Goodyear

1503 East Stone Drive, Kingsport, TN 37664

$1,100,000

Cap Rate 8.01%

$1,260,000

Cap Rate 7.00%

DOM: 63 Updated: 08.06.24 Posted: 04.22.24 Status: Sold 06.25.24

Summary

Price $1,100,000 $1,260,000	Built/Renov 1990/1997	Tenant Goodyear
Cap Rate 8.01% 7.00%	Lease Type NN+	Guarantor Franchisee
Size/SF 6,240	Lease Start 01-01-2010	#Units 1
Price/SF $176.28 $201.92	Expiration 12-31-2029	Tenant Type Automotive
NOI $88,140	R. Term 4.8	Ownership Fee Simple
Rent/SF $14.13	Increases 7.5%/5/yrs	Pop 5Mi 67,236
Lot/AC 0.54	Options 2/5yrs/7.5%	AHHI 5Mi $74,945

Lease Highlights

Goodyear has been operating in this location since 2010
The tenant has 5+ years remaining on the current lease term with 2 (5-year) options to extend
The lease features a 7.5% rental escalation at the start of option 2
Favorable NN+ lease with landlord responsible for roof and structure
Lease guaranteed by Clay Oaks

Location Description

Goodyear is strategically located on East Stone Drive/Hwy 11W, with access to 31,499 vehicles passing by daily. Situated in a dense retail corridor, the property is in close proximity to well-known national retailers including Kroger, ALDI, Target, Lowe's, Home Depot, Harbor Freight, and more. Additionally, it is just 1/2-mile from Indian Path Community Hospital, Ballad Health Medical...

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Key Features

Build to suit
In location for years
Dense retail corridor
Near major nationals
Major MSA
Income tax free state
Long operation history
Accelerated depreciation
Favorable NN+ lease
Personal guarantee

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Links

Goodyear Wikipedia Goodyear Tire & Rubber Company Wikipedia Kingsport, Tennessee Zip Code 37660 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Goodyear
Guarantor:Franchisee
Company:Clay Oaks
# Units:1
Tenant S&P: B+
Moody’s: B1
Stock: NASDAQ: GT

About Tenant

The Goodyear Tire & Rubber Company, founded in 1898, together with its subsidiaries, develops, manufactures, markets, and distributes tires, and related products and services in the U.S. and...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,354	37,471	67,245
2023 Total Population :	4,409	37,360	67,236
2023 Employed Civilian Pop :	1,545	13,975	25,869
2023 Total Businesses :	462	1,853	2,485
2023 Average Household Income :	$ 66,608	$ 71,391	$ 74,945
2023 Total Consumer Spending :	$ 110 M	$ 1044 M	$ 1935 M
2023 Median Age :	51	47	47
2023 Total Households :	1,916	16,662	29,448
2023 Pop Age 25+: Bachelor's Degree :	666	4,802	8,875
2023 Average Home Value :	$ 232,053	$ 215,908	$ 224,268

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
North Eastman Road	Ryder Dr	2022	22,402	0.41 mi
E Stone Dr	Indian Rd	2003	35,220	0.50 mi
East Stone Drive	Indian Rd	2022	31,499	0.54 mi
East Center Street	PkSt	2022	11,753	0.79 mi
Essex Drive	Southcote Dr	2022	1,654	0.91 mi
East Stone Drive	E Stone Dr	2022	25,829	0.94 mi
Fort Henry Drive	Legion Dr	2022	13,577	1.05 mi
East Stone Drive	Waterman Rd	2022	30,101	1.10 mi
US 11W	Waterman Rd	2021	29,540	1.10 mi
SR 36;SR 126	Summer St	2021	17,590	1.10 mi

Listing Broker

Michael Shover

CBRE: NLPG Philadelphia

Contact

62 Listings
13902 Views
36 Sold

Matthew Gorman

CBRE: NLPG Philadelphia

Contact

62 Listings
13902 Views
36 Sold

Michael Shover

Michael Shover joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Shortly after, Michael was inducted into CBRE’s exclusive Net Lease Property Group, leading and specializing in the Mid-Atlantic area. The Net Lease Property Group comprises of a team of senior advisors located within major metropolitan areas throughout the United States who are dedicated to transacting single-tenant assets and net-l

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Matthew Gorman

Matthew Gorman joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Matthew and his team's primary goal is to execute for their clients at the highest level by representing their best interests professionally, honestly and with integrity in all aspects of the marketing and sales process. Shortly after joining CBRE, Matthew was inducted into the exclusive Net Lease Property Group, leading the Philadel

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