Tire Kingdom West Palm Beach, Florida

$2,000,000
Cap Rate: 6.00%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.00%
Price: $2,000,000
Rentable Square Feet: 6,300
Annual Rent: $120,000
Price PSF: $317.46
Lease Type: NNN
Lease Term: 5 Years
Option Periods: 4, 5-Year Options
Rent Increases: Every 5 Years Starting in 2nd Option
Lease Expiration: 6/30/2025

2770 North Military Trail
West Palm Beach, FL 33409

Investment Highlights

  • Five-Year, Triple Net Lease with Four, Five-Year Renewal Options
  • Rent Increases Every Five Years Throughout Option Periods
  • Additional Land Behind Building for Building Expansion or Possible Additional Use
  • Thousands of Residential Units Located Less Than One Mile from Subject Property Providing Outstanding Base of Customers for Routine Automotive Services
  • Adjacent to a Publix-Anchored Shopping Center

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Tire Kingdom located in West Palm Beach, FL. This Tire Kingdom offers a triple net lease with five years remaining on the base term. There are four, five-year renewal options with rental increases every five years throughout the option periods. This listing is offered at a six percent cap rate with $317.46 per square foot. There is additional land behind the property for building expansion or possible additional use.

Located in West Palm Beach, there are thousands of residential units within less than a mile from the subject property, providing outstanding base of customers for routine automotive services. This Tire Kingdom is adjacent to a Publix-anchored shopping center, with other surrounding national retailers including Publix, Whole Foods Market, KFC, Lowes, Home Depot, McDonald’s, Burger King, Dunkin Donuts, Starbucks, Chili’s Grill & Bar, Chipotle, Wendy’s, Wells Fargo, Ross, Burlington, Marshalls, TJ Maxx and many more.

The subject property is exceptionally located on North Military Trail between I-95 and the Florida Turnpike, just off Okeechobee Boulevard. The area has very strong traffic counts and a population over 230,000 within five miles of the property. The property is also less than five miles from downtown West Pal­m Beach, Palm Beach Outlets and the Palm Beach International Airport. Palm Beach County is Florida’s third most populous with 1.4 million people and is expected to add more than 97,000 citizens through 2023. West Palm Beach has no state income tax and has a low property tax rate, which attracts residents to the metro.

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