Mavis Tires & Brakes – Alachua, FL
Fortis Net Lease is pleased to present this 6,500 SF Mavis Tires & Brakes store located in Alachua, Florida. This 20 year Absolute NNN Lease will require zero landlord responsibilities. The lease offers 10% rental rate increases every 5 years including at each of the 5 (5 Year) Options. The store is currently under construction with rent start & store opening on track for April 2023.
This Mavis Tires & Brakes benefits from excellent visibility as it is located off of the I-75 South exit ramp (I-75 sees 42,500 VPD), off of Highway 441 which sees 28,426 cars per day. It sits adjacent to a Mobil gas station, Dunkin Donuts, and Hampton Inn. Directly across the street is Burger King, Zaxby’s, and Circle K. The five mile population from the site is 44,947. The three mile household income is $82,433. This is a growing area of Florida with the 10 mile population growth rate at 3.74% This investment will offer a new owner continued success due to the strength and proven profitability of the tenant. List price reflects a 5.25% cap rate based on NOI of $183,000.
INVESTMENT HIGHLIGHTS
• 20 Year Absolute NNN Lease | No Landlord Responsibilities
• 10% Rental Rate Increases Every 5 Years
• Five (5 Year) Options Each | 10% Rent Increase at Each
• Just off I-75 S Exit | Adjacent to Mobil, Dunkin Donuts, Hampton Inn
• 0.5 Miles to Publix Anchored Shopping Center
• 10 Mile Population 44,947
• 3 Mile Average Household Income $82,433
• 28,426 Cars Per day on Hwy 441
• 42,500 VPD on I-75
• Mavis is One of the Largest Independent Automotive Service Businesses in the US