Carvana | 17yrs Remain Corp Abs NNN | 1043 N Front St
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Carvana | 17yrs Remain Corp Abs NNN 1043 N Front St
8,104 SF 4-Star Retail Building Philadelphia, PA 19123 $15,171,000 ($1,872/SF) 6.75% Cap Rate
Investment Highlights
- Approximately 17 Years Remaining | Options To Extend | Well Known & Established Tenant
- Recent Stock Surge (NYSE: CVNA) | 500% Increase in the Past Year
- Philadelphia Fashion District (Top 90th Percentile, per Placer.Ai) | Strong National/Credit Tenants | Dense Retail Corridor
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Interstate 95 (174,000 VPD) | Nearby Apartments |Temple University (21,942 Students | Direct Consumer Base
- Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes
Executive Summary
SRS Real Estate Partners-Northeast, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding Carvana investment property located in Philadelphia, Pennsylvania. The tenant, Carvana, LLC has approximately 17 years remaining with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features increases equal to the lesser of (i) 7.92337% or (ii) 1.25x CPI throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
8,104 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2018
Price
$15,171,000
Price Per SF
$1,872
Cap Rate
6.75%
NOI
$1,024,059
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.06 AC
Zoning
General Commercial
Parking
35 Spaces (4.32 Spaces per 1,000 SF Leased)
Frontage
228 FT on North Front Street
Amenities
- Freeway Visibility
- Signage
Walk Score ®
Walker's Paradise (95)
Bike Score ®
Biker's Paradise (98)
Nearby Major Retailers
![[solidcore]](https://images1.loopnet.com/i2/X1DfwMFhQUJtrEvdN0O4PHppb1UchnIXcAPoILYKKzI/105/image.jpg "[solidcore]")
PROPERTY TAXES
| Parcel Number | 882970272 | Improvements Assessment | $3,572,100 |
| Land Assessment | $8,334,900 | Total Assessment | $11,907,000 |
PROPERTY TAXES
Parcel Number
882970272
Land Assessment
$8,334,900
Improvements Assessment
$3,572,100
Total Assessment
$11,907,000
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Carvana | 17yrs Remain Corp Abs NNN | 1043 N Front St
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