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Maaco

Florence, Kentucky

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Maaco located at 7474 Industrial Road in Florence, Kentucky. The site consists of roughly 9,945 rentable square feet of building space on estimated 1.44-acre parcel of land. This Maaco is subject to a 20-year absolute triple-net (NNN) lease, which commenced September 11, 2020. The current annual rent is $146,843 and is scheduled to increase by two percent (2%) annually beginning in year seven. The increases will continue through the base term as well as throughout the three, five-year tenant renewal option periods.

Location Overview

This Maaco investment property is situated on Industrial Road, which boasts daily traffic counts exceeding 18,800 vehicles. Industrial Road intersects with U.S. Highway 42 which feeds into Interstate 71 & 75, bringing an additional 31,900 and 101,300 vehicles respectively into the immediate area daily. There are more than 71,327 individuals residing within a three-mile radius of the subject property and more than 133,483 individuals residing within a five-mile radius of the property. The subject Maaco benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, hotels, and auto part retailers. Major national tenants include: Costco, Wendy’s, McDonald’s, Chipotle, Red Lobster, KFC, Waffle House, Walgreens, Chick-Fil-A, Starbucks, Pep Boys, Macy’s, JCPenney, Hobby Lobby and more. This Maaco property benefits from its close proximity to the University of the Cumberlands-Northern Kentucky Campus, a satellite of the largest private university in Kentucky. This Maaco property also benefits from being less than 9 miles from Cincinnati/Northern Kentucky International Airport which boasts annual travel of over 9 million passengers. Florence is a city in Boone County, Kentucky. It is the eighth most populated city in Boone County with a population of 33,004. Florence is located less than 15 miles southwest of Cincinnati. Cincinnati is a major city in the state of Ohio and the government seat of Hamilton County. Cincinnati is located at the northern side of the confluence of the Licking and Ohio Rivers, the latter of which marks the state line with Kentucky. The city benefits from having one of the 50 largest higher learning institutions in the country, the University of Cincinnati. The University of Cincinnati also has a Division 1 football program which has average attendance of 33,871 at all home games. The University of Cincinnati boasts student enrollment of 43,691. It is also home to three major sports teams: the Cincinnati reds of the MLB, the Cincinnati Bengals of the NFL, and FC Cincinnati of the MLS. Metropolitan Cincinnati has the twenty eighth largest economy in the United States, and the fifth largest in the Midwest. Several Fortune 500 companies are located in Cincinnati, such as Proctor & Gamble, The Kroger Company, and Fifth Third Bank. General Electric has headquartered their Global Operations Center in Cincinnati.   B.O.R Colby Haugness  License: 242197

Key Details

Price:
$2,447,379
Cap Rate:
6.00%
Annual Rent:
$146,843
Address:
7474 Industrial Road, Florence, Kentucky 41042 United States
Lease Type:
Triple-Net (NNN)

Lease Term Remaining:
20 Years
Rental Increases:
2.0% Annually Beginning in Year 7
Lot Size:
+/- 1.44
Building Size:
9,945 SF
Tenant:
Maaco

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