Pep Boys
Winchester, VA
Key Details
| Price: | $4,112,000 |
|---|---|
| Cap Rate: | 6.25% |
| Annual Rent: | $257,000 |
| Address: | 2001 South Pleasant Valley Road, Winchester, Virginia 22601 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 25 Years |
|---|---|
| Lease Commencement: | 7/30/2008 |
| Lease Expiration: | 7/31/2033 |
| Lease Term Remaining: | 8.5 Years |
| Rental Increases: | 8.00% Every 5 Years |
| Lot Size: | 2.85 Acres |
| Building Size: | 18,600 SF |
| Year Built: | 1997 |
NNN Pro is pleased to present the exclusive listing for a Pep Boys located at 2001 South Pleasant Valley Road, Winchester, Virginia 22601. The site consists of roughly 18600 rentable square feet of building space on an estimated 2.85-acre parcel of land. This Pep Boys is subject to a 25-year Triple Net (NNN) lease, which commenced 7/30/2008. The current annual rent is $257,000 and has scheduled increases of 8.00% Every 5 Years.
About the Investment
- Absolute NNN Corporate Pep Boys Lease with Over 8.5 Years Remaining on Primary Term Pep Boys is owned by Icahn Automotive, LLC which was formed by its parent company Icahn Enterprises, LP (NASDAQ: IEP).
- 8% Rent Increase Occurs in 3 and 1/2 Years That Increases Cap Rate to a 6.75 Cap The rent bump of 8% in August 2028 will increase the cap rate based on the list price to 6.75%.
- Early 10 Year Lease Extension Completed a Couple Years Ago | The tenant recently executed a 10 year extension demonstrating it's long term commitment to this location.
Key Details
| Price: | $4,112,000 |
|---|---|
| Cap Rate: | 6.25% |
| Annual Rent: | $257,000 |
| Address: | 2001 South Pleasant Valley Road, Winchester, Virginia 22601 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 25 Years |
|---|---|
| Lease Commencement: | 7/30/2008 |
| Lease Expiration: | 7/31/2033 |
| Lease Term Remaining: | 8.5 Years |
| Rental Increases: | 8.00% Every 5 Years |
| Lot Size: | 2.85 Acres |
| Building Size: | 18,600 SF |
| Year Built: | 1997 |
Talk to the Pros
David Weber
dweber@nnnpro.com
License: VA: 0225099500 | MD: 574119 | DC: SP98363183
Ken Tamres
ktamres@nnnpro.com
License: VA: 0225205054
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Broker of Record
Brian Brockman
Bang Realty, Inc
License: 225245999
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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.