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Auto Parts

MIDAS

158 E Main Rd, Middletown, RI 02842

Listing Price: $1,565,000

Cap Rate
5.75%
Tenant Name
Midas
Gross SF
4,085
Guarantor
Franchisee Guarantee
Rentable SF
4,085
Price/Gross SF
$383.11
Lease Type
Absolute Net
Rent Per Square Feet
$22.03

Investment Overview

Marcus & Millichap is proud to exclusively offer for sale the Midas located at 158 E Main Road, Middletown Rhode Island. The subject property is a 5,900 square foot auto service center with six service bays situated on a site that is just under an acre in size. Located at a signalized intersection in the heart of a busy retail corridor, the property sees more than 43,000 vehicles per day. The surrounding area is affluent and densely populated, with more than 50,000 residents within 5 miles of the property and an average household income of more than $110,000, well above the national average. The property is situated on a four-lane state highway with a dedicated turning lane into the site. There are several national and regional tenants in the area, including BJ’s Wholesale Club, AutoZone, CVS, Walgreens, Wendy’s, Burger King, Chipotle, Taco Bell, Starbucks, Dunkin’ and many more. This is a sale-leaseback opportunity. At the close of escrow, the seller will sign a new 10-year lease that includes (4) 5-year options. The lease will contain healthy 10% rent increases at the beginning of the sixth year of the base term as well as at the start of each option period.

Investment Highlights

  • Sale/ Leaseback with a new 10-year lease plus options signed at close of escrow
  • Healthy 10 percent increases every five years of base term and in each option period
  • Top 5 Midas franchisee with 40 + years of experience as a Midas operator
  • Premier retail location with traffic counts of more than 43,000 VPD

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    (718) 475-4360

    License(s) RI: REC.0018863

    Rhode Island

Listing Price: $1,565,000

Cap Rate
5.75%
Tenant Name
Midas
Gross SF
4,085
Guarantor
Franchisee Guarantee
Rentable SF
4,085
Price/Gross SF
$383.11
Lease Type
Absolute Net
Rent Per Square Feet
$22.03

Investment Highlights

  • Sale/ Leaseback with a new 10-year lease plus options signed at close of escrow
  • Healthy 10 percent increases every five years of base term and in each option period
  • Top 5 Midas franchisee with 40 + years of experience as a Midas operator
  • Premier retail location with traffic counts of more than 43,000 VPD

Investment Overview

Marcus & Millichap is proud to exclusively offer for sale the Midas located at 158 E Main Road, Middletown Rhode Island. The subject property is a 5,900 square foot auto service center with six service bays situated on a site that is just under an acre in size. Located at a signalized intersection in the heart of a busy retail corridor, the property sees more than 43,000 vehicles per day. The surrounding area is affluent and densely populated, with more than 50,000 residents within 5 miles of the property and an average household income of more than $110,000, well above the national average. The property is situated on a four-lane state highway with a dedicated turning lane into the site. There are several national and regional tenants in the area, including BJ’s Wholesale Club, AutoZone, CVS, Walgreens, Wendy’s, Burger King, Chipotle, Taco Bell, Starbucks, Dunkin’ and many more. This is a sale-leaseback opportunity. At the close of escrow, the seller will sign a new 10-year lease that includes (4) 5-year options. The lease will contain healthy 10% rent increases at the beginning of the sixth year of the base term as well as at the start of each option period.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President / District Manager

    (718) 475-4360

    License(s): RI: REC.0018863

    Rhode Island

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