Investment Offering – $4,155,415
32581 US Highway 19 North | Palm Harbor, FL 34684
|NOI: $220,237||Cap Rate: 5.30%|
|Lease Term: 25||Remaining Term: 13.5|
|Lease Type: NNN||Building Sq. Ft.: 6,600|
|Renewal Options: Three (3), Five (5) Year Options|
- Absolute Triple Net Lease Structure provides for a passive, management free income stream
- Long-Term Lease with over 13.5 years remaining on original 25-year base lease term
- Cumulative capped CPI based Rent Increases every 5 years (max 12%) provide for a growing income stream and a hedge against inflation
- Strong Credit Tenant, Lease Guarantor, TBC Corporation ($3.2 Billion in sales), is one of the nation’s largest vertically integrated marketers of tires which dominates both retail and wholesale sectors of the market. TBC Corporation, which consists of company-operated retail stores under various brands; NTB, Tire Kingdom, Merchant’s Tire and Auto Centers and Big O Tire stores. Together, the company operates more than 1,200 locations in 42 states. This lease also carries a separate guarantee with parent company Sumitomo Corporation of America rated ‘A-’ by Standard & Poor’s.
- The tenant’s industry has a strong positive long-term growth forecast.
- Excellent dense infill Palm Harbor Location with approximately 180,000 people within 5 miles with average household income levels of $78,000
- Situated next to a Mobil gas station at a lighted instruction that has approximately 100,000 VPD
- The property has excellent visibility and access. In addition, the property has a large billboard sign generating additional long-term passive income.