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Car-X (Corporate)

6645 Penn Ave S, Richfield, MN 55423

Listing Price: $1,050,000

Cap Rate
6.50%
Tenant Name
CarX
Years Remaining On Lease
4.8
Gross SF
3,872
Guarantor
Corporate Guarantee
Rentable SF
3,872
Price/Gross SF
$271.18
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$17.63

Investment Overview

Marcus & Millichap is pleased to present this single tenant CarX property for sale with just under ?ve years remaining on a triple-net lease, Corporately Guaranteed by Monroe Muf?er Brake. Tenant is responsible for roof and parking lot while landlord is responsible for structure. Subject location has been operated as a CarX since 1988 and was acquired by corporate in 2016 demonstrating the strength and desirability of the location. Tenant has remained open and paid full rent during COVID-19. The surrounding area has an abundance of other strong retailers such as CVS, Dunkin, Sherwin William's, Taco Bell, McDonald's, Starbucks, Caribou Coffee, Goodyear, Firestone and Jiffy Lube, just to name a few. In addition, the subject CarX is located less than a mile from Southdale Center, a 1.3 Million square foot shopping mall located in Edina, one of Minnesota's most prestigious communities. Southdale Center, which opened in 1956, is anchored by Macy’s and, Life Time Edina Southdale. Southdale includes over 120 specialty stores ranging from women's apparel to gifts and jewelry. Among the 120 specialty stores are Michael Kors, Madewell, Brighton Collectibles, J. Crew, Sephora, and The Apple Store. The mall also features a wide variety of dining options from sit down restaurants such as Cheesecake Factory and P.F Chang's, to grab and go choices such as Qdoba Mexican Grill and Panda Express.

Investment Highlights

  • Corporately Guaranteed NNN Lease With Monroe Muffler Brake
  • Densely Populated Area With 314K People Within 5 Miles
  • Affluent Area With Average Household Income of $123K Within Three Miles
  • Location Operated as CarX Since 1988
  • Corporate Acquired This Location in 2016
  • Densely Populated Area With 314K People Within Five Miles
  • Conservative Rent at $17.63 PSF

Exclusively Listed By

Financing By

Auto Service - Gas-Conv

Car-X (Corporate)

Listing Price: $1,050,000

Cap Rate
6.50%
Tenant Name
CarX
Years Remaining On Lease
4.8
Gross SF
3,872
Guarantor
Corporate Guarantee
Rentable SF
3,872
Price/Gross SF
$271.18
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$17.63

Investment Highlights

  • Corporately Guaranteed NNN Lease With Monroe Muffler Brake
  • Densely Populated Area With 314K People Within 5 Miles
  • Affluent Area With Average Household Income of $123K Within Three Miles
  • Location Operated as CarX Since 1988
  • Corporate Acquired This Location in 2016
  • Densely Populated Area With 314K People Within Five Miles
  • Conservative Rent at $17.63 PSF

Investment Overview

Marcus & Millichap is pleased to present this single tenant CarX property for sale with just under ?ve years remaining on a triple-net lease, Corporately Guaranteed by Monroe Muf?er Brake. Tenant is responsible for roof and parking lot while landlord is responsible for structure. Subject location has been operated as a CarX since 1988 and was acquired by corporate in 2016 demonstrating the strength and desirability of the location. Tenant has remained open and paid full rent during COVID-19. The surrounding area has an abundance of other strong retailers such as CVS, Dunkin, Sherwin William's, Taco Bell, McDonald's, Starbucks, Caribou Coffee, Goodyear, Firestone and Jiffy Lube, just to name a few. In addition, the subject CarX is located less than a mile from Southdale Center, a 1.3 Million square foot shopping mall located in Edina, one of Minnesota's most prestigious communities. Southdale Center, which opened in 1956, is anchored by Macy’s and, Life Time Edina Southdale. Southdale includes over 120 specialty stores ranging from women's apparel to gifts and jewelry. Among the 120 specialty stores are Michael Kors, Madewell, Brighton Collectibles, J. Crew, Sephora, and The Apple Store. The mall also features a wide variety of dining options from sit down restaurants such as Cheesecake Factory and P.F Chang's, to grab and go choices such as Qdoba Mexican Grill and Panda Express.

Exclusively Listed By

Financing By

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