Pep Boys

135 North Academy Boulevard, Colorado Springs, CO 80909

$3,300,000

Cap Rate 7.91%

$3,529,014

Cap Rate 7.40%

DOM: 82 Updated: 11.20.23 Posted: 07.22.23 Status: Sold 10.13.23

Summary

Price $3,300,000 $3,529,014	Built/Renov 1995	Tenant Pep Boys
Cap Rate 7.91% 7.40%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 22,211	Lease Start 06-01-2023	#Units 1,000
Price/SF $148.58 $158.89	Expiration 05-31-2028	Tenant Type Automotive
NOI $261,147	R. Term 2.11	Ownership Fee Simple
Rent/SF $11.76	Increases 1.5%/1/yrs	Pop 5Mi 266,658
Lot/AC 3.73	Options 3/5yrs/1.5%	AHHI 5Mi $77,309

Highlights

Pep Boys has been operating in this location for 28 years
Pep Boys recently extended lease features 5 years of primary term remaining with 3 (5-year) options to extend
Lease features 1.5% annual rental increases throughout the initial term and at the beginning of each option period
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Pep Boys is situated on North Academy Boulevard with access to 45,596 vehicles passing per day. The property intersects with East Platte Avenue (43,629 VPD) a half mile north. It is immediately adjacent to Big O' Tires and Driveasy Used Cars and across North Academy Boulevard is The Home Depot, Take 5 Car Wash, Advance Auto Parts, and Caliber Collision. The site is also less than 4 miles east...

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Key Features

Near major nationals
Dense 200M+ pop 5 mi
Top 100 MSA
Strong demographics
Long operation history
Recently extended lease
Absolute NNN
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Pep Boys Wikipedia Pep Boys Wikipedia Colorado Springs, Colorado Zip Code 80909 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Pep Boys
Guarantor:Corp T and Rated
Company:Icahn Enterprises L.P.
# Units:1,000
Tenant S&P: BB
Moody’s: Ba3
Stock:NASDAQ: IEP

About Tenant

Pep Boys is an American automotive aftermarket service chain. Originally named Pep Auto Supply, the company was founded in Philadelphia, PA in 1921. The chain provides name-brand tires, automotive...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	18,654	118,998	274,238
2023 Total Population :	18,536	116,729	265,611
2023 Employed Civilian Pop :	8,490	53,464	124,705
2023 Total Businesses :	813	4,240	11,381
2023 Average Household Income :	$ 63,204	$ 71,224	$ 81,406
2023 Total Consumer Spending :	$ 406 M	$ 2960 M	$ 7682 M
2023 Median Age :	31	35	36
2023 Total Households :	7,328	47,474	108,354
2023 Pop Age 25+: Bachelor's Degree :	1,531	12,756	35,572
2023 Average Home Value :	$ 302,420	$ 361,972	$ 391,585

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Academy Blvd	E Pikes Peak Ave	2013	43,941	0.06 mi
East Pikes Peak Avenue	Byron Dr	2021	7,490	0.08 mi
E Pikes Peak Ave	Ruskin Dr	2013	9,481	0.09 mi
E Pikes Peak Ave	S Academy Blvd	2015	13,537	0.17 mi
E Bijou St	N Academy Blvd	2007	7,500	0.20 mi
S Academy Blvd	Shelley Ave	2013	44,187	0.23 mi
BIJOU ST	Coleridge Ave	2019	4,200	0.26 mi
Ruskin Dr	Whittier Dr	2018	1,953	0.28 mi
E Pikes Peak Ave	Byron Dr	2009	6,580	0.28 mi
Shelley Ave	Ruskin Dr	2018	764	0.32 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
29360 Views
79 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
28697 Views
76 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
29573 Views
78 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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