Investment Offering
Scottsboro, AL - Mavis Discount Tire
24540 John T Reid Parkway | Scottsboro, AL 35768
$1,250,000
Price5.2%
Cap Rate$65,000
NOI6,925
± SF Offering GLA1.86
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, freestanding, Mavis Discount Tire investment property located in Scottsboro, Alabama (Huntsville MSA). The tenant, Mavis Southeast, LLC, recently signed a brand new 20-year lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Mavis continues to grow with the acquisition of Cole Muffler Brake in 2008, Somerset Tire in 2015, Kauffman Tire in 2018 and its recent merger with Express Oil and Tire Engineers and now leads a combined company of more than 879 locations across 24 states. The property is now open for business and features brand new top-of-the-line construction with a modern design and first-class amenities.
Location
Mavis is located at the signalized, hard corner intersection of John T. Reid Parkway and State Highway 35, which supports over 51,000 vehicles per day. A second signalized intersection is located on the service drive (adjacent entrance to center). The asset is ideally situated within The Shops of Scottsboro a brand new 84,000 SF Publix and TJ Maxx anchored center, greatly increasing consumer traffic to the immediate area. Furthermore, the site is positioned across from Scottsboro Marketplace, a Walmart shadow anchored center that’s home to Ashley Furniture, Hibbett Sports, and more. Other nearby national/credit tenants include Walmart Supercenter, Home Depot, Tractor Supply, CVS, Family Dollar, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. The site benefits from excellent visibility via a large pylon sign that’s visible from John T. Reid Parkway (30,200 VPD), the major retail thoroughfare serving the area. The 25-mile subject trade area is supported by more than 127,000 residents and 37,000 daytime employees who earn an average household income of more than $79,000.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215