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DOM: 51 Updated: 05.29.23 Posted: 05.16.23 Status: Sold 07.07.23

Summary

Price $3,150,000 $3,300,000
Built/Renov 2023
Tenant Mavis Discount Tire
Cap Rate 5.24% 5.00%
Lease Type Abs NNN
Guarantor Corp Rated
Size/SF 6,800
Lease Start 04-22-2023
#Units 748
Price/SF $463.24 $485.29
Expiration 04-30-2038
Tenant Type Automotive
NOI $165,000
R. Term 12.12
Ownership Fee Simple
Rent/SF $24.26
Increases 8.0%/5/yrs
Pop 5Mi 208,779
Lot/AC 1.27
Options 3/5yrs/10%
AHHI 5Mi $69,042

Lease Highlights

  • New high-quality 2023 construction
  • Brand-new lease with 15 years remaining with 3 (5-year) options to extend
  • Lease features an 8% rental increase every 5 years throughout the initial term and 10% rental increases every 5 years in the option periods
  • Absolute NNN lease with zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

This newly constructed Mavis Discount Tire location is strategically located near the signalized, hard corner intersection of Landstar Blvd. and Rhode Island Woods Circle which sees a combined traffic count of 42,800 VPD. The site is adjacent to more than 200 townhomes at Arbors at Meadow Woods by Meritage Homes, and next to two future development sites. Mavis is positioned within a dense...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Mavis Discount Tire
  • Guarantor:Corp Rated
  • Company:Mavis Tire Express Services
  • # Units:748
  • Tenant S&P: B-
  • Moody’s: B3
  • Stock:Private

About Tenant

Mavis Discount Tire (“Mavis”) is one of the largest, independent, multi-brand tire dealers in the U.S.. Founded in 1972, the chain offers a menu of additional services including brakes,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 17,782 110,489 220,705
2023 Total Population : 18,039 106,270 211,297
2023 Employed Civilian Pop : 9,176 55,387 111,900
2023 Total Businesses : 234 2,020 7,914
2023 Average Household Income : $ 88,228 $ 91,645 $ 84,239
2023 Total Consumer Spending : $ 434 M $ 2655 M $ 5075 M
2023 Median Age : 34 35 36
2023 Total Households : 5,664 33,290 69,207
2023 Pop Age 25+: Bachelor's Degree : 2,190 13,516 27,618
2023 Average Home Value : $ 363,629 $ 357,178 $ 344,163
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Rhode Island Woods Cir Landstar Blvd 2012 16,664 0.07 mi
Rhode Island Woods Cir Landstar Blvd 2012 24,558 0.16 mi
Landstar Blvd Arbor Meadows Blvd 2012 27,304 0.23 mi
Landstar Boulevard Laguna Beach Cir 2021 27,500 0.34 mi
2011 3,700 0.40 mi
SR 417 NB Landstar Blvd 2021 3,800 0.42 mi
LANDSTAR BLVD Jade Garden Dr 2021 7,000 0.51 mi
2020 7,100 0.51 mi
LANDSTAR BLVD Landstar Blvd 2021 3,800 0.51 mi
2020 3,900 0.51 mi

Listing Broker

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