Mr. Tire

1712 NC-54

Durham, NC

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offering memorandum

place offer

Property Details

Available

Net Operating Income

$129,000

Year Built

1994

Lease Term

02/28/2030

Lot Size

4.33 Acres

Building Size

8,834 SQ FT

Lease Structure

NNN

Ownership Type

Fee Simple

Options

(4) - 5 Years

Investment Details

Lease Highlights

Attractive Long-Term Lease Extension – Recently constructed new 10-Year term with roughly 9 years remaining
Passive Lease Structure – Tenant is responsible for Taxes, Insurance, Parking Lot, and HVAC Systems, making this an ideal 1031 property for investors (LL has minimal responsibilities: Roof & Structure Only).
Paid Rent in Full – Tenant has paid rent in full at this location throughout the Pandemic demonstrating strong store performance and long-term viability of Operator’s financial capacity
Updated Third Party Reports – Clear Title, Clean Environmental, and newly constructed ALTA Survey allows prospective buyers to save on due diligence costs and provides reassurance of a seamless transaction

Location Highlights

Superior Location – Property is ideally positioned along NC-Hwy 54 that boasts traffic counts in excess of 20,000 VPD and is less than 20-miles away from downtown Raleigh the State’s Capital.
NC’s Research Triangle – Located just minutes away from the one of the nation’s most affordable metro markets, The Triangle was voted #1 by Forbes for the Best State to do Business
Immense Population Growth – The city of Durham has seen an estimated 22% increase in population over the past decade alone
Healthy Average Household Income Profile – Ranging from $70,000 – $100,000 within a 1,3, and 5-mile radius

Tenant Highlights

Corporate Guaranteed Lease |$2 Billion Dollar Publicly Traded Tenant – Property is 100% leased to Monro Muffler Brake, Inc. a company that is traded on the NASDAQ (Ticker: MNRO)
Proven Track record of Corporate Success – Headquartered out of Rochester NY Monro Muffler has over 1,250+ locations nation-wide
Essential Retailer & E-Commerce Proof Tenant – The government recently labeled auto service/parts stores as critical infrastructure industries as business operations increased on an industry level performance midst the COVID-19 Global Pandemic Crisis.

Disclaimer

This Offering Memorandum (“Memorandum”) has been prepared by the undersigned real estate professional, is provided in the normal course of his/her business, and is intended to express only his/her recommended listing, selling, or purchase price or a rental or lease consideration for the Property. This Memorandum does not constitute an offer to sell, or a solicitation of an offer to buy, the Property, and has not been made for the purpose of submission as evidence of value to a court or administrative body. The disclosures herein are intended to supersede all prior written and oral communications and understandings regarding the Memorandum. You are advised to carefully read this Memorandum and review it with your legal and tax advisors.

asking price

$2,150,000

cap rate

6.00%