AutoMasters – Chattanooga, TN
Fortis Net Lease is pleased to present this 2,800 SF. Auto Masters building located in Chattanooga, Tennessee. It is a full service automotive repair facility – performing everything from brakes to tires to engine replacement. The property offers a 10 year Double Net (NN) Lease with minimal landlord responsibilities. There are 9.5 Years remaining on the primary term and the lease offers 2 (5 year) options to renew, each with a rental rate increase of $5,000/month. This store have been open & operating successfully since July of 2022. In addition to the Auto Masters, there is a 10 year lease in place to rent the Billboard on the property for $2,900 annually (which renews automatically for 10 year terms with a 90 day mutual termination right).
This Auto Masters is highly visible as it is strategically positioned on TN-58 which sees 38,071 cars per day. Located in a dense retail area on a main thoroughfare into downtown Chattanooga and surrounded by national retailers – this is an incredible location. The five mile population from the site is 78,174 while the one mile average household income is $64,709 per year, making this location ideal for this Auto Masters. This area is experiencing good growth with the 1 mile population growth rate at 5.43%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of an auto repair facility. List price reflects a 6.00% cap rate based on NOI of $44,620.
INVESTMENT HIGHLIGHTS
• 10 Year Double Net (NN) Lease
• Full Service Automotive Repair Facility
• Minimal Landlord Responsibilities
• Additional Income from Billboard Rental $2,900/Year
• Now Open | July 2022
• Surrounded by National Retailers
• On Main Thoroughfare into Downtown Chattanooga
• 2 (5 Year) Options | $5,000/Month Increases At Each Option
• One Mile Household Income $64,709
• Five Mile Population 78,174
• 38,071 Cars Per Day on TN-58
• Just off Highway 158 Seeing 4,678 Cars Per Day
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.