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Allen Tire Company | Low Price/Foot 10976 Hole Ave 6,030 SF Retail Building Riverside, CA 92505 $2,076,522 CAD ($344.37 CAD/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Single-Tenant Net Lease Tire Shop Portfolio (Located in the Riverside-San Bernardino-Ontario MSA)
- Below Market Rental Rates ($19/sf Market Rental Rate per CoStar, Rent is Currently at $14.89/sf)
- Monro Acquired the Former Operator in Dec. 2020 (Publicly Traded Tenant | NASDAQ: MNRO, Formerly Allen Tire Company)
- High Barrier of Entry for Auto Repair Businesses (Grandfathered in Locations)
- Low Price per Foot Basis (Priced Under $250/Ft)
- Historical Occupancy | Market Dominance (Locations have been in business for 40+ Years)
EXECUTIVE SUMMARY
This single-tenant net lease tire shop portfolio offers a rare investment opportunity in the thriving Riverside-San Bernardino-Ontario MSA, one of Southern California’s most dynamic markets. The portfolio benefits from a high barrier to entry for auto repair businesses, with each location grandfathered in for continued operation. These sites have demonstrated historical occupancy and market dominance, operating successfully for over 40 years, which underscores their long-term stability and customer loyalty.
The properties are leased to Monro, Inc. (NASDAQ: MNRO), a publicly traded and nationally recognized automotive service provider that acquired the former operator, Allen Tire Company, in December 2020. This strong credit tenancy provides investors with confidence in income durability. Current rental rates are significantly below market, with in-place rents at $14.89 per square foot compared to the market average of $19 per square foot per CoStar, creating a clear path for future rent growth and value appreciation.
Priced under $250 per square foot, this portfolio offers an attractive basis in a high-demand region. The locations feature excellent visibility, including 100 feet of frontage on Hole Avenue with traffic counts exceeding 12,500 vehicles per day and quick access to La Sierra Avenue, which sees over 20,000 vehicles daily. The surrounding trade area is anchored by national retailers such as Target, Walmart, and Best Buy, ensuring strong consumer traffic. Additionally, the area boasts steady population growth, with over 262,000 residents within a five-mile radius, further supporting long-term demand for automotive services. This portfolio combines strong real estate fundamentals, a creditworthy tenant, and compelling upside potential, making it an ideal acquisition for investors seeking stable income and future growth in a supply-constrained market.
The properties are leased to Monro, Inc. (NASDAQ: MNRO), a publicly traded and nationally recognized automotive service provider that acquired the former operator, Allen Tire Company, in December 2020. This strong credit tenancy provides investors with confidence in income durability. Current rental rates are significantly below market, with in-place rents at $14.89 per square foot compared to the market average of $19 per square foot per CoStar, creating a clear path for future rent growth and value appreciation.
Priced under $250 per square foot, this portfolio offers an attractive basis in a high-demand region. The locations feature excellent visibility, including 100 feet of frontage on Hole Avenue with traffic counts exceeding 12,500 vehicles per day and quick access to La Sierra Avenue, which sees over 20,000 vehicles daily. The surrounding trade area is anchored by national retailers such as Target, Walmart, and Best Buy, ensuring strong consumer traffic. Additionally, the area boasts steady population growth, with over 262,000 residents within a five-mile radius, further supporting long-term demand for automotive services. This portfolio combines strong real estate fundamentals, a creditworthy tenant, and compelling upside potential, making it an ideal acquisition for investors seeking stable income and future growth in a supply-constrained market.
DATA ROOM Click Here to Access
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
6,030 SF
Building Class
C
Year Built
1987
Price
$2,076,522 CAD
Price Per SF
$344.37 CAD
Cap Rate
6%
NOI
$124,591 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.45
Lot Size
0.31 AC
Zoning
C3
Parking
15 Spaces (2.49 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
Walk Score®
Very Walkable (72)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 146-253-034 | Improvements Assessment | $985,445 CAD |
| Land Assessment | $316,298 CAD | Total Assessment | $1,301,743 CAD |
PROPERTY TAXES
Parcel Number
146-253-034
Land Assessment
$316,298 CAD
Improvements Assessment
$985,445 CAD
Total Assessment
$1,301,743 CAD
CONTACTS
-
Giovanni Figueiredo -
Spencer Koch -
Rory Shelby -
Scott Gould -
Christopher Biuso -
Caitlin Lancaster -
Marcus & Millichap
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Allen Tire Company | Low Price/Foot | 10976 Hole Ave
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