Burger King | Executive Summary Duchesne Chevron/Burger King Investment Summary | 05

OFFERING SUMMARY The Eagles Nest Chevron/ Burger King ADDRESS 472 W Main Duchesne UT 84021 -Apex Commercial Real Estate | KW South Valley Keller COUNTY Duchesne Williams is pleased to present the sale of the Chevron/ BUILDING SF 6,300 SF Burger King combo located at: 472 W. Main St, Duchesne, LAND SF 63,162 SF Utah 84021. YEAR BUILT 2016 APN 00-0000-5482 -This Chevron sitting on 0.94 acres is not only a Gas OWNERSHIP TYPE Fee Simple Station but also has a Burger King located right inside. As the first right-handed side gas station as you enter into FINANCIAL SUMMARY Duchesne. This facility is a great pit stop for grabbing any OFFERING PRICE $5,250,000 quick road-side essentials and fueling up before heading PRICE PSF $873.02 back out. For those staying the night and vacationing, there is a Best Western Hotel located directly behind it. This adds DEMOGRAPHICS 1 MILE 3 MILE 5 MILE tremendous value as people cant miss the conveniently 2020 Population 1,454 2,052 2,377 located Gas Station right across the street. Duchesne High 2020 Median HH Income $56,955 $57,292 $57,551 School, home of the soaring Eagles is located directly 2020 Average HH Income $70,244 $70,728 $70,830 across the street towards the frontage of the Chevron which is prime for seniors grabbing some quick snacks and food during their lunch.

-Opportunist love opportunity and with this particular investment you get another added benefit. The lot directly east of this Chevron/ Burger King is included in the sale. This C1 zoned vacant lot is 0.51 acres and could serve as another great investment tool with many development opportunities. Duchesne Chevron/Burger King Location Summary | 06 Duchesne Chevron/Burger King Market Summary and Attractions| 07 Market Summary Recreation & Tourism -"Because much of this decline is not caused by underlying -Duchesne County has identified the recreation and tourism industries fundamental economic problems, most market segments should as part of its economy and tax base. These industries have a stabilizing start to see meaningful relief in the first and second quarter of effect on the economic cycles of agriculture and the oil and gas 2021. Destinations with appealing natural amenities such as industry. Public lands are a critical component of tourism and recreation beaches and mountains have already seen a high influx from in Northeastern Utah. pent-up demand this summer and will likely hold steady through the fall. Drive-to locations are also experiencing increased -Federal, state, county, and even private lands offer a broad range of occupancy levels." recreational opportunities, including camping, hiking, fishing, hunting, Source: https://www.hospitalitynet.org/opinion/4100921.html horseback riding, biking, nature appreciation, interpretive trips, wildlife watching, boating, and other tourism-related activities. Public lands also -Duchesne County enjoys a strong economic base and support businesses that offer such opportunities to the public, including employment profile. However, recent reports show that a outfitters and guides, whitewater rafting, outdoor camps, relatively small number of industries (especially the energy wilderness/survival schools, and dude ranches. industry) generate the majority of economic returns. In an effort to decrease "single industry dependence", the County will -A variety of recreational opportunities and experiences are available for continue to support the economic diversification strategies of the residents and visitors alike to enjoy in Duchesne County. The Uinta Duchesne County Chamber of Commerce. These efforts include, Mountains have more than 1,000 natural lakes and small streams, over but are not limited to, business retention and expansion, value- half of which support populations of game fish. Many of the trailheads in added agriculture, tourism and recreation. this beautiful backcountry are within a 90-minute drive from Salt Lake City. -Today, extractive-use industries: livestock, timber, mining, and oil; remain the backbone of the region's economy. The County -Starvation State Park on average has 110,000 to 140,000 visitors per continues to encourage and support these industries in an effort year. From 2019 to 2020, the visitors to the State Park increase over to stabilize drastic swings in the economy. The County has 25%, while the overall visitors to Utah's State Parks Increase over explored and promoted economic development and growth 17.5%. strategies that would diversify the County's economic base while maintaining the County's current lifestyle and character.

KING CHEVRON/BURGER DUCHESNE Captions Description Maps y Features with Map

Propert Property Aerial Map Parcel Additional Pictures ...... 02

Duchesne Chevron/Burger King | Property Description Duchesne Chevron/Burger King Property and County Features | 09

PROPERTY FEATURES -Utah’s Duchesne County is located on the south slope and foothills of the longest east-west mountain range in the continental United BUILDING SF 6,300 States, known as the Uintah Mountains. Located between Denver LAND SF 63,162 and Salt Lake City; the scenic attractions include: rivers, streams, and lakes that the Uintah Mountains provide; and the Book Cliff LAND ACRES 1.45 Mountains attract thousands of visitors and are located within short YEAR BUILT 2016 driving distances from County locations.

# OF PARCELS 2 -Amenities in the area include an 18-hole golf course in Roosevelt ZONING TYPE C1 City and Starvation Reservoir State Park near the City of Duchesne which contains 3,500 acres of fishing and boating. NUMBER OF STORIES 1

NUMBER OF BUILDINGS 1 -The Uintah and Ouray Indian Reservation lies within and adjacent to the County boundaries and makes up 19.76 percent of the land NUMBER OF PARKING SPACES 24 area. Important employers include government, agriculture, trucking and oil and natural gas drilling. Duchesne County residents and TRAFFIC COUNTS 7000 visitors enjoy a pleasant environment, abundant natural beauty, and numerous recreational opportunities. Duchesne Chevron/Burger King History| 10 History Humans have occupied the Uintah Basin for many centuries. The first known and identified group in the region was the Fremont Indians. Rock paintings and archeological evidence of early Native American cultures are common. The rock art in Nine Mile Canyon represents some of the finest in the world. Every year, dozens of scholars and thousands of tourists travel to the area to study, photograph, and marvel.

Native Americans Early Settlement 20th Century Present History -Humans have occupied the Uintah Basin -The first historical record of the region -With the opening of the Uintah Basin in -A period of unprecedented growth for many centuries. The first known and comes from the Dominguez/Escalante 1905, to homesteading thousands of hopeful and prosperity was followed by a identified group in the region was the Expedition who traversed the area in settlers looked to former reservation lands bust in the oil-related job market in Fremont Indians. Rock paintings and 1776. The next recorded entries of the for a new start in life. Over the next several 2008. After that bust, another boom archeological evidence of early Native Uintah Basin were from the mountain years, hundreds of homesteaders claimed commenced in 2011 and brought American cultures are common. The rock men and fur traders as early as 1824. and settled on land located mostly in the county population to over art in Nine Mile Canyon represents some Prior to 1847, most of the non-Indians Duchesne County. Soon after, several 20,000. This boom lasted until a of the finest in the world. Every year, who came to the region did so to trap communities were established. In 1915, dramatic drop in oil prices in early dozens of scholars and thousands of and trade with the Indians and then Duchesne County was formed from the 2015. Climbing oil prices in early tourists travel to the area to study, traveled on. Eastern side of Wasatch County and 2017 offer a glimmer of hope for the photograph, and marvel. -In 1861 President Abraham Lincoln Duchesne was voted in the as the county future of the energy industry in -Fremont Indian State Park in the Clear issued an executive order establishing seat. Duchesne County. Creek Canyon area in Sevier County Utah the Uintah Indian Reservation. This -Close examination of the living conditions of -Today extractive-use industries: contains the biggest Fremont culture site order set aside the drainage of the then- early Duchesne County residents from 1915 livestock, timber, mining, and oil; in Utah. Thousand-year-old pit houses, named Uinta River, presently referred to the end of the Depression show very little remain the backbone of the region's petroglyphs, and other Fremont artifacts to as the Duchesne River, as the Uintah improvement or significant change. In the economy. The County continues to were discovered at Range Creek, Utah. Reservation. After a few years, the summer of 1933, several government-based encourage and support these Nearby Nine Mile Canyon has long been United States Government determined work assistance projects were started in the industries, acknowledging the known for its large collection of Fremont that a fort was needed to establish a County. The post-war era, known nationally industry patterns, fluctuating rock art. Other sites are found in The San military presence in the region. Fort as a period of economic growth, saw little markets, and changing political Rafael Swell, Capitol Reef National Park, Duchesne was completed in 1886. A improvement for County residents in the winds predict good times followed Dinosaur National Monument, Zion supply route through Nine Mile Canyon 1950's and 60's. by lean. National Park, and Arches National Park. to the railroad in Price was built in 1886 -Not since the opening of the reservation to -At present, Duchesne County is by the Buffalo Soldiers of the 9th homesteading was there such a radical growing and, with an eye to the Cavalry Regiment. This route was so change in Duchesne County demographics as future. Trying to meet the heavily used that for twenty years it was that which was triggered by the 1970's oil challenges of a new century with aptly named the "Lifeline of the Uintah boom. Throughout the West, "boom" cycles planning and preparation. Basin." Millions of pounds of freight and in extractive industries are often followed by thousands of travelers and settlers used "busts". Duchesne County's experience was the road between 1886 and the early no different. 1900's. Duchesne Chevron/Burger King Attractions | 11 Desirable Attractions -Federal, state, county, and even private lands offer a broad range of recreational opportunities, including camping, hiking, fishing, hunting, horseback riding, biking, nature appreciation, interpretive trips, wildlife watching, boating, and other tourism-related activities. Public lands also support businesses that offer such opportunities to the public, including outfitters and guides, whitewater rafting, outdoor camps, wilderness/survival schools, and dude ranches. A variety of recreational opportunities and experiences are available for residents and visitors alike to enjoy in Duchesne County. The Uinta Mountains have more than 1,000 natural lakes and small streams, over half of which support populations of game fish. These mountains contain Utah’s largest designated wilderness area and highest peak (Kings Peak). Many of the trailheads in this beautiful backcountry are within a 90-minute drive from Salt Lake City (State of Utah, 2013). High desert landscapes provide unparalleled vistas and opportunities for OHV use, hunting, and other recreational pursuits. Starvation State Park Uinta Mountains -The 3,500-acre Starvation Reservoir is open ear-round, and is -The Uinta Mountains extend for 100 miles across northeast Utah and a popular for fishing and boating. It lies at an elevation of 5,712 feet. small part of northwest Colorado, bordered by the Wasatch Range to the Established in 1972, the marina features a 54-unit RV campground west, the Uinta Basin to the south, the Green River to the east and other along with developed and primitive camping, rental cabins, boat mountains to the north, in Wyoming. Although relatively compact, with ramp and dock, a sand beach, restrooms, showers, a group-use a long, narrow ridgeline, the mountains are notable for containing the pavilion, sewage disposal, and fish cleaning stations.[3] Primitive highest summit in the state (13,528 foot King's Peak), for having an camping is allowed in designated areas around the perimeter of the unusually large area of land above the treeline, for being one of the few reservoir for a fee. OHVs are only allowed at Knight Hollow US ranges aligned east-west rather than north-south, and for the great Campground. number of lakes, over 2,000. One of the most beautiful of such areas, -Boating, skiing, wake boarding and other sports are popular at relatively easily reached, is Naturalist Basin. Starvation Reservoir State Park. The reservoir offers sandy beaches -Most visitation is confined to a narrow corridor towards the west of the plus good fishing for walleye and some action for trout and perch. mountains, along Mirror Lake Highway, UT 150, the only route across the The park here offers a very nice developed campground. ATV and crest, and also the highest paved road in Utah; along here are many other off-highway vehicles are allowed on some trails in the area and campsites, picnic areas, viewpoints and trailheads. Apart from this there Starvation makes a great base camp for those activities. are several dozen other major trailheads, at the end of narrow, dead end, mostly unpaved roads, approaching from the south or the north, but from these, the high country is anything from 10 to 20 miles away, so most places need overnight trips to reach. Duchesne Chevron/Burger King Pictures| 12 Duchesne Chevron/Burger King Pictures| 13

KING CHEVRON/BURGER DUCHESNE Details Charts

Demographics Demographic Demographic ...... 04

Duchesne Chevron/Burger King | Demographics Duchesne Chevron/Burger King Demographics | 15

POPULATION 1 MILE 3 MILE 5 MILE HOUSEHOLDS 1 MILE 3 MILE 5 MILE

2000 Population 1,256 1,735 1,989 2000 Total Housing 497 634 804 2010 Population 1,348 1,905 2,215 2010 Total Households 453 575 687

2020 Population 1,454 2,052 2,377 2020 Total Households 490 620 738 2025 Population 1,508 2,127 2,464 2025 Total Households 509 644 766 2020 African American 7 12 14 2020 Average Household Size 2.83 3.13 3.04 2020 American Indian 11 17 21 2000 Owner Occupied Housing 315 399 474 2020 Asian 5 8 9 2000 Renter Occupied Housing 104 127 141 2020 Hispanic 89 127 147 2020 Owner Occupied Housing 362 463 558 2020 Other Race 49 71 82 2020 Renter Occupied Housing 128 158 180 2020 White 1,356 1,908 2,208 2020 Vacant Housing 96 155 304 2020 Multiracial 24 34 40 2020 Total Housing 586 775 1,042

2020-2025: Population: Growth Rate 3.65 % 3.60 % 3.60 % 2025 Owner Occupied Housing 382 488 586 2025 Renter Occupied Housing 127 157 180 2020 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE 2025 Vacant Housing 113 178 340 less than $15,000 54 67 78 2025 Total Housing 622 822 1,106 $15,000-$24,999 34 42 50 2020-2025: Households: Growth Rate 3.80 % 3.80 % 3.75 % $25,000-$34,999 35 45 53 $35,000-$49,999 85 108 128 $50,000-$74,999 100 126 150 $75,000-$99,999 77 99 120 $100,000-$149,999 76 96 114 $150,000-$199,999 19 25 29 $200,000 or greater 10 13 15 Median HH Income $56,955 $57,292 $57,551

Average HH Income $70,244 $70,728 $70,830 Duchesne Chevron/Burger King Demographics | 16

2020 POPULATION BY AGE 1 MILE 3 MILE 5 MILE 2025 POPULATION BY AGE 1 MILE 3 MILE 5 MILE

2020 Population Age 30-34 108 152 174 2025 Population Age 30-34 100 144 167 2020 Population Age 35-39 89 125 144 2025 Population Age 35-39 102 142 162

2020 Population Age 40-44 93 128 147 2025 Population Age 40-44 89 124 144 2020 Population Age 45-49 72 105 124 2025 Population Age 45-49 95 131 151 2020 Population Age 50-54 71 102 119 2025 Population Age 50-54 68 99 118 2020 Population Age 55-59 56 80 95 2025 Population Age 55-59 58 81 94 2020 Population Age 60-64 82 115 135 2025 Population Age 60-64 63 92 111 2020 Population Age 65-69 69 98 116 2025 Population Age 65-69 80 114 135 2020 Population Age 70-74 52 77 91 2025 Population Age 70-74 65 95 112 2020 Population Age 75-79 30 45 55 2025 Population Age 75-79 41 61 73 2020 Population Age 80-84 23 33 39 2025 Population Age 80-84 23 35 42

2020 Population Age 85+ 12 15 17 2025 Population Age 85+ 13 16 19 2020 Population Age 18+ 979 1,391 1,619 2025 Population Age 18+ 1,012 1,441 1,679 2020 Median Age 31 32 32 2025 Median Age 32 33 33

2020 INCOME BY AGE 1 MILE 3 MILE 5 MILE 2025 INCOME BY AGE 1 MILE 3 MILE 5 MILE

Median Household Income 25-34 $62,133 $62,203 $63,175 Median Household Income 25-34 $67,833 $68,335 $70,318 Average Household Income 25-34 $74,305 $74,555 $74,906 Average Household Income 25-34 $82,364 $83,150 $83,747 Median Household Income 35-44 $74,011 $74,223 $76,061 Median Household Income 35-44 $78,066 $79,074 $79,704 Average Household Income 35-44 $82,197 $83,122 $83,499 Average Household Income 35-44 $91,176 $91,397 $92,104 Median Household Income 45-54 $68,559 $69,716 $71,538 Median Household Income 45-54 $77,392 $77,210 $78,614 Average Household Income 45-54 $82,487 $83,111 $83,508 Average Household Income 45-54 $94,996 $94,931 $94,549 Median Household Income 55-64 $60,380 $60,819 $60,162 Median Household Income 55-64 $66,141 $65,220 $65,441 Average Household Income 55-64 $72,786 $73,012 $72,535 Average Household Income 55-64 $79,474 $79,682 $79,784

Median Household Income 65-74 $48,326 $49,107 $49,628 Median Household Income 65-74 $52,371 $52,457 $53,337 Average Household Income 65-74 $61,653 $62,590 $62,643 Average Household Income 65-74 $68,350 $69,258 $69,555 Average Household Income 75+ $45,353 $45,383 $45,628 Average Household Income 75+ $52,308 $52,239 $52,331 Duchesne Chevron/Burger King Demographic Charts | 17

2020 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2020 Population by Race

1 Mile Radius 3 Mile Radius 5 Mile Radius Duchesne Chevron/Burger King Demographic Charts | 18

2020 Household Occupancy - 1 Mile Radius

2020 Household Income Average and Median

Average Income Median Income Duchesne Chevron/Burger King

Exclusively Marketed by:

Trenton Bright Eric Gerardi Associate Broker Sales Agent (435) 820-6801 (385) 394-5552 [email protected] [email protected] Lic: 7961776-AB00 Lic: 10217079-SA00

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