6135 SALT SPRINGS RD
Retail | 6.00% CAP | 4,750 SqFt
Marketing description
Panther Capital Group is pleased to present a single-tenant Meineke Car Care Center at 6135 Salt Springs Road in Port Richey, Florida — directly on the US-19 retail corridor with 137' of frontage on Salt Springs Road and pylon and monument signage offering strong visibility to the US-19 traffic stream.
The 4,750 SF facility is 100% leased to a long-tenured Meineke franchisee on a new 10-year NNN lease through 2036. Rent grows 2.5% annually in years 1–5 and 3.0% in years 6–10, with two five-year renewal options at 5% and 10% step-ups extending tenant control through 2046.
The tenant recently invested over $200,000 in the site — repaved lot, new exterior cladding and paint, landscaping, full interior renovation, new bathrooms, and granite finishes — a clear signal of long-term commitment. The sale conveys the equipment package (4 Hunter lifts, alignment rack, and ancillary equipment), limiting re-tenanting risk.
Demand fundamentals are strong: 280 newly permitted four-story elevator apartments are slated for the parcel adjacent to the west, and 384 garden-style apartment units are already built immediately behind that — adding 664 units of rooftops within walking distance of the site.
Priced at a 6.00% cap on $90,000 of in-place NOI, the asset offers stabilized cash flow, structural rent growth, and exposure to one of Florida's fastest-growing MSAs — the Tampa Bay metro.
Investment highlights
- Newly Signed 10-Year NNN Lease - Long-term commitment through 2036 with two five-year renewal options to 2046. Tenant pays taxes, insurance, and maintenance. Landlord responsibility limited to roof and parking lot pavement structure.
- Built-In Rent Growth - 2.5% annual rent escalations during years 1-5 and 3.0% bumps in years 6-10, with 5% and 10% step-ups at the option periods. Provides durable hedge against inflation.
- $200K+ Recent Tenant Capital Investment - Fully repaved and striped lot, new exterior paint and decorative cladding, gutters, landscaping, complete interior renovation (new floors, walls, granite counters, bathroom). Demonstrates operator's commitment to this specific site.
- Hard Corner on US-19 Retail Corridor - 137 feet of frontage on Salt Springs Road with pylon and monument signage visible from US-19. The corridor carries 55,000-57,000 vehicles per day with a combined ~89,000 VPD at the US-19/Ridge Road signalized intersection nearby.
- Mission-Critical Auto-Service Layout - 8 pull-through roll-up bays, 4 Hunter lifts, and 1 alignment rack convey with the sale. Re-tenanting risk is mitigated — the property is move-in-ready for any auto-service operator if needed.
- National Brand Recognition (Meineke) - Tenant operates under the Meineke Car Care Centers banner — a subsidiary of publicly traded Driven Brands (NASDAQ: DRVN) with 800+ centers across North America and ~70% brand recognition with U.S. consumers.
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