Firestone – Brandon, MS

$3,093,127
Price
N/A
Noi
Market
Cap Rate
5,824
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 5,824 SF. Firestone Complete Auto Care store located in Brandon, Mississippi. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and the five (5) Yr. options to renew. The store is currently open, with rent commencing in December 2019 after a complete renovation and retrofitting (Firestone agreed to all Maintenance and Responsibilities). Brand new roof in 2020.

This Firestone store is highly visible as it is strategically positioned on Crossgates Blvd, which sees which sees 15,004 cars per day, just off of Highway 80, which sees 37,454 cars per day. Adjacent to the site is a Kroger anchored shopping center with an estimated 1 million visits/year. The ten mile population from the site is 189,121 while the three mile average household income is $79,231 per year, making this location ideal for a Firestone. The area is steadily growing with the five mile population growth rate at 3.26%. 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 a 5.15% cap rate based on NOI of $159,296.04.

INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• Brand New Roof in 2020 | 5% Rental Rate Increases Every 5 Years
• Adjacent to Kroger Anchored Shopping Center – Estimated 1 Million Visits/Year
• Five (5 Year) Options | 5% Rental Increase At Each Option
• Three Mile Household Income $79,231
• Ten Mile Population 189,121 | 5 Mile Pop. Expected 3.26% Growth
• 15,004 Cars Per Day on Crossgates Blvd
• 37,454 Cars Per Day on Highway 80
• 1 Mile from I-20 (39,230 Cars Per Day)
• 3.6 Miles From Jackson-Medgar Wiley Evers Int’l Airport
• Across the Street From Merit Health Rankin | 134 Bed Hospital

 

Instate Broker of Record: Mathew Laborde | Elifin | License #21862