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Harbor Freight, Beaufort, SC

Harbor Freight

Beaufort, SC 29906

Price $4,661,000
Cap Rate 5.15%
NOI $240,000
Lease Term 15 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 16,000 SF
Lot Size 1.5 Acres (65,340 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Jack Hinson
Brokerage
704. 572.9921
jack.hinson@cushwake.com
CA License #02059267

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

NEW RARE 15-YEAR NET LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New rare 15-year net lease with five (5) five (5) year options, creating a stable, long-term investment
» 10% rental increases every five years in option periods, providing a hedge against inflation
» Net lease requires minimal landlord management, ideal for an out-of-area investor
» Harbor Freight Tools is one of the nation’s fastest growing retailers with over 1,100 stores nationwide, over 20,000 employees, and more than 40 million customers
» On July 28, 2020, Harbor Freight Tools launched its own credit card in partnership with Synchrony (NYSE: SYF), which offers its users substantial value and rewards on a wide variety of tools and equipment at all Harbor Freight locations nationwide

LOCATED IN AN AFFLUENT AND GROWING SOUTH CAROLINA RETAIL CORRIDOR
» High-traffic location along State Route 170/Robert Smalls Parkway (20,800 AADT), significantly increasing traffic to the site
» Population of 48,379 within a five-mile radius of the site, providing a large customer base for the property
» Average annual household income of $76,159 within five miles of the site
» Projected 10 percent average annual household income increase within a five-mile radius of the site in the next five years, poising Harbor Freight and Beaufort for significant
concurrent growth

LOCATED NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Lowe’s Home Improvement, JCPenney, PetSmart, Longhorn Steakhouse, McDonald’s, KFC,
Domino’s Pizza, Arby’s, and many more
» Beaufort is a gateway to several affluent beaches/resorts, including Hilton Head Island
» Beneficial proximity to Marine Corps Air Station Beaufort (population 4,700), attracting significant additional traffic to the site
» Four miles from Beaufort Memorial Hospital (197 beds, 1,800 employees)
» Centrally located near single family housing developments and large apartment and townhouse complexes

NEW 2021 CONSTRUCTION
» 2021 construction featuring latest store designs and concepts
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is conveniently located along State Route 170/Robert Smalls Parkway (20,800 AADT), drawing significant traffic to the site. 48,379 people live within a five-mile radius of the location, providing a large regular customer base for the business. The property is located in an affluent area as well, with an average annual household income of $76,159 within five miles of the site. With a projected 10 percent average annual household income increase within a five-mile radius of the site in the next five years, Harbor Freight and Beaufort are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large employers, retailers, and community hubs. The location is surrounded by many major national retailers, including Walmart Supercenter, Lowe’s Home Improvement, JCPenney, PetSmart, Longhorn Steakhouse, McDonald’s, KFC, Domino’s Pizza, Arby’s, and many others. The property serves as a common gateway to several affluent beaches/resorts, including Hilton Head Island. The site maintains a beneficial proximity four miles from Beaufort Memorial Hospital (197 beds, 1,800 employees), the largest medical facility between Savannah, Georgia, and Charleston, South Carolina and Beaufort County’s second-largest employer. The property is also located near Marine Corps Air Station Beaufort (population 4,700), attracting significant additional traffic to the site.

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