Listed by SRS Real Estate Partners Newport Beach
$3,625,000
Christian Brothers Automotive
Details
APN 11-119-22-41-0016
Property Type Retail
Sub Type Auto Shop
Square Footage 5,567
Cap Rate 6.25%
NOI $226,548
Tenancy Single
Lease Type Absolute NNN
Lease Expiration 11/01/2035
Rent Bumps Yes
Lease Options 5 (10-Year) options to extend
Class A
Year Built 2019
Acreage 1.420
Zoning PUD - Planned Unit Development
Parking Spaces 48 spaces
Parking Per SqFt 8.62
Investment Type Net Lease
Lease Commencement 11/01/2020
Ownership Fee Simple (Land & Building Ownership)
Retail | 6.25% CAP | 5,567 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
- Over 9 years remaining with 5 (10-year) options to extend
- 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 near the intersection of Zachary Ln N and State Highway 610, which combine to average more than 19,900 vehicles passing by daily
- Approximately 1.5 miles from Highway 169, which sees over 75,300 VPD
- The asset is located in a primary retail corridor with other national/credit tenants including The Home Depot, Target, LA Fitness, Chick-fil-A, Raising Cane's, Dunkin', and more
- Strong tenant synergy promotes crossover shopping to the subject property
- More than 174,500 residents and 80,500 employees support the trade area
- $139,760 average household income
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
$226,548.00
$18,879.00/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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