located at 442 Elizabeth Avenue in Somerset, New Jersey. The site consists of roughly 5,269 rentable square feet of building space on estimated 1.02-acre parcel of land. This Mavis Discount Tire is subject to a 20-year absolute triple-net (NNN) lease, which commenced June 17th, 2021. The current annual rent is $190,000 and is scheduled to increase by 1.50% annually starting year 7 and in each of the 6, 5-year renewal options.
About the Investment:
– Long Term 20-Year Lease Triple Net (NNN) Lease with Zero Landlord Responsibilities
– Approximately 18 Years Remaining
– Attractive Rental Increases of One-and-a-Half Percent (1.50%) Annually After Year Seven (7)
– Six (6) Tenant Renewal Periods of Five (5) Years Each
