New Smyrna Chevrolet investment opportunity at 1919 North Dixie Freeway in New Smyrna Beach, FL. The largest dealership in the “New Smyrna Auto Mile,” New Smyrna Chevrolet also boasts the trade area’s most modern facility. This is a unique opportunity to acquire a well located property with a NNN lease to the Sonic Automotive Group (NYSE: SAH). The acquisition offers investors a committed tenant and predictable rent with scheduled escalations.
Purchase Price: $13,250,000
Cap rate: ±7.75%
Approx. Building Size: Approx. 75,000 sq. ft.
Approx. Lot Size: 6.56 acres
Year Built: 1998
Tenant: Sonic Automotive
Subtenant: New Smyrna Chevrolet
Lease Commence Date: August 13, 1999
Lease Expiration Date: July 31, 2015
Zoning: B-3, Highway Service Business
Significant rent escalation in 2009 and 2014
Prime US-1 location surrounded by auto dealerships,
service centers, retail and restaurants
±900 feet of frontage on busy US-1Daily traffic count: 29,000
Sonic Automotive, Inc. (NYSE: SAH) is a Fortune 300 company based in Charlotte, North Carolina, and is one of the largest automotive retailers in the United States. The company was founded by NASCAR track owner Bruton Smith. Sonic Automotive operates in 15 states with 176 dealerships and represent 35 different brands of automobiles. These dealerships provide numerous services including sales of new and used cars, sales of replacement parts, vehicle maintenance, warranty, paint and collision repair services, and arrangement of extended warranty contracts, financing, and insurance for the company's customers. Sonic's annual revenue is roughly $8 billion. NNN lease