Sherwin Williams – Gadsden, AL
Fortis Net Lease is pleased to present this 6,000 SF Sherwin-Williams store located in Gadsden, AL. The property is encumbered with a NN Lease, leaving minimal landlord responsibilities. The original lease term of 10 years has been extended twice by Sherwin-Williams during the original lease for an additional 5 years, keeping the four (4) five year option periods with 8% rental increase in each. The lease is corporately guaranteed by Sherwin-Williams Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The rent commenced in 2009 proving not only tenants dedication to the site, but also the stability of the surrounding market.
This Sherwin-Williams is highly visible and is strategically positioned on Rainbow Dr. The ten-mile population from the site exceeds 84,000 while the ten-mile average household income exceeds $66,000 per year, making this location ideal for a Sherwin-Williams. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Sherwin-Williams. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, one of the nation’s top paint distributors. List price reflects a 6.15% cap rate based on NOI of $72,000.
• Commitment to Site | Two – (5) Year Early Extensions
• 8+ Years with Four (5) Year Options Remaining
• 27,000+ Vehicles Per Day
• Limited LL Responsibility
• 2009 Build prototype Construction
• Ten Mile Population Exceeds 84,000+
• 8% Rental Increases in Option Periods
• Household Income Exceeds $66,000 In Trade Area
Instate Broker of Record: Randy Thomas | Ponder Properties Real Estate LLC | License #53820