816 Black Horse Pike - Auto Repair FOR SALE


Mount Ephraim, NJ 08059
$2,213,748 USD
248-702-0288
816 Black Horse Pike, Mount Ephraim, NJ for Sale
$2,213,748 USD
Auto Repair - FOR SALE
1/3
null | 6.4% Cap Rate

816 Black Horse Pike
Mount Ephraim, NJ 08059


HIGHLIGHTS

  • 15 Year NN Lease - Minimal Landlord Responsibilities
  • Rental Increase Every 5 Years and Throughout the Option Periods
  • Mavis is One of the Largest Independent Automotive Service Businesses in the U.S.
  • Retrofit to Suit for Tenant in 2019 - Significant Investments were Made into the Building
  • Brand New Roof in 2019 with a 15 Year Warranty
  • Excellent Signage and Access with Strong Traffic Counts on Black Horse Pike - Strong and Heavily Traveled Retail Corridor

OVERVIEW

Encore REIS is please to present this net leased auto repair facility located at 816 Black Horse Pike in Mount Ephraim, NJ. The tenant is Mavis Discount Tire, one of the largest independent automotive service businesses in the U.S. Mavis operates over 1,050 service centers in 29 states and has a total revenue of $1.5 billion. They offer a range of services including tire sales, brakes, alignments, and oil changes. The property features a 15-year double net lease with minimal landlord responsibilities. The lease term commenced on December 2nd, 2019, and has a remaining term of 15+ years, with options for five additional 5-year terms. The current term expires on December 31st, 2039. The lease includes rental increases every 5 years and throughout the option periods. Mavis Tire Supply, LLC is the guarantor of the lease. The property itself is a 7,128 square foot building on a 0.36-acre lot. It was renovated in 2019, with significant investments made into the building, including a brand-new roof with a 15-year warranty. The property is in a prime retail corridor on Black Horse Pike, a heavily traveled road with strong traffic counts. It is situated at a hard corner location, directly across the street from the Audubon Shopping Center, which is anchored by Walmart. Other national tenants in the area include Chick Fil A, Ross Dress for Less, Five Below, and Applebee's. In addition to the property's strong location and tenant profile, the financials of the investment are also attractive. The property is listed for $2,361,332, with a net operating income (NOI) of $141,679. This represents a cap rate of 6.0%. The rent per square foot is $18.4, and the price per square foot is $331.28. It is worth noting that Mavis recently acquired NTB, another major player in the automotive service industry. This acquisition further strengthens Mavis' position as a leading provider of automotive services in the U.S.

FOR SALE DETAILS

PRICE

$2,213,748 USD

PRICE/SF

$316 USD /SF

CAP RATE

6.4%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mavis - 15 Year Lease

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Auto Repair

ADD'L SUBTYPES

Service Station

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1980

SPRINKLERS

-

PARKING SPACES

25

LAND DETAILS

CROSS STREETS

Route 168

LAND ACRES

0.36 AC

LAND SF

15,682 SF

ZONING

Commercial

APN/PARCEL ID

16-00006-11-00001

ASK ABOUT THIS PROPERTY

Deno BistolaridesEncore Real Estate Investment ServicesMore Info
248-702-0288

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Deno BistolaridesEncore Real Estate Investment ServicesMore Info
248-702-0288

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