1282 Park Ave W - Auto Repair FOR SALE


Mansfield, OH 44906
$984,828 USD
847-562-8500
1282 Park Ave W, Mansfield, OH for Sale
$984,828 USD
Auto Repair - FOR SALE
1/6
null | 7.25% Cap Rate

1282 Park Ave W
Mansfield, OH 44906


HIGHLIGHTS

  • Located midway between Columbus and Cleveland via Interstate 71
  • Low rent per foot ($8.60/SF)
  • Occupied by Firestone since the 1970’s
  • Multiple lease extensions executed which demonstrates commitment
  • Kroger outparcel
  • U-Haul recently redeveloped the space next to Kroger into a multi-million-dollar, climate controlled, self-storage facility

OVERVIEW

The Boulder Group & Bang Realty are pleased to exclusively market for sale a single tenant net leased Firestone property located Mansfield, Ohio. Firestone has been operating at this location since the 1970s and has executed multiple lease extensions which demonstrates their commitment to the location. The current lease runs through January 2030 and has three 5-year renewal options. There are 10% scheduled rental escalations at the start of each option. Firestone is currently paying a low rent of $8.60 PSF. Additionally, Firestone’s parent company, Bridgestone, is investment grade rated (S&P: A). The 8,304 square foot building is located along Park Avenue West which experiences over 18,500 vehicles per day. The subject property is located on an outparcel to Kroger and U-Haul. U-Haul recently redeveloped the space next to Kroger into a multi-million-dollar, climate controlled, self-storage facility that has drawn additional traffic to the shopping center. Neighboring tenants in the area include Walgreens, Chase Bank, Arby’s, Family Dollar, Taco Bell, Burger King, Long John Silvers, Little Caesar’s, AutoZone, O’Reilly Auto Parts, Buick, GMC, Nissan, and Honda. There are 68,372 people living within five miles of the property who earn an average annual household income of $65,473. Lastly, Firestone is one mile west of Mansfield Senior High School and less than two miles south of US Route 30 (32,650 VPD). Firestone Tire is an American tire company founded by Harvey Firestone in 1900. Bridgestone was founded in 1931 in Japan and became Japan’s largest tire manufacturer. In 1988 Bridgestone acquired Firestone to transform into the world’s largest tire and rubber company with 2,200 locations, 143,600 employees and $28.7 Billion in Revenue. The operations in the Americas were renamed Bridgestone/Firestone, Inc and Bridgestone Retail Operations, LLC, comprises the entire U.S. retail division of Bridgestone/Firestone. Bridgestone is the ultimate parent company of the tenant. Bridgestone (NYSE: BRDCY) is ranked #365 on the Fortune 500 list and has an A credit rating with S&P and A2 with Moody’s.

FOR SALE DETAILS

PRICE

$984,828 USD

PRICE/SF

$118 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Firestone

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Auto Repair

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1964

SPRINKLERS

-

PARKING SPACES

40

LAND DETAILS

LAND ACRES

1 AC

LAND SF

43,560 SF

ZONING

-

APN/PARCEL ID

027-03-091-17-000

ASK ABOUT THIS PROPERTY

Jimmy GoodmanThe Boulder GroupMore Info
847-562-8500

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Jimmy GoodmanThe Boulder GroupMore Info
847-562-8500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.