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Auto Service - Gas-Conv

Mavis Discount Tire - Johnston, RI

2760 Hartford Ave, Johnston, RI 02919

Listing Price: $3,000,000

Cap Rate
5.60%
Tenant Name
Mavis Tire Supply LLC
Years Remaining On Lease
9.5
Guarantor
Corporate Guarantee
Rentable SF
7,500
Lease Type
Double Net
Rent Per Square Feet
$22.40

Investment Overview

Single-tenant net lease opportunity located in the Providence, RI MSA. Mavis Discount Tires, the largest tire dealer in the U.S., acquired the former operator (Melvin's Tire Pros) at the end of July 2022 and signed a 10-year lease with attractive 10% rent bumps every five years. The building features a six-year-old roof with a transferrable warranty. Melvin's has been in business for 40+ years solidifying its market dominance in the New England area. The property is surrounded by multiple national tenants and seats on U.S. Route 6.

Investment Highlights

  • Single-Tenant Net Lease Tire Shop Portfolio - Located in the Providence Rhode Island MSA
  • Leased to Mavis Discount Tire - Mavis is the Largest Tire Dealer in the U.S.
  • The tenant Recently Signed a 10-Year Lease - 10% Increases Every Five Years | (3) Five-Year Options
  • Minimal Landlord Responsibilities - Double Net Plus Lease (Roof & Structure on Landlord)
  • Mavis Acquired the Former Operator in July 2022 - Formerly Melvin's Tire Pros & Auto Service Centers
  • Historical Occupancy | Market Dominance - Melvin's has been in business for 40+ Years
  • The Building Features a new Roof Replaced in 2017 - Includes Transferrable Warranty

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s) RI: REB.0019374

    Rhode Island

Financing By

Auto Service - Gas-Conv

Mavis Discount Tire - Johnston, RI

Listing Price: $3,000,000

Cap Rate
5.60%
Tenant Name
Mavis Tire Supply LLC
Years Remaining On Lease
9.5
Guarantor
Corporate Guarantee
Rentable SF
7,500
Lease Type
Double Net
Rent Per Square Feet
$22.40

Investment Highlights

  • Single-Tenant Net Lease Tire Shop Portfolio - Located in the Providence Rhode Island MSA
  • Leased to Mavis Discount Tire - Mavis is the Largest Tire Dealer in the U.S.
  • The tenant Recently Signed a 10-Year Lease - 10% Increases Every Five Years | (3) Five-Year Options
  • Minimal Landlord Responsibilities - Double Net Plus Lease (Roof & Structure on Landlord)
  • Mavis Acquired the Former Operator in July 2022 - Formerly Melvin's Tire Pros & Auto Service Centers
  • Historical Occupancy | Market Dominance - Melvin's has been in business for 40+ Years
  • The Building Features a new Roof Replaced in 2017 - Includes Transferrable Warranty

Investment Overview

Single-tenant net lease opportunity located in the Providence, RI MSA. Mavis Discount Tires, the largest tire dealer in the U.S., acquired the former operator (Melvin's Tire Pros) at the end of July 2022 and signed a 10-year lease with attractive 10% rent bumps every five years. The building features a six-year-old roof with a transferrable warranty. Melvin's has been in business for 40+ years solidifying its market dominance in the New England area. The property is surrounded by multiple national tenants and seats on U.S. Route 6.

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s): RI: REB.0019374

    Rhode Island

Financing By

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