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Views: 37 DOM: 79 Updated: 10.15.24 Posted: 09.03.24 Status: Active

Summary

Price $2,870,000
Built/Renov 1973
Tenant DriveTime
Cap Rate 6.90%
Lease Type NN+
Guarantor Corporate
Size/SF 7,677
Lease Start 03-01-2016
#Units 148
Price/SF $373.84
Expiration 02-28-2026
Tenant Type Automotive
NOI $198,000
R. Term 1.3
Ownership Fee Simple
Rent/SF $25.79
Increases 10.0%/1/yrs
Pop 5Mi 172,740
Lot/AC 2.17
Options 3/5yrs/10%
AHHI 5Mi $95,007

Lease Highlights

  • DriveTime has 1+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guaranteed lease

Location Description

DriveTime is strategically located on Jefferson Avenue, with access to 44,000 vehicles passing by daily. The property offers convenient access to Interstate 64, which sees 162,000 VPD. The immediate area features prominent retail centers such as Hampton Town Centre, Coliseum Crossing, and Peninsula Town Center. Nearby well-known national tenants include Food Lion, O'Reilly Auto Parts, ALDI,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: DriveTime
  • Guarantor:Corporate
  • Company:DriveTime Automotive Group, Inc.
  • # Units:148
  • Stock:Private

About Tenant

DriveTime is a leading used car retailer focused on providing an innovative and customer-friendly car buying experience. The company specializes in selling quality used vehicles and offers...


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Listing Broker

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