Tire Kingdom

1918 West 23rd Street, Panama City, FL 32405

$1,775,000

Cap Rate 5.51%

Views: 60 DOM: 177 Updated: 04.22.24 Posted: 11.22.23 Status: Active

Summary

Price $1,775,000	Built/Renov 1996/2015	Tenant Tire Kingdom
Cap Rate 5.51%	Lease Type NN+	Guarantor Corp Rated
Size/SF 7,678	Lease Start 01-10-2020	#Units 203
Price/SF $231.18	Expiration 01-31-2035	Tenant Type Automotive
NOI $97,750	R. Term 10.8	Ownership Fee Simple
Rent/SF $12.73	Increases 8.0%/2/yrs	Pop 5Mi 74,458
Lot/AC 0.62	Options 4/5yrs/8%	AHHI 5Mi $83,273

Lease Highlights

Tire Kingdom has 11+ years remaining on the current lease term with 4 (5-year) options to extend
The lease features 8% rental increase every 5 years throughout the initial term and at the start of each option
Favorable NN+ lease with landlord responsible for structure
Corporate guaranteed lease

Location Description

Tire Kingdom is located along West 23rd Street (29,500 VPD), just feet from its signalized intersection with Frankford Avenue (7,600 VPD) and a half mile south of St. Andrews Boulevard (18,000 VPD). The site is adjacent to The Sleep Center and Steve’s Bike Shop; is across from Sam’s Club, CEFCO Convenience Store and an upcoming United Community Bank; and is within a quarter mile from Heritage...

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Key Features

Build to suit
Dense retail corridor
Near major nationals
Strategically located
Income tax free state
Long 10+ yr lease
Favorable NN+ lease
Corporate Guarantee
Credit rated company
Over 100 Units backed

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Links

Tire Kingdom Wikipedia Tire Kingdom Wikipedia Panama City, Florida Zip Code 32405 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 :	7,800	33,116	73,783
2023 Total Population :	7,923	33,346	74,458
2023 Employed Civilian Pop :	3,939	15,896	36,621
2023 Total Businesses :	512	2,832	4,886
2023 Average Household Income :	$ 79,724	$ 77,600	$ 83,273
2023 Total Consumer Spending :	$ 219 M	$ 941 M	$ 2209 M
2023 Median Age :	40	42	42
2023 Total Households :	3,162	13,956	30,537
2023 Pop Age 25+: Bachelor's Degree :	1,188	4,814	10,809
2023 Average Home Value :	$ 282,363	$ 292,786	$ 316,252

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Frankford Avenue	21st St	2022	4,200	0.17 mi
Frankford Avenue	W 24th St	2021	4,000	0.17 mi
St Andrews Blvd	Frankford Ave	2005	17,000	0.31 mi
Airport Road	Airport Rd	2021	2,900	0.32 mi
West 23rd Street	Ruth Hentz Ave	2021	23,000	0.37 mi
Lisenby Ave	W 22nd St	2005	10,000	0.42 mi
Saint Andrews Boulevard	Ruth Hentz Ave	2021	15,700	0.43 mi
Saint Andrews Boulevard	St Andrews Blvd	2022	18,000	0.44 mi
Saint Andrews Boulevard	Airport Rd	2021	18,000	0.44 mi
Frankford Ave	W 27th St	2005	3,300	0.44 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5966 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
6008 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
6085 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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