Tire Choice Ocala, Florida

$2,515,000
Cap Rate: 5.75%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.75%
Price: $2,515,000
Annual Rent: $144,528
Price PSF: $457.27
Rentable Square Feet: 5,500
Land Area: 1.08 Acres
Year Built: 2019
Lease Guarantor: Monro, Inc.
Lease Type: Modified NNN
Lease Term: 10 Years
Option Periods: 2, 5-Year Options
Rent Increases: 10% Every 5 Years
Lease Expiration: 5/31/2029 est

4710 S.W. College Road
Ocala, Florida 34474

Investment Highlights

  • 10-Year Corporate Guaranteed, Modified Triple Net Lease
  • Brand New Construction, Scheduled to Open May 2019
  • 20-Year Roof Warranty
  • Lease Guarantor is Monro, Inc. a Publicly Traded Company (NASDAQ: MNRO)
  • Two, Five-Year Renewal Options with 10 Percent Increases Every Five Years Throughout Base Term and Option Periods
  • Located off Interstate 75, Which has a Daily Traffic Count of 78,000 Vehicles, and College Road, with a Daily Traffic Count of 47,000 Vehicles
  • Major Retail Corridor with Surrounding National Retailers Including Walmart Supercenter, Sam’s Club, Lowe’s, Staples, Kohl’s, Dick’s Sporting Goods, Home Depot, Bed Bath & Beyond, Best Buy, Burlington, Aldi, Hobby Lobby, JC Penney, Macy’s, Ross, Michaels, Applebee’s, Outback Steakhouse, Olive Garden, McDonald’s, Chick-fil-A, CVS and Many More
  • Numerous Hotels in the Immediate Area, Including Hilton, Hampton Inn & Suites, Fairfield Inn, Residence Inn by Marriott, Best Western, La Quinta, Holiday Inn and Country Inn & Suites
  • Across the Street from West Marion Community Hospital, and Two Miles from the College of Central Florida Ocala Campus, Which has an Enrollment of Approximately 9,000 Students
  • Prime Location Near Highway Exit; First Major Interchange After Gainesville (38 Miles North of Ocala), for Travelers Driving South

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Tire Choice located in Ocala, FL. Tires Choice is a brand new location which offers a new 10-year, modified triple net lease with a 20-year roof warranty. There are two, five-year renewal options with 10 percent rental increases every five years throughout the base term and option periods. The subject property consists of a 5,500-square foot free-standing building, situated on a 1.08-acre parcel. Tire Choice offers a corporate tenant with a corporate guarantee by Monro, Inc.

Tire Choice is ideally situated with excellent access and visibility located near Interstate 75, which has a daily traffic count of 78,000 vehicles, and College Road, with a daily traffic count of 47,000 vehicles. Tire Choice is on a primary retail and commercial corridor. There are numerous hotels in the immediate area, including Hilton, Homewood Suites, Hampton Inn & Suites, Fairfield Inn, Residence Inn by Marriott, Best Western, La Quinta, Holiday Inn and Country Inn & Suites. Surrounding national retailers include Walmart Supercenter, Sam’s Club, Lowes, Kohls, Dick’s Sporting Goods, Home Depot, Bed Bath & Beyond, Best Buy, Burlington, Aldi, Hobby Lobby, JC Penney, Macy’s, Ross, Michael’s, Applebee’s, Outback Steakhouse, Olive Garden, McDonald’s, Starbucks, Walgreens and many more.

Ocala is known as a strong manufacturing base and equine industry. The Ocala metro attracts global companies and is within a two-hour drive of Jacksonville, Orlando and Tampa. The area has strong demographics with an average income of $42,000, a population exceeding 346,000 individuals and an average housing value of $142,000. Tire Choice is located across the street from West Marion Community Hospital, and two miles from the College of Central Florida Ocala campus, which has an enrollment of approximately 9,000 students, the subject property’s location is exceptional.

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