Listed by SRS Real Estate Partners Newport Beach
$5,617,000
Corporate Northern Tool + Equipment | Annual Increases
Details
APN 091-014.01-000
Property Type Retail
Sub Type Storefront, Tools/Equipment
Square Footage 25,984
Cap Rate 6.35%
NOI $356,695
Tenancy Single
Brand/Tenant Tractor Supply, Home Depot
Lease Type NNN
Lease Term 25.7
Lease Expiration 09/30/2031
Remaining Term 5.2
Rent Bumps Yes
Lease Options 2 (5-year)
Year Built 2006
Acreage 6.200
Zoning CH
Parking Spaces 105 spaces
Parking per 1,000 SqFt 4.04
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 02/03/2006
Ground Lease No
Ownership Fee Simple (Land & Building Ownership)
Excellent Retail Corridor & Highway Visibility
Marketing description
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Northern Tools + Equipment investment property located in Murfreesboro, Tennessee. The tenant, Northern Tool & Equipment Company, Inc has 5+ years remaining on their lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 1.5% annual increases throughout the remainder of term and 2% annual increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is Modified NNN with limited landlord responsibilities making it an ideal, low management investment opportunity for an out of state investor.
Investment highlights
- Northern Tool + Equipment has operated at this site since 2006, demonstrating a 20-year commitment to the location
- Tenant executed a First Amendment in April 2025 extending the lease through 9/30/31 (5+ years remaining) and adding two fresh 5-year option periods, extending potential occupancy through 2041
- Features 1.5% annual rental increases throughout the remaining term and 2% annual increases throughout both 5-year option periods, providing a steadily growing income stream
- The lease is signed directly by Northern Tool & Equipment Company, Inc., a Minnesota corporation -- a family-owned retailer founded in 1981 with 120+ stores across 20+ states and approximately $1.6 billion in annual revenue
Listing Contacts
Listed by SRS Real Estate Partners Newport Beach
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$356,695.00
$29,724.58/mo
Valuation Metrics
0
DSCR
6.35%
Cap Rate
6.35%
ROI
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