974 New Britain Ave - Auto Repair FOR SALE


West Hartford, CT 06110
$4,217,000 USD
202-536-3754
974 New Britain Ave, West Hartford, CT for Sale
$4,217,000 USD
Auto Repair - FOR SALE
1/2
null | 6% Cap Rate

974 New Britain Ave
West Hartford, CT 06110


HIGHLIGHTS

  • 16-YR ABSOLUTE NNN LEASE
  • STRONG CHAIN PERFORMER
  • 10% BUMPS EVERY 5 YEARS

OVERVIEW

STRONG PERFORMING STORE IN THE CHAIN Ranked #44 out of 119 locations by Placer.ai based on Visits ranking. BEST OF THE BEST LOCATIONS - STRICTLY RETAIL The Town Fair Tire sites being offered were all in the founder’s personal portfolio and are positioned in the chain’s best retail locations. Town Fair Tire strictly sells tires and wheels and are located next to national retailers unlike other tire chains that also offer oil changes and tune-ups and have greater exposure to environmental issues. OVER 50 RECENT SALE COMPS BETWEEN 5.34% TO 6.10% See pages 17-19 to review over 50 sale comps of tire retailers that have all sold at average cap rates between 5.34% and 6.10% including three Town Fair Tires that just sold in December. DURABLE INDUSTRY POSITIONED FOR STRONG GROWTH Since electrical cars weigh more than their gas-powered counterparts, they also wear out tires more quickly which will only increase the demand for tires as the country transitions to electric cars. ZERO LANDLORD RESPONSIBILITIES Tenant has sole responsibility for all operating, capital expenses, roof & structure which removes any Landlord liability and makes this property truly an absolute net-lease investment. LONG TERM ABSOLUTE NNN LEASE W/ BUMPS 16 years remaining on the base term with 10% bumps every 5 years. STRATEGICALLY LOCATED OFF I-84 Located on New Britain Avenue in West Hartford, CT, this Town Fair Tire is easily accessible to 140,000 people living within 3 miles from Exit 41 of I-84. This location benefits from the activity generated by the wide range of retailers within a 3-mile radius. New Britain Avenue transports around 20,100 vehicles daily, providing high visibility to area consumers. This location features an additional building with 4 bays. OVER 2,000 LOCATIONS/PARENT GUARANTY SECURES THE LEASE Town Fair Tire merged with Mavis Inc. in 2019 creating a company with over 2,000 locations. Both Mavis and Town Fair Tire entities are listed as the Tenant, and both are backstopped with a Mavis Tire Express Services TopCo Corp. parent guaranty.

FOR SALE DETAILS

PRICE

$4,217,000 USD

PRICE/SF

$2,039 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Auto Repair

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1987

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.36 AC

LAND SF

15,681 SF

ZONING

BG

APN/PARCEL ID

WHAR-000015H-003771-000974

ASK ABOUT THIS PROPERTY

Dean ZangMarcus & MillichapMore Info
202-536-3754

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Dean ZangMarcus & MillichapMore Info
202-536-3754

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