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Mavis Discount Tire, Millville, NJ

Mavis Discount Tire

Millville, New Jersey

Price $4,255,000
Cap Rate 5.65%
NOI $240,370
Lease Term 10+ Years Remaining
Lease Type Absolute NNN Lease With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases CPI Increases Every 4 Years Not To Exceed 12% In Initial Term And Option Periods
Year Built 2006
Building Size 8,064 SF
Lot Size 1.14 Acres (49,658 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Long-term absolute NNN lease to corporate tenant with strong financials and a lease guaranty
» Three (3) options of five (5) years each with scheduled rental increases, providing an excellent hedge against inflation
» Mavis Discount Tire’s annual revenue exceeds $1.79 billion
» Mavis Discount Tire operates more than 830 locations in 24 states and has plans for significant future growth

HIGH-TRAFFIC LOCATION IN WELL-POPULATED, GROWING, AND AFFLUENT AREA
» Located at the hard corner of State Route 47/North 2nd Street and Union Crossing Boulevard, with excellent visibility and access to 31,816 vehicles per day
» Central location near highly trafficked New Jersey State Route 55 (26,796 AADT)
» 68,716 residents within a five-mile radius of the property, establishing a stable customer base for the site
» Located in an affluent area, with an average annual household income of $79,792 within a one-mile radius of the site
» Projected 11% average annual household income increase within one mile of the site in the next five years, poising Mavis Discount Tire and Millville for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Centrally located between Cumberland Mall and Union Lake Crossing, two of the largest shopping centers in Millville
» Beneficial proximity to major community hubs, including Rowan College South Jersey – Cumberland Campus (2,989 students) and Lakeside Middle School (1,032 students)
» Immediately surrounded by a strong mix of local and national retailers, including Walmart, Target, Lowe’s Home Improvement, Home Depot, Big Lots, Hobby Lobby, Best Buy, Kohls, Staples, AutoZone Auto Parts, Party City, Sonic Drive-In, Buffalo Wild Wings, Wawa, and many more
» Beneficial proximity to Inspira Medical Center Vineland (262 beds, 3,393 employees), the largest employer in Cumberland County



Property Description

The property is strategically located at the hard corner of State Route 47/North 2nd Street and Union Crossing Boulevard, with excellent visibility and access to 31,816 vehicles per day. The site is also centrally located near a highly trafficked New Jersey thoroughfare, State Route 55 (26,796 AADT). The property is located in a well-populated and affluent area, with 68,716 residents living within a five-mile radius of the site and an average annual household income of $79,792 within one mile of the site. Mavis Discount Tire is poised to grow along with the location, with a projected 11% average annual household income increase within one mile of the site in the next five years.

The property benefits from its central location near many of the region’s largest employers, retailers, and community hubs. The site is located between Cumberland Mall and Union Lake Crossing, two of the largest shopping centers in Millville. The location is also near the Rowan College South Jersey Cumberland Campus, with an annual enrollment of 2,989 students. Inspira Medical Center Vineland (262 beds, 3,393 employees) is located less than 3 miles from the site and is the largest employer in Cumberland County. The site benefits from its proximity to Cumberland Green Apartments (278 units) and is walking distance to Lakeside Middle School (1,032 students). The location is immediately surrounded by a strong mix of local and national retailers, including Walmart, Target, Lowe’s Home Improvement, Home Depot, Big Lots, Hobby Lobby, Best Buy, Kohls, Staples, AutoZone Auto Parts, Party City, Sonic Drive-In, Buffalo Wild Wings, Wawa, and many more.

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