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Carvana | 17yrs Remain Corp Abs NNN 26890 Adell Center Dr

5,706 SF 4-Star Retail Building Novi, MI 48375 $9,173,000 ($1,608/SF) 6.75% Cap Rate

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Investment Highlights

Approximately 17 Years Remaining | Options To Extend | Well Known & Established Tenant
Recent Stock Surge (NYSE: CVNA) | 500% Increase in the Past Year
Twelve Oaks Mall (93rd Percentile per Placer.Ai) | Strong National/Credit Tenants | Dense Retail Corridor

Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
Interstate 96 (152,000 VPD) | Centeralized Location | Multiple Nearby Apartment Complexes
Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes

Executive Summary

SRS National Net Lease 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 Novi, Michigan (Detroit MSA). 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.