6135 SALT SPRINGS RD
Retail | 6.70% CAP | 4,750 SqFt
Marketing description
Panther Capital Group is pleased to present the exclusive opportunity to acquire a single-tenant Meineke Car Care Center located at 6135 Salt Springs Road in Port Richey, Florida. The property is positioned just off the US-19 retail corridor, one of Pasco County’s primary commercial arteries, with 137 feet of frontage on Salt Springs Road and both pylon and monument signage providing strong visibility to the US-19 traffic stream, which sees approximately 53,500 vehicles per day per FDOT.
The property consists of a ±4,750 SF automotive service facility with an additional ±1,500 SF mezzanine storage area. The asset is 100% leased to NSV Holdings LLC, a Meineke franchise operator owned and operated by the Sivanesan family, under a 10-year NNN lease running through February 2036.
The lease provides $90,000 of in-place annual rent, with scheduled increases to $92,256 in Year 3 and $99,828 in Year 6. The lease also includes two 5-year renewal options, extending potential tenant control through 2046.
The tenant has invested over $200,000 in improvements, including a fully repaved and striped parking lot, new exterior cladding and paint, a complete interior renovation, new bathrooms, and upgraded finishes. The equipment package, including four Hunter lifts, one alignment rack, and ancillary equipment, conveys with the sale.
The site benefits from strong surrounding demand drivers, including a 280-unit apartment project planned directly west of the property and 384 existing garden-style apartments immediately behind it. Together, these projects represent 664 new and existing residential units within walking distance. The 5-mile trade area includes 137,310 residents and is projected to grow nearly 14% from 2025 to 2030.
The broader Tampa Bay retail market remains fundamentally strong, with retail vacancy reported at 5.1% in Q1 2026 and approximately $1.5 billion of retail investment volume transacted across the MSA in 2025.
The property is priced at $1,417,000, representing a 6.35% cap rate on $90,000 of in-place NOI. A 3.00% buyer broker fee is offered.
Investment highlights
New 10-Year NNN Lease
The property is 100% leased through February 2036, with two 5-year renewal options extending potential tenant control through 2046. The tenant reimburses taxes, insurance, and maintenance, with landlord responsibility limited to the roof and parking lot pavement structure.
Scheduled Rent Growth
The lease provides $90,000 of in-place annual rent, increasing to $92,256 in Year 3 and $99,828 in Year 6. Renewal options include additional step-ups, providing contractual income growth during the hold period.
$200K+ Recent Tenant Investment
The tenant has invested over $200,000 into the property, including a fully repaved and striped lot, new exterior paint and cladding, gutters, landscaping, complete interior renovation, upgraded bathrooms, flooring, walls, and finishes. This capital commitment supports long-term occupancy and site-level alignment.
Strong US-19 Corridor Visibility
The property sits just off the US-19 retail corridor with 137 feet of frontage on Salt Springs Road, plus pylon and monument signage visible from the US-19 traffic stream. The corridor benefits from strong daily traffic and nearby signalized access at US-19 / Ridge Road.
Purpose-Built Auto-Service Facility
The site includes 8 roll-up service bays, 4 Hunter lifts, 1 alignment rack, and ancillary equipment that conveys with the sale. The layout is purpose-built for automotive service, helping reduce re-tenanting risk if needed.
National Meineke Brand Affiliation
The tenant operates under the Meineke Car Care Centers banner, part of Driven Brands’ automotive service platform. Meineke’s national brand recognition supports customer traffic, service demand, and long-term use as an auto-service location.
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