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Mavis Discount Tire 442 Elizabeth Ave 5,269 SF 100% Leased Retail Building Somerset, NJ 08873 $3,619,048 ($686.86/SF) 5.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term 20-Year Lease Triple Net (NNN) Lease with Zero Landlord Responsibilities
- Attractive Rental Increases of One-and-a-Half Percent (1.50%) Annually After Year Seven (7)
- Approximately 18 Years Remaining
EXECUTIVE SUMMARY
NNN Pro Group is pleased to present the exclusive listing for a Mavis Discount Tire located at 442 Elizabeth Avenue in Somerset, New Jersey. The site consists of roughly 5,269 rentable square feet of building space on estimated 1.02-acre parcel of land. This Mavis Discount Tire is subject to a 20-year absolute triple-net (NNN) lease, which commenced June 17th, 2021. The current annual rent is $190,000 and is scheduled to increase by 1.50% annually starting year 7 and in each of the 6, 5-year renewal options.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
5,269 SF
Building Class
C
Year Built
1988
Price
$3,619,048
Price Per SF
$686.86
Cap Rate
5.25%
NOI
$190,000
Percent Leased
100%
Building Height
1 Story
Building FAR
0.12
Lot Size
1.02 AC
Zoning
M1
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 08-00523-03-00035-07 | Improvements Assessment | $1,900,000 |
| Land Assessment | $500,000 | Total Assessment | $2,400,000 |
PROPERTY TAXES
Parcel Number
08-00523-03-00035-07
Land Assessment
$500,000
Improvements Assessment
$1,900,000
Total Assessment
$2,400,000
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Mavis Discount Tire | 442 Elizabeth Ave
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