376 Big Hl Ave Richmond, KY 40475-2012
- Retail space
- 38 SF
Jun 14, 2024
Current Use by Public Records
- Miller's Automotive on Big Hill / (Bike/Boat/Book/etc) Store / Auto Parts Store
Property Details for 376 Big Hl Ave
- Property size
- 38 SF
- Property type
- Retail space
- APN
- R011-0001-0005
- APU
- R01100010005
Description
This exceptional investment opportunity presents a 7,405 square foot auto shop in Richmond, KY, situated on a 0.61-acre lot at 376 Big Hill Ave. The property is currently 100% occupied under a 20-year absolute triple-net (NNN) lease with a strong corporate guarantor, Main Street Auto, a rapidly expanding automotive repair chain. The lease commenced upon closing and features annual rent of $205,000, with built-in 2% annual rent increases. This provides a compelling 7.00% cap rate and a significant return on investment. The lease includes four, five-year renewal options, extending the potential lease term to a total of 40 years, offering long-term stability and predictable income. The asking price is $2,928,571, translating to $395.49 per square foot. This NNN lease structure ensures minimal landlord responsibilities, making this a low-maintenance, high-return investment. The tenant's financial strength and the long-term lease structure make this a secure and attractive investment opportunity in a growing market. The property's location in Richmond, KY, provides excellent access to a substantial customer base. This is a rare opportunity to acquire a high-performing, well-located auto shop with significant long-term growth potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,415,000
- ML approach
- $3,415,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Madison
- State
- Kentucky
- Longitude
- -84.2845
- Latitude
- 37.7391
- CBSA code
- 40080
- CBSA name
- RICHMOND-BEREA, KY MICROPOLITAN STATISTICAL AREA
