Firestone – Bowling Green, KY

$3,200,429
Price
$156,821.04
Noi
4.9%
Cap Rate
6,116
Leasable Area
2019
Year Built

CONTACT US REGARDING THIS LISTING

Ben Schultz

Senior Director

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OFFERING MEMORANDUM

Fortis Net Lease is pleased to present this 6,116 SF. Firestone store located in Bowling Green, Kentucky. The property is encumbered with a Fifteen (15) Year NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and then five (5) Yr. Options to renew. The lease is corporately guaranteed by Bridgestone which holds an Investment Grade credit rating of “A”. The store is open and operating, with rent having commenced in July 2019.

This Firestone store is highly visible as it is strategically positioned on Nashville Rd which sees 18,311 cars per day. The five mile population from the site is 92,738 while the one mile average household income is $43,830 per year, making this location ideal for a Firestone. The area is experiencing great growth with the five mile population growth rate at 8.91%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant. List price reflects an average 5.15% cap rate based on NOI of $156,821.04.

INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• 5% Rental Rate Increases Every 5 Years
• Brand New Construction
• 5 (5 Year) Options | 5% Rental Increase At Each Option
• One Mile Household Income $43,830
• Five Mile Population 92,738 with Expected 8.91% Growth
• One Mile Population Growth Rate 7.05%
• 18,311 Cars Per Day on Nashville Rd
• Bowling Green is the Third Largest City in KY
• Surrounded by National Retailers

Instate Broker of Record: Peter D. Barr | Block + Lot Real Estate, LLC | License #65116