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Auto Service - Gas-Conv

Pep Boys

1375 Marketplace Dr, Rochester, NY 14623

Listing Price: Request For Offer

Tenant Name
Pep Boys
Years Remaining On Lease
6.2
Gross SF
22,358
Guarantor
Corporate Guarantee
Rentable SF
22,358
Lease Type
NNN Ground Lease
Rent Per Square Feet
$6.75

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for an Absolute Triple Net Ground Lease Pep Boys in Henrietta, NY (Rochester MSA). There are just over six years remaining on the lease followed by two five-year options. NOI will increase by 10 percent in September 2022 to $166,092 the remaining five years of the lease. Pep Boys is located only 0.2 miles off Interstate 390 which has an average of 69,920 vehicles per day. Rochester is the fastest growing area in the region with over $2.5 billion dollars invested since 2000. Over $770 million is being invested in Downtown in 2020 by both the public and private sector. World-class festivals, museums, concerts, sporting events, and food options draw in more than five million annual visitors. The area is very densely populated with more than 500,000 people residing within ten miles. The Pep Boys: Manny, Moe & Jack (branded and commonly abbreviated as Pep Boys) is an American automotive aftermarket retail and service chain. In 1921, four Navy buddies spotted an emerging market for auto supplies stores and pooled $800 to open the first one in Philadelphia, Pennsylvania. Since then, Pep Boys has been ahead of its time in the business world, weathering several economic events to remain one of the most widely known aftermarket auto parts and service brands in the country today.

Investment Highlights

  • Corporate Operated and Credit-Rated Guarantee (S&P BB+ Rating)
  • Essential Retail Tenant with Over 930 Stores in the US and Puerto Rico
  • Absolute Net Ground Lease (No Landlord Responsibilities)
  • Tenant is Responsible for taxes, insurance, and General Maintenance
  • Current Rent is at 50% of Market Rent
  • Rent Increases in September 2022 and with Commencement of Each Option Period

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    (212) 430-5100

    License(s) NY: 10311205789

    New York

Listing Price: Request For Offer

Tenant Name
Pep Boys
Years Remaining On Lease
6.2
Gross SF
22,358
Guarantor
Corporate Guarantee
Rentable SF
22,358
Lease Type
NNN Ground Lease
Rent Per Square Feet
$6.75

Investment Highlights

  • Corporate Operated and Credit-Rated Guarantee (S&P BB+ Rating)
  • Essential Retail Tenant with Over 930 Stores in the US and Puerto Rico
  • Absolute Net Ground Lease (No Landlord Responsibilities)
  • Tenant is Responsible for taxes, insurance, and General Maintenance
  • Current Rent is at 50% of Market Rent
  • Rent Increases in September 2022 and with Commencement of Each Option Period

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for an Absolute Triple Net Ground Lease Pep Boys in Henrietta, NY (Rochester MSA). There are just over six years remaining on the lease followed by two five-year options. NOI will increase by 10 percent in September 2022 to $166,092 the remaining five years of the lease. Pep Boys is located only 0.2 miles off Interstate 390 which has an average of 69,920 vehicles per day. Rochester is the fastest growing area in the region with over $2.5 billion dollars invested since 2000. Over $770 million is being invested in Downtown in 2020 by both the public and private sector. World-class festivals, museums, concerts, sporting events, and food options draw in more than five million annual visitors. The area is very densely populated with more than 500,000 people residing within ten miles. The Pep Boys: Manny, Moe & Jack (branded and commonly abbreviated as Pep Boys) is an American automotive aftermarket retail and service chain. In 1921, four Navy buddies spotted an emerging market for auto supplies stores and pooled $800 to open the first one in Philadelphia, Pennsylvania. Since then, Pep Boys has been ahead of its time in the business world, weathering several economic events to remain one of the most widely known aftermarket auto parts and service brands in the country today.

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    (212) 430-5100

    License(s): NY: 10311205789

    New York

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