Firestone – Richmond, KY

$3,442,999
Price
$172,149
Noi
5.0%
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 Richmond, 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 the 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 currently open after being delivered on November 22, 2019.

This Firestone store is highly visible as it is strategically positioned on Eastern Bypass which sees 33,707 cars per day, just a short drive off the I-75 exit which sees 49,768 cars per day. The five mile population from the site is 46,035 while the one mile average household income is $45,190 per year, making this location ideal for a Firestone. The area is experiencing great growth with the three mile population growth rate at 6.05%. 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 5.25% average cap rate based on NOI of $172,149.96.

INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• 5% Rental Rate Increases Every 5 Years
• Brand New Construction | Surrounded by National Retailers & Shopping Centers
• 5 (5 Year) Options | 5% Rental Increase At Each Option
• One Mile Household Income $45,190
• Five Mile Population 46,035 with Expected 5.80% Growth
• Three Mile Population Growth Rate 6.05%
• 33,707 Cars Per Day on Eastern Bypass | 49,768 Cars Per Day on I-75
• 2 Miles from the I-75 Exit
• Richmond is the States 6th Largest City