Tire Shop - Ave Q & Clovis Hwy

Retail-Commercial for Sale
Catylist Listing ID: 30334309
Property Subtypes: Free-Standing Building, Vehicle Related
Building Size (RSF): 9,265 SF
Gross Building Area: See Agent
Sale Price: $525,000
Unit Price: $56.66 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 11/6/2018

Overview / Comments

Tenant and Landlord both have the right to early
termination of the current lease with 60 days notice. The
Tenants right to terminate expires 9/31/2019. Landlord
has right to terminate throughout the term of the lease.

The building is currently under a Lease Agreement with Victor Baez dba Kings Tire Service. Current lease rate is $4,000/Mo, which escalates to $5,500 in July of 2019 for the remainder of the term. Tenant has Right of First Refusal to purchase the property though 12/31/2018. After that date the Tenant still has a Right of First Refusal based on a firm offer from a purchaser. The Cap Rate is currently 10.4%, but goes up to 14.3% until the expiration of the Lease Agreement.

Attachments & Media

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Highway Access: Hwy 84, Marsha Sharp via Ave Q
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,321 75,875 169,549
Median Age: 27.77 28.55 31.01
Households: 4,069 26,481 64,477

Contact

Photograph of Listing Agent

William Young

Westar Commercial Realty, LLC West Texas CIE Member
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