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Auto Dealership

Avis/Budget Car and Truck Rental

10902 N Florida Ave, Tampa, FL 33612

Listing Price: $2,950,000

Cap Rate
5.51%
Tenant Name
Avis Budget Car Rental, LLC
Years Remaining On Lease
6.2
Guarantor
Corporate Guarantee
Rentable SF
5,000
Lease Type
Double Net
Rent Per Square Feet
$32.53

Investment Overview

Marcus & Millichap is pleased to present Avis/Budget Car and Truck Rental, a rare opportunity for an investor to purchase a truly iconic brand in the market of Tampa, FL. Avis Budget Car Rental is a credit rated tenant - rated B3 by Moody's. The tenant recently showed commitment to the site by signing a new 7-year lease extension in December 2020. The subject property is located in the Tampa MSA on North Florida Avenue which sees over 24,000 cars per day. The area has exceptional population migration and density making this a prime location with a proven track record of success.

Investment Highlights

  • Credit Rated Tenant: Avis Budget Car Rental is rated B3 by Moody's
  • AVIS Has Multiple Revenue Streams from Business at this Site Including Auto Sales, Auto Rental Services, Auto Financing and Auto Repair
  • Resilience Through the Pandemic: Avis Budget maintained a strong position during 2020 in spite of this environment.
  • Strong Drivers Nearby: Tampa International Airport, Downtown Tampa, strong student bases from the University of South Florida and University of Tampa, local attractions like Busch Gardens, and professional sporting venues for the Tampa Bay Buccaneers and the Tampa Bay Lightning.
  • Strong Base Increases: There is an upcoming 11% Rent Bump in December 2023 Followed by 3% Annual Rent Increases Thereafter
  • Recent Lease Extension: Tenant Recently Showed Commitment to the Site By Signing a New 7 Year Lease Extension in December 2020
  • AVIS Has Been Operating Successfully at This Location Since November 2017

Exclusively Listed By

Auto Dealership

Avis/Budget Car and Truck Rental

Listing Price: $2,950,000

Cap Rate
5.51%
Tenant Name
Avis Budget Car Rental, LLC
Years Remaining On Lease
6.2
Guarantor
Corporate Guarantee
Rentable SF
5,000
Lease Type
Double Net
Rent Per Square Feet
$32.53

Investment Highlights

  • Credit Rated Tenant: Avis Budget Car Rental is rated B3 by Moody's
  • AVIS Has Multiple Revenue Streams from Business at this Site Including Auto Sales, Auto Rental Services, Auto Financing and Auto Repair
  • Resilience Through the Pandemic: Avis Budget maintained a strong position during 2020 in spite of this environment.
  • Strong Drivers Nearby: Tampa International Airport, Downtown Tampa, strong student bases from the University of South Florida and University of Tampa, local attractions like Busch Gardens, and professional sporting venues for the Tampa Bay Buccaneers and the Tampa Bay Lightning.
  • Strong Base Increases: There is an upcoming 11% Rent Bump in December 2023 Followed by 3% Annual Rent Increases Thereafter
  • Recent Lease Extension: Tenant Recently Showed Commitment to the Site By Signing a New 7 Year Lease Extension in December 2020
  • AVIS Has Been Operating Successfully at This Location Since November 2017

Investment Overview

Marcus & Millichap is pleased to present Avis/Budget Car and Truck Rental, a rare opportunity for an investor to purchase a truly iconic brand in the market of Tampa, FL. Avis Budget Car Rental is a credit rated tenant - rated B3 by Moody's. The tenant recently showed commitment to the site by signing a new 7-year lease extension in December 2020. The subject property is located in the Tampa MSA on North Florida Avenue which sees over 24,000 cars per day. The area has exceptional population migration and density making this a prime location with a proven track record of success.

Exclusively Listed By

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