Tire Kingdom

24491 Sandhill Boulevard, Punta Gorda, FL 33983

$2,650,000

Cap Rate 5.47%

Views: 54 DOM: 177 Updated: 05.06.24 Posted: 11.22.23 Status: Active

Summary

Price $2,650,000	Built/Renov 2019	Tenant Tire Kingdom
Cap Rate 5.47%	Lease Type NN+	Guarantor Corp Rated
Size/SF 6,638	Lease Start 01-29-2020	#Units 203
Price/SF $399.22	Expiration 01-31-2035	Tenant Type Automotive
NOI $144,900	R. Term 10.8	Ownership Fee Simple
Rent/SF $21.83	Increases 8.0%/2/yrs	Pop 5Mi 75,359
Lot/AC 0.91	Options 4/5yrs/8%	AHHI 5Mi $78,719

Lease Highlights

Tire Kingdom has 11+ years of primary term remaining with 4 (5-year) options to extend
The lease features 8% rent increases in February 2025, February 2030, and in each option period
Favorable NN+ lease with landlord responsible for structure
Corporate guaranteed lease

Location Description

Tire Kingdom is located with excellent access and visibility along Sandhill Boulevard (13,400 VPD), where it is feet from its intersection with Kings Highway (17,000 VPD) and a half mile from the I-75 interchange (75,000 VPD). The property is immediately surrounded by Applebee’s Grill & Bar, Popeyes Louisiana Kitchen, Hampton Inn & Suites (under renovation; 71 rooms), Dirty Dave’s Car Wash,...

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Key Features

Build to suit
Near major nationals
Strategically located
Highway location
Major MSA
Income tax free state
Long 10+ yr lease
Favorable NN+ lease
Corporate Guarantee
Credit rated company

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Links

Tire Kingdom Wikipedia Tire Kingdom Wikipedia Punta Gorda, Florida Zip Code 33983 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Tire Kingdom
Guarantor:Corp Rated
Company:Mavis Tire Express Services Corp
# Units:203
Tenant S&P: B-
Moody’s: B3
Stock:Private

About Tenant

Tire Kingdom, Inc. is a tire store chain predominantly located in Florida. The private company started with a single location in West Palm Beach, FL (1972). By the end of 1988, they operated 67...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,051	36,437	76,082
2023 Total Population :	5,470	35,319	75,359
2023 Employed Civilian Pop :	1,959	13,382	29,002
2023 Total Businesses :	276	688	2,353
2023 Average Household Income :	$ 99,093	$ 88,116	$ 78,719
2023 Total Consumer Spending :	$ 231 M	$ 1207 M	$ 2277 M
2023 Median Age :	66	58	57
2023 Total Households :	2,699	15,764	33,131
2023 Pop Age 25+: Bachelor's Degree :	873	5,006	9,852
2023 Average Home Value :	$ 281,416	$ 298,199	$ 295,176

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Kings Hwy	I- 75	2020	9,400	0.16 mi
	I- 75	2022	9,900	0.16 mi
	I- 75	2022	6,700	0.18 mi
Kings Highway	Sandhill Blvd	2022	17,000	0.19 mi
	Kings Hwy	2022	6,700	0.22 mi
	Kings Hwy	2022	10,500	0.24 mi
I 75	Kings Hwy	2021	55,500	0.46 mi
Loveland Boulevard	Agatha Ave	2022	7,100	0.80 mi
Sandhill Boulevard	Bushire Ln	2022	13,400	0.96 mi
Kings Highway	Kings Hwy	2021	24,500	1.05 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5933 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5974 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6051 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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