Listed by SRS Real Estate Partners Newport Beach
$3,506,000
Christian Brothers Automotive
Details
APN 41-04-03-022-094.001-038
Property Type Retail
Sub Type Auto Shop
Square Footage 5,082
Cap Rate 6.60%
NOI $231,420
Occupancy 100%
Tenancy Single
Brand/Tenant Christian Brothers Automotive
Lease Type Absolute NNN
Lease Expiration 11/01/2035
Remaining Term 9
Rent Bumps Yes
Lease Options 5 (10-year) options to extend
Class A
Year Built 2019
Acreage 2.000
Zoning GC
Parking Spaces 30 spaces
Parking per 1,000 SqFt 5.90
Investment Type Net Lease
Lease Commencement 11/01/2020
Ground Lease No
Ownership Fee Simple (Land & Building Ownership)
Retail | 6.60% CAP | 5,082 SqFt
Marketing description
Christian Brothers Automotive offers auto repair service and maintenance for every vehicle. Gas or diesel, foreign or domestic, car or truck no matter the vehicle, they have the expertise and experience to fix it right the first time. The company provides its automotive diagnostic testing and evaluation, maintenance programs, and repair work for various domestic and foreign vehicles. It also sells automotive repair franchises. The company was founded in 1982 and is based in Houston, Texas with locations in Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Indiana, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, Tennessee, and Texas. They have more than 310+ locations nationwide.
Investment highlights
- Christian Brothers Automotive Corporate signed lease
- 9+ years remaining with 5 (10-year) options to extend, demonstrating the tenant's commitment to the site
- The lease features 1.5% annual rental increases throughout the initial term and option periods, providing a hedge against inflation while steadily growing NOI
- Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
- No landlord responsibilities
- Ideal, management-free investment for a passive investor
- The subject property is located at the signalized, hard corner intersection of W Smith Valley Rd and W Morgantown Rd, which combine to average more than 27,000 vehicles passing by daily
- Approximately 1 mile from Interstate 69 (42,300 VPD)
- The property is located in the center of a primary retail corridor with tenants such as The Home Depot, Meijer, Kroger, ALDI, Chick-fil-A, Texas Roadhouse, and many others
- Strong tenant synergy promotes crossover shopping to the subject property
- More than 120,600 residents and 34,700 employees support the trade area
- Affluent $165,159 average household income within 1 mile
Listing Contacts
Listed by SRS Real Estate Partners Newport Beach
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$231,420.00
$19,285.00/mo
Valuation Metrics
0
DSCR
6.6%
Cap Rate
6.6%
ROI
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