991 N Hill Field Rd, Layton, UT 84041 For Sale

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding First Watch investment property located in Layton, Utah (Salt Lake City MSA). The tenant, Rise and Smile LLC, recently signed a brand new, 15-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. First Watch (NASDAQ: FWRG) is a rapidly expanding restaurant chain with over 633 locations across 32 states. The subject property will feature new 2025 construction with state-of-the-art materials and the brand’s latest modern store design. Since January 1st, 2026, this First Watch is ranked in the top 97th percentile nationwide and the most visited location in Utah per Placer.ai