Listed by SURMOUNT
$3,017,544
Express Oil Change
Details
Property Type Retail
Sub Type Auto Shop
Square Footage 5,723
Cap Rate 5.70%
NOI $172,000
Tenancy Single
Brand/Tenant Express Oil, Mavis Discount Tires
Lease Term 20
Remaining Term 20
Year Built 2025
Acreage 1.130
Tenant Credit Corporate Guarantee
Ground Lease No
Sale Condition Sale for leaseback
Absolute NNN 20-Year Corporate Sale-Leasebacks
Marketing description
Surmount is pleased to present the exclusive listing for an Express Oil Change located at 3740 Patrick Way, Elizabeth City, NC 27909. Express Oil Change is subject to a 20-year Triple Net (NNN) lease which will commence upon close of escrow. The annual rent will be $172,000 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.
- Proximity to Top-Performing Walmart Supercenter | The subject property is just steps away from a Walmart Supercenter that is ranked #2 in North Carolina for visits and is in the 89th percentile for visits nationwide, highlighting the strength of the trade area (via Placer.ai). This Walmart Supercenter serves as a retail anchor that drives many individuals to the immediate area.
- Dense Retail Corridor | In addition to the Walmart Supercenter, there are many other major national tenants nearby including 7-Eleven, Aldi, Chipotle, Petco, T.J. Maxx, McDonald’s, Starbucks, and more. All these tenants consistently drive traffic in the area and establish this part of town as the preeminent retail corridor in the area.
- Strong Frontage on Halstead Blvd | The property is strategically positioned just off Halstead Blvd, one of the main throughways in town with excellent frontage, visibility, and accessibility. Halstead Blvd brings nearly 20,000 vehicles directly to the site daily.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$172,000.00
$14,333.33/mo
Valuation Metrics
0
DSCR
5.7%
Cap Rate
5.7%
ROI
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