Mavis Discount Tire
Newton, NJ
Key Details
| Price: | $3,710,177 |
|---|---|
| Cap Rate: | 5.65% |
| Annual Rent: | $209,625 |
| Address: | 134 Water Street, Newton, New Jersey 07860 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 12/1/2020 |
| Lease Expiration: | 11/30/2040 |
| Lease Term Remaining: | 15.9 Years |
| Rental Increases: | 7.50% Every 5 Years |
| Lot Size: | 1.43 Acres |
| Building Size: | 11,412 SF |
| Year Built: | 1965 |
NNN Pro is pleased to present the exclusive listing for a Mavis Discount Tire located at 134 Water Street, Newton, New Jersey 07860. The site consists of roughly 11412 rentable square feet of building space on an estimated 1.43-acre parcel of land. This Mavis Discount Tire is subject to a 20-year Triple Net (NNN) lease, which commenced 12/1/2020. The current annual rent is $209,625 and has scheduled increases of 7.50% Every 5 Years.
About the Investment
- Long-Term Triple Net (NNN) Lease | The subject property is subject to a long-term, triple net (NNN) lease with 16 years remaining. The lease has no landlord responsibilities.
- Strong Corporate Guarantee | The lease is subject to a strong corporate guarantee from Mavis Tire Express Services TopCo Corp, a 2000+ unit guarantee, the largest tire service operator in the US. Mavis currently operates the following brands with a highly diversified business mix: Mavis Discount Tire, Express Oil Change, Brakes Plus, NTB, Tire Kingdom, Tuffy Tire, and Town Fair Tire.
- Recession Resistant Due to Non Discretionary Nature of Services | The tire services business is highly recession-resistant. During COVID-19, tire shops and maintenance experienced an average revenue increase of 44%.
- Attractive Rent Increases and Renewal Options | The lease features scheduled increases of 7.50% every 5 years. It is also subject to 6, 5-year options to extend lease term for an additional 30 years.
Key Details
| Price: | $3,710,177 |
|---|---|
| Cap Rate: | 5.65% |
| Annual Rent: | $209,625 |
| Address: | 134 Water Street, Newton, New Jersey 07860 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 12/1/2020 |
| Lease Expiration: | 11/30/2040 |
| Lease Term Remaining: | 15.9 Years |
| Rental Increases: | 7.50% Every 5 Years |
| Lot Size: | 1.43 Acres |
| Building Size: | 11,412 SF |
| Year Built: | 1965 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Alexandre Marietto
amarietto@nnnpro.com
License: NY: 10401294047
Kyle Karsian
kkarsian@nnnpro.com
License: NY: 10401321452
Broker of Record
Brian Brockman
Bang Realty-New Jersey, Inc
License: 2078547
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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.