Goodyear Auto Service Orange Park, Florida

$945,000
Cap Rate: 7.00%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 7.00%
Price: $945,000
Rentable Square Feet: 5,824
Annual Rent: $66,156
Price PSF: $162.26
Land Area: 0.94 Acres
Year Built: 1999
Lease Guarantor: Corporate
Lease Type: NN
Term Remaining: 4.5 Years
Rental Increases: 5% Every 5 Years in Options
Lease Expiration: April 30, 2024

1615 Wells Road
Orange Park, FL 32073

Investment Highlights

  • Long-Term, Double Net (NN) Lease, Recently Extended with 4.5 Years Remaining
  • Four, Five-Year Renewal Options with Five Percent Rent Increases Every Five Years Throughout the Option Periods
  • Corporate Lease with Goodyear Tire & Rubber Company
  • RV General Store Directly Behind Subject Property, Showing Other Auto Retailers in the Area That is Not a Direct Competitor
  • Directly off Interstate 295 with a Daily Traffic Count of 60,000 Vehicles, and Park Avenue with a Daily Traffic Count of 85,000 Vehicles
  • Located in a Major Retail Area; Less Than a Mile from Orange Park Mall, Anchored by JCPenney, Old Navy, Belk and Dick’s Sporting Goods
  • Other Surrounding National Brands Include Home Depot, Publix, Sam’s Club, Lowe’s, At Home, Bed Bath & Beyond, Planet Fitness, TJ Maxx, Ashley HomeStore, Rooms To Go, Party City, Best Buy, Chick fil A, Olive Garden, Chili’s, Dunkin Donuts, Hilton Garden Inn, Courtyard by Marriott, Hampton Inn and Many More
  • Part of the Jacksonville Metro Area with a Population of 1.5 Million

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Goodyear Auto Service located in Orange Park, Florida. This Goodyear has a long-term, double net lease which was recently extended and has 4.5 years remaining. The lease offers four, five-year renewal options with five percent rent increases every five years in the option periods. This is a corporate lease with Goodyear Tire & Rubber Company. Located directly behind the subject property is a RV General Store, showing that there are other auto retailers in the area that are not a direct competitor of Goodyear.

This Goodyear property is located off Wells Road with a daily traffic count of more than 25,000 vehicles. It is also directly off Interstate 295, one of the major roadways in the area, with a daily traffic count of 60,000 vehicles. The subject property is located in a major retail area and is down the street from Orange Park Mall, anchored by JCPenney, Old Navy, Belk and Dick’s Sporting Goods. Other surrounding national brands in the area include Home Depot, Publix, Sam’s Club, Lowe’s, At Home, Bed Bath & Beyond, Planet Fitness, TJ Maxx, Ashley HomeStore, Rooms To Go, Party City, Best Buy, Chick fil A, Olive Garden, Chili’s, Dunkin Donuts, Hilton Garden Inn, Courtyard by Marriott, Hampton Inn and many more.

Orange Park, Florida is part of the Jacksonville metro area with a population of 1.5 million residents. The subject property is three miles from Orange Park Medical Center – a full-service, acute-care hospital which has 317 inpatient beds, 170 private rooms, a 24-bed psychiatric unit, a 20-bed inpatient rehabilitation unit as well as 20 ICU beds. The property is also five miles from Naval Air Station Jacksonville, the largest Navy Base in the southeast region, and the third in the nation.

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