ALL AUTO PROPERTIES
OFFERED FOR SALE BY KELLER WILLIAMS FALLS CHURCH
9909 MAIN ST. FAIRFAX VA 22031
PROPERTY HIGHLIGHTS
as of March 2019
TENANTS: MR. TIRE - corporate owned
FAIRFAX MOTORS
Asking Price: $6,500,000
Cap Rate: 6.92%
GROSS INCOME: $463,920
OWNERSHIP: FEE SIMPLE
LOT SIZE: .6897 or 30,023 SF
BUILDING: 6996 SQ
YEAR BUILT: 1985
RENOVATED: 2001
ZONING: C-3
TRAFFIC VOLUME: 41,480
IMPROVEMENTS: Add 4 additional stories
TENANT #2: MR. TIRE / MONROE
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LEASE TYPE: NNN
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TERM: APRIL 2021
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OPTION: (1) 10 YEAR
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INCREASE: 3%
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GUARANTOR CORPORATE
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MONROE MUFFLER BRAKE MNRO (NASDAQ)
TENANT #1: FAIRFAX MOTORS
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LEASE TYPE: NNN
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TERM: APRIL 2020
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OPTION: (1) 10 YEAR
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GUARANTEE RENEWAL
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INCREASE: 3%
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YEARS IN BUSINESS: 24
DO YOU KNOW WHY AUTOMOTIVE PROPERTIES ARE
SO VALUABLE IN NORTHERN VIRGINIA?
PROPERTY SUMMARY
Keller Williams Falls Church, as exclusive listing agent, is pleased to present 9909 Main Street, a premier automotive property in Fairfax, VA. The property features a modern automotive showroom and shop buildings for automotive service and repair. The 30,000 square foot corner lot provides excellent visibility and is located in a high traffic corridor on SR236, with close proximity to Downtown Fairfax City and other busy retail centers. The property is meticulously maintained, and is currently occupied by three tenants, anchored by Mr. Tire/Monroe Muffler Brake MNRO (NASDAQ) , a highly desirable co-tenant. Spacious parking lot for display of cars, trucks, etc. Sign is highly visible from street. High barrier-to-entry market with little planned supply; this is an excellent investment opportunity
TENANT HIGHLIGHTS
Mr. Tire a subsidiary of Monro is a chain of 1,118 Company-operated stores (as of March 25, 2017), 114 franchised locations, five wholesale locations, two retread facilities and 14 dealer-operated stores providing automotive undercar repair and tire sales and services in the United States. Monro is a publicly traded company on the Nasdaq, symbol MNRO. At March 25, 2017, Monro operated Company stores in 27 states. It is our mission to provide our customers with superior maintenance and repair services, quality replacement parts, and name brand tires, at affordable prices. We sell only what you need, done right the first time—guaranteed.
Rated as the top luxury car dealer in Northern Va and winner of VIADA's prestigious Dealer of the Year Award, Fairfax Motors strives on bringing an unparalleled experience to you... our customer. Since 1993 Fairfax Motors has been exceeding the expectations of thousands of discriminating pre- owned luxury automobile buyers in Maryland, Virginia, Washington DC and beyond. Every vehicle we sell is hand-picked by our founder and president, Andy Gurowitz, with the upmost in quality in mind.We have a strong and committed sales staff with many years of experience in the exotic and luxury car market satisfying our customers' needs.
Property Highlights
PROPERTY VALUE: Automotive properties are extremely valuable in Northern Virginia because of the zoning rules and regulations. All automotive properties inside and around the 495 Beltway Corridor are a rear commodity for their zoning rights. These zoning rights are grandfathered and building new automotive facilities is near impossible, or outright impossible. This makes automotive properties around the Virginia Beltway a commodity and well sought after by the automotive community. There is no lack of tenants desiring to lease automotive space inside Virginia Route 495's Beltway. Given the rare commodity of this centrally located Automotive Dealership in downtown Fairfax City, it's obvious of the quality tenants and their 25 years in business at this location. If you need additional information in understanding automotive zoning regulations and what this rare opportunity can bring to the future of your portfolio, please give us a call and explain how we see automotive properties around the Virginia side Beltway as comparable to anchor tenants like McDonald, Walmart, and major brands.
EXCELLENT DEMOGRAPHICS | $150K+ HOUSEHOLD INCOME: Population density complements the premier household income averages which are some of the best in the country. Fairfax County ranks second in the nation among large U.S. counties in terms of median household income, trailing only its neighbor, Loudoun County.
TRIPLE NET GROUND LEASE ON A HARD CORNER: The subject property has two highly secured tenants and sits on a hard corner at a very busy intersection.
A+ LOCATION: Downtown Fairfax and the surrounding area is considered by many to be Washington D.C.' s top suburban submarket. Subject property is located just outside 495 Beltway which makes it extremely desirable. To add to it's rare unique allure, is its designated Occupancy for Use. There are a limited supply of automotive repair or auto dealership surrounding the 495 Beltway Corridor and this location has both. Having a both these uses grandfather in the heart of the City of Fairfax makes this a gem of a property for it's owner as well as the exiting tenants. Several area attractions surround the subject branch site including: Fair Oaks Mall, Fairfax County Courthouse, Fairfax County Government Center, George Mason University, Dulles Airport, Fairfax County Hospital, multiple top-tier high schools, country clubs and high-end retail.
HIGHLY TRAFFICKED AREA | MAJOR HIGHWAYS: Immediate traffic count on Main Street is 45,000 VPD. A few of the most populous highways in Northern Virginia and Washington D.C. intersect within miles of the subject branch site, including: I-66 (170,000 VPD), I-495 (173,000 VPD), Route-50 (70,000 VPD) and Fairfax County Parkway(67,000 VPD).
EXTREMELY HIGH BARRIERS TO ENTRY: Assembling any commercial land in Fairfax city, or for that matter Fairfax County, is very, very difficult. It is also extremely tough to obtain any type of rezoning to commercial land in Fairfax city. For this reason all automotive sales or repair facility will become even more valuable overtime.
UPDATES and UPGRADES: In 2012 a new POLYURETHANE FOAM ROOFING AND INSULATION was installed. Recently the lot pavement was resealed. In June of 2017 the outside lighting was upgraded to all new energy saving LED Lighting. The HVAC Lennox system was also upgraded to a Solar Ready and WIFI enabled. Zoning laws allows for a five story structure upgrade for future improvements.
Fairfax Zoning Summary : http://realestate.fairfaxva.gov/ZoningSummary.pdf
