614 S Philadelphia Blvd, Aberdeen, MD, 21001
The Feazell Commercial Group is pleased to present for sale a Precision Tune Auto Service Station plus adjacent pad site located in Aberdeen, MD just 30 miles North of Baltimore City. Custom built by landlord for tenant in 2005, the property consists of a freestanding building with a Gross Leasable Area (GLA) of 3,289 square feet situated on a .84-acre lot. Precision Tune occupies roughly 1/2 of this lot and the other 1/2 is a paved padsite ready to go for another free standing building of similar size. Precision Tune is paying $71,338/yr on a corporately guaranteed, Double-Net (NN) lease with 6.5 years remaining on their original lease term (July 2029 expiration) and four remaining options to renew with 15% increases or CPI whichever is less. The Cap rate is 4.32% and includes the paved padsite next door to the Precision Tune which is tenant-ready. The lease is guaranteed by PTAC which is owned by parent company Icahn Automotive Group LLC. The lease is set to increase in 2024 and will bump up the yield to a 4.99% cap rate. Aberdeen as a city is the largest employer in Harford County MD. This Precision Tune is located near the intersection of South Philadelphia Blvd and James St and has an average daily traffic count of 34,000+ vehicles per day. The property is in an area with a population of over 45,600 people living within a five-mile radius. Major retail tenants and points of interest in close proximity include: 7-Eleven, McDonalds, Lidl, Walmart, Wawa, Royal Farms, Autozone, and Dominos Pizza. The property’s corporate guarantee and strategic location make this Precision Tune an attractive investment opportunity. Additional 1+/- acre of usable land behind the site available for sale as well separately.
Facts & Features
|Address||614 S Philadelphia Blvd|
|District||HARFORD COUNTY PUBLIC SCHOOLS|
|Date Listed||December 9th, 2022|
|Days on Market||53|
|RE / Bank Owned||No|