Net-Leased Tire Service
For Sale
$1,600,000
1429 10th Street E PALMETTO, Palmetto, FL 34221
Single-tenant Tire Kingdom property offered on a triple-net basis with an established automotive service operator.
Property Size8,400 SF
Price / SF$190.48
Days on Market49
Property Features for 1429 10th Street E PALMETTO
General Information
Standard status
Active
Size
8,400 SF
Zoning
C1A
Occupancy
100%
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$21,809
Amenities
true
City Lot,Landscaped,Near Public Transit,Street Lights
Public
33968
169 x 201
0.78
false
Paved,Asphalt
Slab
Street Lights,Street Paved,City Street
8400
1
Public Maintained Road
Building Details
Building Size
8,400 SF
Year Built
1987
Buildings
1
Tenancy
Single
Listing Agency:
(904) 569-5862
Listed By:
Martina Jordan
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 5
Changed: Aug 22
Last Checked: Aug 22 at 3:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Martina Jordan
Investment Insights
Based on property information with market context.
The property is a net-leased tire and automotive service facility currently occupied by Tire Kingdom, operated by Mavis Tire Express Services Corp. The offering is structured as a Triple Net (NNN) lease, with the tenant in place and the landlord responsibilities limited to typical NNN parameters as described in the marketing materials. The lease is in effect with approximately four years remaining, plus two additional five-year renewal options, supporting continuity of occupancy through future extension periods.
The site is positioned along a major commercial corridor in Palmetto, Florida, and is described as offering excellent visibility and strong traffic counts for an essential-service use. The property is presented as an established automotive service center serving surrounding residential and commercial demand within the Tampa Bay/Sarasota growth corridor.
For investors, this is a turn-key, single-tenant retail investment tied to a nationally recognized tire and automotive service operator, with a long-term lease structure including renewal options as stated. For tenant considerations, the property supports the ongoing requirements of an automotive tire service business under an NNN framework, backed by a proven operating history at this location as presented in the offering materials.
The site is positioned along a major commercial corridor in Palmetto, Florida, and is described as offering excellent visibility and strong traffic counts for an essential-service use. The property is presented as an established automotive service center serving surrounding residential and commercial demand within the Tampa Bay/Sarasota growth corridor.
For investors, this is a turn-key, single-tenant retail investment tied to a nationally recognized tire and automotive service operator, with a long-term lease structure including renewal options as stated. For tenant considerations, the property supports the ongoing requirements of an automotive tire service business under an NNN framework, backed by a proven operating history at this location as presented in the offering materials.
Key Highlights
- Single‑tenant Tire Kingdom property with a triple‑net (NNN) lease structure
- Tenant: Tire Kingdom / Mavis Tire Express Services Corp., operating at a nationally recognized automotive service provider
- Approx. 4 years remaining on the current lease term plus two 5‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$103,300
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,066,000
$2.1M
Cap Rate 7%
$1,475,714
$1.5M
Cap Rate 9%
$1,147,778
$1.1M
Market Conditions
NOI Build-Up for 8,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$151.2K $18.00/SF
− Vacancy
−$3.6K −$0.43/SF
EGI
$147.6K $17.57/SF
− OpEx
−$44.3K −$5.27/SF
NOI
$103.3K $12.30/SF
Area
Manatee County, FL
Vacancy
2.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,066,000
Cap Rate 7%
$1,475,714
Cap Rate 9%
$1,147,778
Alternative Uses
Best Use
Retail
$1.48M
$1.29M – $1.72M
NOI $103,300 @ 7.0% cap · market cap 6.46%
Second Best
Industrial
$1.01M
$883.3K – $1.18M
NOI $70,667 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,912 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,070
Businesses Nearby
152k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Groceries 30%
Dining 12%
Home Improvements & Furnishings 6%
Publix
Groceries
46,233 visits/mo
0.2 miles
Dollar Tree
Shops & Services
15,199 visits/mo
0.3 miles
7-Eleven
Shops & Services
13,974 visits/mo
0.4 miles
Checkers
Dining
11,530 visits/mo
0.2 miles
Dollar General
Shops & Services
11,498 visits/mo
0.1 miles
Demographics for 34221, FL
48,082
Population
24,812
Households
1.9
Avg Household Size
45
Median Age
28%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
892
Density / Sq Mi
$74,314
Median Household Income
$40,072
Median Earnings
$1,459
Median Rent
$298,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Single-tenant Tire Kingdom property offered on a triple-net basis with an established automotive service operator.
Where is this auto shop located?
The property is located at 1429 10th Street E PALMETTO Palmetto, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Single‑tenant Tire Kingdom property with a triple‑net (NNN) lease structure; Tenant: Tire Kingdom / Mavis Tire Express Services Corp., operating at a nationally recognized automotive service provider; Approx. 4 years remaining on the current lease term plus two 5‑year renewal options
