Investment Overview

Marcus & Millichap is pleased to present the Tire Warehouse property located at 658 Pearl Street in Gardner, Massachusetts. The property consists of a 5,020 SF building on a 2.79-acre lot. The site is located near the intersection of Route 140 and Route 101 (Pearl Street), two main thoroughfares in the area that see a combined total of 23,000 vehicles per day. The tenant has been in continuous operation at this site for nearly 30 years, with just over two years of term remaining in their current lease and (4) 5-year options to renew. The lease features annual increases, and is Absolute Net, with the tenant responsible for all maintenance and expenses related to the property. Tire Warehouse is a subsidiary of Monro, Inc, a credit rated corporation. Since its founding in 1957, Monro, Inc. has grown to be a prominent player in the automotive service industry, operating 1,300 stores with 9,000 service bays nationwide, and is publicly traded under the ticker symbol MNRO. As of fiscal year 2023, the company reported annual sales of approximately $1.4 billion. The tenant reports sales quarterly, and those sales have been trending upward consistently for at least the past four years. The rent-to-sales ratio in 2019 was under 5%, and it has only improved since, with the last reported sales resulting in a microscopic 3.17% rent-to-sales ratio.