Mavis Discount Tire | Minutes from Florida State University

205 N Magnolia Dr, Tallahassee, FL 32301, USA
$3,542,838

Description

Marcus & Millichap is pleased to present for sale this freestanding, single-tenant Mavis Discount Tire located in Tallahassee, FL. 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 eighteen years remaining on the base term. There are four, fiveyear
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 1.29-acre parcel. It is strategically located on Magnolia Drive at a three-way signalized intersection with traffic counts in excess of 33,000 vehicles per day and benefits from 84,688 full-time residents with an average household income exceeding $60,229 within 3-miles.
Since 2000, the five-mile population has increased over 20%. National and Regional retailers in the immediate area include Governor’s Square Mall, Target, Publix, Kohl’s, Best Buy and PetSmart 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 Shopping Destination | Located 1.5 Miles East of Florida State University with an Enrollment of More Than 41,000 Students and 2.4 Miles East of Florida A&M with over 10,000 Students
  • Attractive Rent Increases | 5% Increases Every 5 Years During Lease & Options
  • 2018 Construction Guaranteed by Mavis Southeast, LLC
  • Minimal Landlord Responsibilities | Roof Warranty in Place for 10-Years from Construction (2018)
  • Florida is a “No Income Tax State”

Property Documents

  • City: Tallahassee
  • Zip/Postal Code: 32301
  • Country: United States

Detail

  • Price: $3,542,838

Additional details

  • CAP RATE: 5.25%
  • NOI: $185,999

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