Auto Parts

Mavis Discount Tire (dba Family Tire)

5429 Hwy 70 West, Morehead City, NC 28557

Listing Price: $2,113,000

Cap Rate
7.14%
Tenant Name
Mavis Discount Tire Center
Years Remaining On Lease
6.9
Gross SF
9,372
Guarantor
Corporate Guarantee
Rentable SF
9,372
Price/Gross SF
$225.46
Lease Type
Double Net
Rent Per Square Feet
$16.11

Investment Overview

Marcus & Millichap is please to present a net leased Mavis Discount Tire Center (dba Family Tire) located in Morehead City, NC. The business, Family Tire, was recently acquired by Tire Engineers which merged with Mavis Corporation. The lease is corporate guaranteed and 7.2 years remaining. The property consists of a 9,372 square foot building built in 2009 and 1.28 acres. Landlord is responsible for roof, structure and major systems. Tenant is responsible property & liability insurance, taxes and maintenance of exterior and interior (CAM).

There is a 10% rent increase starting in December 13, 2022, resulting in an average return of 7.64% over the remaining 7 year term. There are four 5 year options each with 10% rent increases.

February 23, 2018 - Express Oil Change & Tire Engineers and Mavis Discount Tire are merging, creating a company spanning 24 states and more than 830 locations. The merger brings together two of the largest retail tire dealerships in the nation. The deal is being brokered by Golden Gate Capital, a San Francisco-based portfolio company that acquired Express Oil Change last year. Golden Gate Capital is an American Private equity firm based in San Francisco. The firm makes investments in a number of select industries, including technology, financial services, retail and industrial, through leveraged buyout transactions as well as significant minority purchases and growth capital investments

Investment Highlights

  • Corporate Guarantee by Tire Engineers (Mavis Discount Tires)
  • 7.2 Years Remaining with Four 5 Year Options - Built in 2009
  • 10% Increase Each 5 Years - 10% Increase in 2.3 Years
  • Located on NC Hwy 70 - Major Retail Corridor
  • 830 Locations of Mavis, Tire Engineer, Express Oil
  • 7.64% Average Return over Remaining 7.2 Years Term - Options have a 10% Increase

Exclusively Listed By

Auto Parts

Mavis Discount Tire (dba Family Tire)

Listing Price: $2,113,000

Cap Rate
7.14%
Tenant Name
Mavis Discount Tire Center
Years Remaining On Lease
6.9
Gross SF
9,372
Guarantor
Corporate Guarantee
Rentable SF
9,372
Price/Gross SF
$225.46
Lease Type
Double Net
Rent Per Square Feet
$16.11

Investment Highlights

  • Corporate Guarantee by Tire Engineers (Mavis Discount Tires)
  • 7.2 Years Remaining with Four 5 Year Options - Built in 2009
  • 10% Increase Each 5 Years - 10% Increase in 2.3 Years
  • Located on NC Hwy 70 - Major Retail Corridor
  • 830 Locations of Mavis, Tire Engineer, Express Oil
  • 7.64% Average Return over Remaining 7.2 Years Term - Options have a 10% Increase

Investment Overview

Marcus & Millichap is please to present a net leased Mavis Discount Tire Center (dba Family Tire) located in Morehead City, NC. The business, Family Tire, was recently acquired by Tire Engineers which merged with Mavis Corporation. The lease is corporate guaranteed and 7.2 years remaining. The property consists of a 9,372 square foot building built in 2009 and 1.28 acres. Landlord is responsible for roof, structure and major systems. Tenant is responsible property & liability insurance, taxes and maintenance of exterior and interior (CAM).

There is a 10% rent increase starting in December 13, 2022, resulting in an average return of 7.64% over the remaining 7 year term. There are four 5 year options each with 10% rent increases.

February 23, 2018 - Express Oil Change & Tire Engineers and Mavis Discount Tire are merging, creating a company spanning 24 states and more than 830 locations. The merger brings together two of the largest retail tire dealerships in the nation. The deal is being brokered by Golden Gate Capital, a San Francisco-based portfolio company that acquired Express Oil Change last year. Golden Gate Capital is an American Private equity firm based in San Francisco. The firm makes investments in a number of select industries, including technology, financial services, retail and industrial, through leveraged buyout transactions as well as significant minority purchases and growth capital investments

Exclusively Listed By

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