West Seneca, NY - Pep Boys
$1,425,000
1881 Ridge Rd, West Seneca, NY 14224
6.5
Cap Rate
92,627
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased, Pep Boys investment property located in West Seneca, New York. The tenant, Pep Boys – Manny, Moe & Jack LLC, recently executed a 5-year lease extension, extending the term through August 2031, demonstrating their continued commitment to the site. Additionally, Mavis Tire Express Services Corp. has entered into a definitive agreement to acquire Pep Boys from Icahn Enterprises for approximately $700 million in cash. The transaction will add nearly 800 Pep Boys locations to the Mavis platform and, upon closing, expand the combined network to more than 4,400 automotive service locations across the United States and Canada. The transaction is expected to close in the coming months, further highlighting the strategic value of the Pep Boys operating platform. The lease features two (5-year) renewal options with 15% rental increases at the commencement of each option period, providing steady NOI growth and a hedge against inflation. The lease is structured as NNN, Tenant reimburses taxes, insurance, and common area expenses (including maintenance, repairs, snow removal, landscaping, and related operating costs), while landlord is responsible for roof and structural components.
The Pep Boys is strategically positioned along Ridge Road (24,200 VPD) with convenient access to Interstate 90 (104,800 VPD) and Route 219, two of the area’s primary commuter corridors. The property is located within an established retail node and is surrounded by national and regional tenants including Home Depot, Aldi, Verizon, Tim Hortons, Wendy’s, Burger King, Denny’s, and Monro Auto Service, among others, which drive consistent consumer traffic to the area. The asset benefits from strong visibility, signalized access points, and proximity to dense residential neighborhoods. The 5-mile trade area is supported by a population of over 181,000 with an average household income exceeding $86,000, providing a solid customer base for the tenant.
Location
Gallery
