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Views: 156 DOM: 153 Updated: 10.24.24 Posted: 06.15.24 Status: Active

Summary

Price $1,502,000
Built/Renov 1990
Tenant Tire Kingdom
Cap Rate 6.30%
Lease Type NN+
Guarantor Corp Rated
Size/SF 5,936
Lease Start 05-01-2017
#Units 200
Price/SF $253.03
Expiration 04-30-2032
Tenant Type Automotive
NOI $94,600
R. Term 7.5
Ownership Fee Simple
Rent/SF $15.94
Increases 10.0%/7/yrs
Pop 5Mi 89,779
Lot/AC 0.94
Options 4/5yrs/10%
AHHI 5Mi $81,137

Lease Highlights

  • Tire Kingdom has 7+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases in May 2027 and 10% rental increases at the beginning of each option period 
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guaranteed lease

Location Description

Tire Kingdom is strategically located on Cortez Boulevard, a primary retail and commuter thoroughfare, with access to 44,000 vehicles passing by daily. The property benefits from excellent visibility and access, featuring significant street frontage and a large pylon sign. It is near Coastal Landing, a dominant power center that draws over 5.7 million visitors annually (per Placer.ai)....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Tire Kingdom
  • Guarantor:Corp Rated
  • Company:Mavis Tire Express Services
  • # Units:200
  • 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
2029 Total Population : 4,130 38,799 98,662
2024 Total Population : 3,906 36,845 92,735
2024 Employed Civilian Pop : 818 14,055 37,578
2024 Total Businesses : 385 1,097 2,702
2024 Average Household Income : $ 56,862 $ 78,099 $ 85,844
2024 Total Consumer Spending : $ 97 M $ 1062 M $ 2835 M
2024 Median Age : 69 52 49
2024 Total Households : 1,920 15,282 37,333
2024 Pop Age 25+: Bachelor's Degree : 372 4,237 10,645
2024 Average Home Value : $ 158,120 $ 290,101 $ 316,939
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Cortez Boulevard 1st Loop Ave 2022 41,000 0.52 mi
Cortez Blvd Sandhill Rd 2011 33,500 0.61 mi
Cortez Blvd Mariner Blvd 2010 35,500 0.67 mi
Mariner Blvd Cortez Blvd 2010 20,495 0.74 mi
Jacqueline Rd Jayson Dr 2010 2,707 0.96 mi
Cortez Blvd Chambord St 2011 38,000 1.12 mi
Mariner Blvd Lawrence St 2010 20,495 1.16 mi
Cortez Boulevard Cortez Blvd 2022 44,000 1.34 mi
Elgin Blvd Orton Ave 2010 7,064 1.61 mi
Sunshine Grove Rd Montour St 2008 10,765 1.70 mi

Listing Broker

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