Pep Boys

234 Scotland Road, City of Orange, NJ 07050

$1,145,000

Cap Rate 7.49%

$1,225,000

Cap Rate 7.00%

DOM: 130 Updated: 09.18.24 Posted: 01.31.24 Status: Sold 06.10.24

Summary

Price $1,145,000 $1,225,000	Built/Renov 1988	Tenant Pep Boys
Cap Rate 7.49% 7.00%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 5,500	Lease Start 05-07-2017	#Units 1,691
Price/SF $208.18 $222.73	Expiration 05-27-2027	Tenant Type Automotive
NOI $85,800	R. Term 1.9	Ownership Fee Simple
Rent/SF $15.60	Increases 10.0%/3/yrs	Pop 5Mi 726,795
Lot/AC 0.47	Options 1/5yrs/10%	AHHI 5Mi $99,026

Alan Cafiero

Marcus & Millichap

Contact

Highlights

Pep Boys has 3+ years remaining on the current lease term with 1 (5-year) option to extend
The lease features 10% rental increases every 5 years throughout the initial term and each option period
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guaranteed lease

Location Description

Pep Boys is strategically located on Scotland Road, with access to 9,323 vehicles passing by daily. It is conveniently situated near I-280 and the Garden State Parkway (120,400 VPD). The trade area is extremely dense, with nearby national retailers including Chase Bank, ShopRite, 7-Eleven, McDonald's, Taco Bell, Family Dollar, and White Castle. The 5-mile trade area is supported by a...

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Key Features

Build to suit
Near major nationals
Strategically located
Freeway close
Top 100 MSA
Strong demographics
Accelerated depreciation
Favorable NN+ lease
Traded and rated company
Corporate Guarantee

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Links

Pep Boys Wikipedia Pep Boys Wikipedia Orange, New Jersey Zip Code 07050 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:1,691
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, P A in 1921. The chain provides name-brand tires,...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	49,297	322,984	792,911
2023 Total Population :	47,859	318,759	786,873
2023 Employed Civilian Pop :	22,840	151,022	377,691
2023 Total Businesses :	1,416	6,432	20,074
2023 Average Household Income :	$ 85,462	$ 104,086	$ 111,477
2023 Total Consumer Spending :	$ 1358 M	$ 10519 M	$ 27805 M
2023 Median Age :	37	37	37
2023 Total Households :	18,459	117,449	290,516
2023 Pop Age 25+: Bachelor's Degree :	6,147	43,164	113,784
2023 Average Home Value :	$ 474,048	$ 497,957	$ 534,304

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Scotland Rd	Frankfort St	2013	14,094	0.06 mi
Lincoln Avenue	Jackson St	2017	5,451	0.10 mi
Lincoln Avenue		2018	5,526	0.11 mi
Central Ave	Lincoln Ave	2013	9,432	0.11 mi
Scotland Road	Mitchell St	2017	14,602	0.12 mi
Central Ave	S Jefferson St	2013	13,320	0.19 mi
Scotland Road		2018	14,602	0.21 mi
I- 280	Scotland Rd	2015	120,305	0.22 mi
Valley Road	Cary St	2017	23,221	0.25 mi
Henry Street		2018	5,526	0.25 mi

Listing Broker

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