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DOM: 20 Updated: 06.24.24 Posted: 01.19.24 Status: Sold 02.08.24

Summary

Price $2,750,000 $2,909,090
Built/Renov 2023
Tenant Mavis Discount Tire
Cap Rate 5.82% 5.50%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 6,979
Lease Start 07-01-2023
#Units 748
Price/SF $394.04 $416.83
Expiration 06-30-2043
Tenant Type Automotive
NOI $160,000
R. Term 18.2
Ownership Fee Simple
Rent/SF $22.93
Increases 10.0%/4/yrs
Pop 5Mi 49,448
Lot/AC 1.45
Options 5/5yrs/10%
AHHI 5Mi $70,318

Lease Highlights

  • Mavis Discount Tire has 19+ years remaining on the current lease term with 5 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Mavis Discount Tire is strategically located on Liberty Drive, with access to 11,200 vehicles passing by daily. The property is an outparcel to Liberty Square, a Walmart anchored shopping center. It is located in a heavily developed commercial district that is centered around Interstate 85. Conveniently, the site is situated just 0.2 miles from Randolph Street/NC Route 109, which serves as the...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Mavis Discount Tire
  • Guarantor:Corp Rated
  • Company:Mavis Tire Express Services
  • # Units:748
  • Tenant S&P: B-
  • Moody’s: B3
  • Stock:Private

About Tenant

Mavis Discount Tire (“Mavis”) is an independent American tire dealer and automotive service chain. Founded in 1972, the chain offers additional services including brakes, alignments, suspension,...


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Listing Broker

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