Mavis Discount Tire | Average Household Income $130,000

3335 Beech Ridge Ct, Tallahassee, FL 32312, USA
$3,585,870

Description

Marcus & Millichap is pleased to present for sale this freestanding, single-tenant Mavis Discount Tire located in Tallahassee, Florida. Tallahassee is the capital of the state of Florida and is the county seat and only incorporated municipality in Leon County. The fee simple lease, backed by Mavis Southeast, LLC, has over seventeen years remaining on the base term. There are four, five-year option periods with a five percent increase in rent. This is an ideal passive investment opportunity with very minimal
landlord responsibilities being offered at five and one-quarter capitalization rate.
The subject property consists of a 7,403 square foot retail space with ample parking on a 1.12-acre parcel. It is strategically located on Beech Ridge Court within the $300 Million masterplanned
community and regional shopping center of Bannerman Crossings with traffic counts in excess of 19,400 vehicles per day and benefits from 30,267 full-time residents with an average household income exceeding $130,643 within three miles.
Since 2000, the one-mile and three-mile populations have increased over 30 percent. National and Regional retailers in the immediate area include Walgreens, Chick-fil-A, Wendy’s, AutoZone, Target, AT&T and Circle K to name a few.
Mavis Discount Tire is one of the largest independent multi-brand tire dealers in the United States and offers a menu of additional services including brakes, alignment, suspension, shocks,
struts, oil changes, battery replacement and exhaust work. Mavis has undergone rapid expansion in the past few years with the acquisitions of Somerset Tire, Sun Tire and Kauffman Tire followed by a merger with Express Oil and Tire Engineers.

  • Mavis Discount Tire Merged with Express Oil in 2018 to Create a Company with 830+ Locations in 24 States
  • Located in Downtown Tallahassee | Capital and 7th Largest City in Florida
  • College Town | Florida State University and Florida A&M with Combined Enrollment of 58,110+
  • Attractive Rent Increases | 5% Increases Every 5 Years During Lease & Options
  • Affluent Area | Average Household Income Exceeds $130,643 within 3-Mile Radius
  • 2017 Construction Guaranteed by Mavis Southeast, LLC
  • Projected Population Growth within one, three and five miles of 16% by 2023
  • Minimal Landlord Responsibilities | Roof Warranty in Place for 15-Years from Construction (2017)
  • Florida is a “No Income Tax State”

Property Documents

  • Mavis-Kauffman-Tallahassee-FL-om-ib
  • City: Tallahassee
  • State/county: Florida
  • Zip/Postal Code: 32312
  • Country: United States

Detail

  • Price: $3,585,870
  • Year Built: 2017

Additional details

  • CAP RATE: 5.25%
  • NOI: $188,258

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