Tire Kingdom Plaza Sarasota,Florida

$4,650,000
Closed Multi-Tenant
Property type:Multi-Tenant / Shopping Center

The space

  • Price: $4,650,000
  • Cap Rate: 6.35%
  • Rentable Square Feet: 12,344
  • Net Operating Income: $295,325
  • Price PSF: $376.70
  • Land Area: 0.88 Acres
  • Year Built: 2005

Description

4626-4638 Clark Road
Sarasota, FL 34233

Investment Highlights

  • More Than 12,300 Square Feet of Multi-Tenant Retail Space, 100 Percent Occupied
  • Tire Kingdom Corporate Guarantee – More Than 600 Locations Across 26 States
  • Tire Kingdom has Five, Four-Year Tenant Renewal Periods With 10 Percent Rent Increases Every Four Years
  • Located on Clark Road With More Than 42,000 Vehicles Per Day
  • Average Household Income Within One Mile is $114,451, With $89,106 in Three Miles and $95,981 in Five Miles

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Tire Kingdom Plaza, a multi-tenant retail center located in Sarasota, Florida. The subject property is more than 12,300 square feet of space on a 0.88 acre of land. The property is anchored by Tire Kingdom and is 100 percent occupied.

Tire Kingdom has a corporate guarantee, and the lease offers five, four-year tenant renewal periods and 10 percent rent increases every four years. Brothers Outdoors lease offers one, three-year tenant renewal period. Other tenants, Scorch Fitness and Brothers Outdoors, both have below market rents.

The Subject Property is located on Clark Road with a daily traffic count over 42,000 vehicles. Tire Kingdom Plaza is less than two miles from Interstate 75 which is a major roadway connecting the area north to Tampa and west to Fort Lauderdale and has 102,000 vehicles per day.

This property is part of the Palmer Ranch community, which is made up of over 90 subdivisions, apartment communities and assisted-living facilities, and covers approximately 60 square miles and is home to over 20,000 residents. Surrounding national brands include Walmart Neighborhood Market, Publix, Harbor Freight Tools, Pet Supermarket, Massage Envy, Anytime Fitness, Beall’s, Baers Furniture, Bank of America, Applebee’s, Starbucks, Taco Bell, McDonald’s, Wawa, Starbucks, Dunkin Donuts, Walgreens, Days Inn, Quality Inn, Lamborghini, Infiniti, Jaguar, Lexus and many more.

The Subject Property is part of the Sarasota-Bradenton metro area which welcomes an average of four million visitors every year, making tourism a major part of the local economy. The area has very strong demographics with the average household income in one mile at $114,451, $89,106 in three miles, and $95,981 in five miles.

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