Service Street Auto Repair

Highlights:

• High Profile Tenant - Multiple Unit Operator
• Brand New 20-Year Abs. NNN Lease with Growing Rental Increases | 10% every 5 years provides an investor increasing cash flow and helps ensure value appreciation
• 2022 Grand Opening - Full Renovation
• Excellent Visibility & Access from State Highway33 (Maynardville Highway) | ±22,000 VPD
• Excellent Demographics for Automotive Repair Use | AHHI over $90,000 within a 3-mile radius
• Strong Presence In Fast-Growing Knoxville Market | Top 10 metros in the US for net inbound migration rates

Description:

Faris Lee Investments is pleased to present a brand new STNL freestanding, Corporate Service Street Auto Repair on a long term 20 years absolute NNN Lease. The subject property has rental increases of 10% every 5 years through the initial term and option periods, which helps against inflation and increase return on investment. Service Street has multiple options to renew the lease term for a potential term of 40 years. The property underwent a full renovation in 2022.

The Tenant, MWGS, LLC, has approximately 7 Locations in Tennessee and is doing business as Service Street Auto Repair. Silver Oak Services Partner’s goal is to grow the Service Street concept to 100 locations. Service Street Auto Repair is a subsidiary of Drive Automotive Services, a leading full-service operator of automotive repair shops that operates multiple brands in high-growth metro markets across the United States. Drive Automotive Services operates the following brands: Service Street, Kerry’s Car Care, & Elite Auto Repair. There are over 27 locations under Drive Automotive and growing.


The subject property is ideally located on State Highway 33 (Maynardville Highway) with excellent visibility and access. State Highway 33 is near the intersection of US Hwy 441 and State Highway 131. The demographics in the immediate trade area include an average household income over $90,000 and an estimated population of approximately 70,000 within a 3-mile radius. Service Street has a strong brand presence in the Knoxville market, which is among the top 10 metros in the US for net inbound migration rates. The city of Knoxville is home to the University of Tennessee, which is one of the largest Universities in the State of Tennessee and has a student population of approximately 33,000.