Tire Kingdom – Palm Harbor, FL

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

PROPERTY HIGHLIGHTS

  • 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.

CONTACT US

PAUL TRUPIA III
P: 646.791.0818
paul@kentwoodcapital.com

ED BRESLIN
P: 310.774.3790
ebreslin@kentwoodcapital.com

OFFERING
MEMORANDUM

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