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Views: 176 DOM: 173 Updated: 07.19.24 Posted: 06.03.24 Status: Active

Summary

Price $6,016,000
Built/Renov 2010
Tenant Tesla
Cap Rate 6.40%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 44,835
Lease Start 08-13-2018
#Units 1,208
Price/SF $134.18
Expiration 11-30-2028
Tenant Type Automotive
NOI $385,000
R. Term 4.0
Ownership Fee Simple
Rent/SF $8.59
Increases 10.0%/5/yrs
Pop 5Mi 371,306
Lot/AC 1.25
Options 1/5yrs/10%
AHHI 5Mi $83,406

Lease Highlights

  • Tesla has 4+ years remaining on the current lease term with 1 (5-year) option to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

Tesla Service Center is strategically located on Tchoupitoulas Street, with access to 22,684 vehicles passing by daily. The property is conveniently situated near Interstate 10 (176,121 VPD), Highway 90 (51,470 VPD), and Highway 61 (59,914 VPD). This prime location further benefits from its proximity to major retail centers such as Canal Place Shopping Center, Riverwalk Outlets, and Magazine...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Tesla
  • Guarantor:Corp T and Rated
  • Company:Tesla, Inc
  • # Units:1,208
  • Tenant S&P: BBB
  • Moody’s: Baa3
  • Stock: NASDAQ: TSLA

About Tenant

Tesla, Inc. is an American electric vehicle and clean energy company. They specialize in electric vehicle manufacturing, battery energy storage from home to grid-scale, and solar panel and solar...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 16,534 138,869 357,698
2024 Total Population : 16,984 142,179 365,755
2024 Employed Civilian Pop : 10,199 69,063 175,384
2024 Total Businesses : 1,676 14,266 24,704
2024 Average Household Income : $ 132,604 $ 101,212 $ 89,907
2024 Total Consumer Spending : $ 994 M $ 5739 M $ 12767 M
2024 Median Age : 38 37 38
2024 Total Households : 8,621 64,313 160,397
2024 Pop Age 25+: Bachelor's Degree : 3,615 22,716 55,198
2024 Average Home Value : $ 682,210 $ 529,452 $ 413,576
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
North Hummel Street Centerville St NE 2018 22,540 0.13 mi
Washington Ave Magazine St 2002 4,409 0.39 mi
East Boston Street Lee Ln 2018 22,660 0.46 mi
Jackson Avenue Jackson Ave 2022 3,489 0.48 mi
Tchoupitoulas St Louisiana Ave 2018 2,282 0.52 mi
Washington Ave Coliseum Ln 2002 4,322 0.59 mi
Tchoupitoulas St Josephine St 2009 32,529 0.61 mi
4th Street Manhattan Blvd 2022 5,940 0.84 mi
Jackson Avenue Saint Charles Ave 2022 8,753 0.88 mi
Saint Charles Ave Philip St 2009 23,183 0.88 mi

Listing Broker

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