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Views: 154 DOM: 106 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 4.2
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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Listing Broker

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