Tire Kingdom Absolute NNN Lease | Jacksonville, FL

10755 Philips Hwy, Jacksonville, FL 32256, USA
$2,130,219

Description

Marcus & Millichap is pleased to present this Tire Kingdom located at 10755 Philips Hwy, Jacksonville, Florida.
The property consists of a 6,720 square foot free-standing retail structure and is situated on a .98 acre parcel. Located within the Butler/Baymeadows submarket of Jacksonville, the property benefits from desirable and strong demographics, with a population of 115,818 and an average household income of $91,501 within a 5-mile radius. Strategically located on Highway US-1 less than 1 mile from the intersection of i95 and i295, the property experiences traffic counts of over 39,000 vehicles per day. The numerous surrounding car dealerships, rental agencies, and auto service shops, create an automotive retail corridor with synergy in the consumer market, making this location ideal for Tire Kingdom.
The Butler/Baymeadows submarket’s strength is made evident by the annual consumer spending above $4.5 Billion within a 5-mile radius of the property. Consumer household spending on transportation and maintenance within a 5-mile radius is $372 million, making it the second largest category behind food and alcohol. Numerous national retailers in the immediate trade area include Walmart Supercenter, Home Depot, Best Buy, McDonald’s, Starbucks, Chick-fil-A, The Avenues Shopping Mall, Ford, Nissan, Chevrolet, Volvo, Enterprise, and many others.
This build to suit 8-bay Tire Kingdom is a well-established location with over 19 years of operation since opening in 2002. As a demonstration of the tenant’s commitment, during their 2nd Option Period in 2017, Tire Kingdom amended a third 5 Year Lease Option with a 2% annual rent increase.
Tire Kingdom is a large American tire store chain located primarily in the southern part of the United States. In the year 2000, it became a subsidiary of TBC Corporation. TBC is headquartered in Palm Beach Gardens, Florida and it owns Tire Kingdom with 180 plus locations, NTB with 450 plus locations, Tire America, Big O Tires with 440 plus locations, and Midas with 2,100 locations.

  • TBC Corporate Guarantee NNN Lease | 180+ Tire Kingdom Stores and 450 NTB Stores
  • Established Build to Suit Location with 19 Years of Operation
  • 2% Annual Increases
  • Close Proximity to Interstate 295 and Interstate 95
  • High Traffic Location Visible to 39K+ Vehicles per Day
  • Population of 115,818 and Average Household Income of $91,501 within a 5-mile Radius
  • Automotive Retail Corridor – Synergy from Surrounding Car Dealerships, Rental Agencies, and Auto Services
  • Annual Consumer Spending of $4.5+ Billion within 5-mile a Radius
  • Absolute Net Lease | No Landlord Responsibilities
  • Florida is a No Income Tax State

Property Documents

  • Tire-Kingdom-Jacksonville-FL-om-ib
  • City: Jacksonville
  • State/county: Florida
  • Zip/Postal Code: 32256
  • Country: United States

Detail

  • Price: $2,130,219
  • Year Built: 2002

Additional details

  • CAP RATE: 6.80%
  • NOI: $144,855

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