Harbor Freight Tools Store, NNN

Highlights:

• Great 1031 Tax Exchange! Stabilized Asset with a long term corporate guaranteed Tenant- HARBOR FREIGHT TOOLS.
• Property Recently Redeveloped: In 2016 the property was structurally improved, and roof was replaced. In 2018 the Tenant significantly Improved for its use.
• Low-Rate Assumable Financing: Originally a 15- year loan with a 3.6% fixed interest rate, which will be paid-off in less than 10.5 years.
• Excellent Location: Property is Located on a busy Burbank retail corridor across the street from The Tesla gallery store, the New Ikea parking lot entrance, and a host of other credit tenants.
• Strong Demographics: Burbank has a dense population and solid demographics with Approximately 87,000 people in a 2-mile radius with an average household annual income of approximately $104,000.

Description:

Kidder Mathews is pleased to present For Sale, an ideal generational 1031 tax exchange opportunity in Burbank! This 14,295 SF stand-alone retail store on a 29,045 SF lot is set up with a stable low risk long-term NNN credit tenant, and a 3.6% 15-year fixed assumable loan. The loan is amortized over 15 years, as of January 2025, the balance would be paid off in 10.5 years. (Loan amount represents approximately 34% LTV). The loan amortization schedule is available upon request. The property sits in a choice Burbank corridor across the street from the Burbank Ikea store entrance (Largest in N. America), The Tesla gallery dealership, and it is accompanied, within blocks, by: Ralphs, CVS, Starbucks, The Habit, Walgreens, Trader Joes, CarMax, Chevron, Home Depot, the Interstate 5 Freeway, and less than a mile from the Burbank Town Center shopping mall that features over 100 retail shops.

TENANT: HARBOR FREIGHT TOOLS is a privately held tool and equipment retailer headquartered in Calabasas, CA. They operate over 1,500 Locations in 48 states with approximately $6.5 Billion Dollars in annual revenue.

LEASE: The Tenant is in their 6th year of a 15 year term, with 4 (5 year) options to renew. The Tenant is responsible for all the maintenance and repairs except for roof and structure, and the rent increases 10% every 5 years.

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