Listed by CP Partners
$6,360,000
Sun Auto
Details
Property Type Retail
Sub Type Auto Shop
Square Footage 10,729
Cap Rate 6.3%
NOI $400,699
Occupancy 100%
Tenancy Single
Brand/Tenant Caliber Collision, Sun Auto
Lease Type Absolute NNN
Lease Expiration 03/31/2035
Remaining Term 8
Rent Bumps Yes
Lease Options Two, 5-year
Year Built 2019
Acreage 0.520
Parking Spaces 44 spaces
Parking per 1,000 SqFt 4.10
Investment Type Net Lease
Lease Commencement 03/04/2020
Ground Lease No
Corporate Guaranty From CH Hold Corp. (Caliber Collision)
Marketing description
Over 8 years remain on this corporate lease featuring 10% rental increases every 5 years and an absolute net lease structure requiring zero landlord expense or maintenance obligations. The lease is guaranteed by CH Hold Corp. – one of the main operating entities for Caliber Collision, the largest collision repair provider in the country – and lasts through the full term of the lease, including all options/extensions.
Situated along Northpark Drive, the subject property offers high-profile standalone visibility on one of Kingwood’s most heavily traveled commercial corridors (32,500 VPD), with direct access to I-69/US 59 (99,000 VPD).
Investment highlights
- 8+ years remaining on absolute net lease featuring 10% rental increases every 5 years providing investors a hedge against inflation
- Full-term corporate guaranty from CH Hold Corp. (Caliber Collision) – the largest collision repair provider in the U.S. with 1,800+ locations across 41 states
- Internet & recession resistant industry – consumers defer new vehicle purchases during economic downturns and instead spend on maintenance/repairs to keep existing cars on the road longer
- Affluent Houston submarket – $134,000 average household incomes within a 5-mile radius of the subject property
- Dense residential trade area – 128,000 residents within a 5-mile radius of the subject property
- Surrounding residents own an average of 2 cars per household, with residents within a 5-mile radius spending roughly $48M on auto repair annually (per CoStar)
- Situated along Northpark Drive – the main East/West thoroughfare in the trade area that features direct access to I-69/US 59 (99,000 VPD)
- Other national retailers driving traffic to the direct trade area include Kroger, Walmart, H-E-B, Chick-fil-A, and McDonald’s
Listing Contacts
Listed by CP Partners
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$400,699.00
$33,391.58/mo
Valuation Metrics
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DSCR
6.3%
Cap Rate
6.3%
ROI
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