Main Street Auto
Richmond, KY
Key Details
| Price: | $2,928,571 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $205,000 |
| Address: | 376 Big Hill Avenue, Richmond, Kentucky 40475 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Expiration: | 20 Years from Close of Escrow |
| Lease Term Remaining: | 20 Years |
| Rental Increases: | 2.00% Annually |
| Lot Size: | 0.61 Acres |
| Building Size: | 7,405 SF |
NNN Pro and Bang Realty are pleased to present the exclusive listing for a Main Street Auto located at 376 Big Hill Avenue, Richmond, Kentucky 40475. The site consists of roughly 7405 rentable square feet of building space on an estimated 0.61-acre parcel of land. This Main Street Auto is subject to a 20-year Triple Net (NNN) lease, which will commence upon close of escrow. The annual rent will be $205,000 and has scheduled increases of 2.00% Annually.
About the Investment
- Long-Term, 20-Year Absolute Triple Net (NNN) Lease | At closing the tenant will execute a brand new 20-year absolute triple-net lease. The lease will have no landlord responsibilities.
- Attractive Rental Increases | The lease will feature 2.00% rental increases annually.
- Corporate Guarantee | The lease will be subject to a strong corporate guarantee from Main Street Auto. Main Street Auto is a rapidly growing operator of automotive repair shops in the southeast. They currently operate ~70 locations and are on target to operate 100 locations by the end of 2024
- Several Tenant Renewal Options | The lease will feature 4, 5-year renewal options, which bring the ultimate lease term to 40 years.
Key Details
| Price: | $2,928,571 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $205,000 |
| Address: | 376 Big Hill Avenue, Richmond, Kentucky 40475 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Expiration: | 20 Years from Close of Escrow |
| Lease Term Remaining: | 20 Years |
| Rental Increases: | 2.00% Annually |
| Lot Size: | 0.61 Acres |
| Building Size: | 7,405 SF |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Edward Otocka
eotocka@nnnpro.com
License: NY: 10401298466
Francis Purritano
fpurritano@nnnpro.com
License: NY: 10401333619
Howard Curd
hcurd@nnnpro.com
License: NY: 10401339720
Walker Stevens
wstevens@nnnpro.com
License: NY: 10401381479
Broker of Record
Brian Brockman
Bang Realty, Inc
License: 204982
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.