Listed by SURMOUNT
$2,434,783
Express Oil Change
Details
Property Type Retail
Sub Type Automotive - Tire Services
Square Footage 4,335
Cap Rate 5.75%
NOI $140,000
Tenancy Single
Lease Type NNN
Lease Term 20
Rent Bumps Yes
Lease Options 6, 5-Year Options
Year Built 2003
Acreage 0.550
Investment Type Sale/Leaseback
Tenant Credit Corporate Guarantee
Ownership Fee Simple
Retail | 5.75% CAP | 4,335 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for an Express Oil located at 3855 Fort Henry Drive, Kingsport, TN 37663. The site consists of roughly 4,335 rentable square feet of building space on an estimated 0.55-acre parcel of land. Express Oil is subject to a 20-year Triple Net (NNN) lease which will commence upon close of escrow. The annual rent will be $140,000 and has scheduled increases of 5.00% Every 5 Years.
Investment highlights
- Excellent Corporate Guarantee from Leading Tire Retailer - The lease is backed by a strong corporate guarantee from Mavis Tire Express Services TopCo Corp, the largest tire service operator in the U.S. with over 3,000 locations. Mavis operates a highly diversified portfolio of brands, including Mavis Discount Tire, Express Oil Change, Brakes Plus, NTB, Tire Kingdom, Tuffy Tire, Midas, and Town Fair Tire.
- Income Tax-Free State - The property benefits from its location in Tennessee, an income tax-free state. Ownership of an asset in an income tax-free state can provide several benefits to landlords, providing greater incentive for investment. Discuss with a Certified Public Accountant for further details.
- Strong Frontage Right Off Signalized Intersection - The subject property benefits from being situated right off the intersection between Fort Henry Drive and Moreland Drive, which bring a combined 38,000 vehicles to the immediate area daily.
- Internet-Resistant and Service-Oriented Use - Tire and auto service centers remain essential, in-person businesses that are largely immune to e-commerce disruption. As vehicles require routine maintenance and tire replacement, demand for these services continues to grow, making the asset type a reliable and resilient investment in any economic environment.
- Robust & Growing Demographics - There are over 21,000 individuals residing within a three-mile radius, over 52,000 individuals within a five-mile radius, and over 144,000 individuals residing within a ten-mile radius of the subject property with consistent growth trends.
- Expanding Market of Aging Vehicles - With the average vehicle age now exceeding 12 years and more cars on the road than ever, the need for ongoing maintenance is rising. This long-term trend supports sustained growth for auto centers as aging fleets require regular upkeep and repair.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$140,000.00
$11,666.67/mo
Valuation Metrics
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DSCR
5.75%
Cap Rate
5.75%
ROI
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