Listed by Matthews
$1,648,000
Meineke Car Care Center
Details
Property Type Retail
Sub Type Auto Shop
Square Footage 2,507
Cap Rate 6.25%
NOI $103,030
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Term 10
Lease Expiration 07/22/2032
Remaining Term 6.1
Rent Bumps Yes
Price per SqFt $657
Year Built 1997
Acreage 0.570
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 07/23/2022
Absolute NNN Meineke – Passive, CPI-Growth Lease in Prime Mesa Retail Corridor
Investment highlights
- Absolute NNN | Extensive Lease Guarantee | Zero Landlord Responsibilities
- Truly Passive Income: Tenant is responsible for all taxes, insurance, and maintenance.
- Management-Free: Ideal for out-of-state or passive investors looking for an "armchair" investment in a high-growth Arizona market.
- Multi-Layered Guarantee: Non-release structure with cumulative recourse, each tenant remains liable, creating a stacked guarantee.
- Multiple Guarantors: Five distinct sources of lease guarantee, including personal and corporate guarantees.
- Original Tenant Continuity: Long-term liability remains in place through base term and options,
- Built-in Rent Growth: CPI increases biannually throughout the initial term and option periods, providing a hedge against inflation and consistent yield growth.
- Prime Southern Avenue Frontage: Located directly on E. Southern Ave just west of Power Road, a primary east-west artery in Mesa, and out parceled to a major shopping mall
- Significant Traffic Volume: Southern Ave and Power Rd see combined traffic counts exceeding ±62,000 Vehicles Per Day (VPD).
- Easy Freeway Access: Situated less than one mile from the US-60 (Superstition Freeway), allowing for easy regional access and high commuter visibility.
- Dense, Affluent Population: 307,000+ residents within 5 miles with average household incomes exceeding $91,000.
- High-Growth Market: Located in Mesa, a key city within the rapidly expanding Phoenix-Mesa-Chandler MSA.
- Dominant Retail Corridor: Adjacent to Superstition Springs Center and surrounded by major national anchors including Target, Walmart, Home Depot, Kohl’s, and WinCo Foods.
- Strong Co-Tenancy: Nearby traffic drivers include Starbucks, Chick-fil-A, In-N-Out Burger, and national auto retailers.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$103,030.00
$8,585.83/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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