MEMORANDUM - MAVIS DISCOUNT TIRE EXCLUSIVE NET-LEASE OFFERING - NNN Properties
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MAVIS DISCOUNT TIRE Representative Photo
EXCLUSIVE NET -LEASE OFFERING
MEMORANDUM 7801 Garners Ferry Rd, Columbia, SC 29209
Confidentiality and Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of and lease guarantees, Buyer is responsible for conducting his/her NON-ENDORSEMENT NOTICE
Net Leased property as follows: own investigation of all matters affecting the intrinsic value of the
property and the value of any long-term lease, including the Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”)
The information contained in this Marketing Brochure has been likelihood of locating a replacement tenant if the current tenant is not affiliated with, sponsored by, or endorsed by any
obtained from sources we believe to be reliable. However, Marcus should default or abandon the property, and the lease terms that commercial tenant or lessee identified in this marketing package.
& Millichap has not and will not verify any of this information, nor Buyer may be able to negotiate with a potential replacement The presence of any corporation’s logo or name is not intended to
has Marcus & Millichap conducted any investigation regarding tenant considering the location of the property, and Buyer’s legal indicate or imply affiliation with, or sponsorship or endorsement
these matters. Marcus & Millichap makes no guarantee, warranty ability to make alternate use of the property. by, said corporation of M&M, its affiliates or subsidiaries, or any
or representation whatsoever about the accuracy or completeness By accepting this Marketing Brochure you agree to release Marcus agent, product, service, or commercial listing of M&M, and is
of any information provided. & Millichap Real Estate Investment Services and hold it harmless solely included for the purpose of providing tenant lessee
from any kind of claim, cost, expense, or liability arising out of information about this listing to prospective customers.
As the Buyer of a net leased property, it is the Buyer’s your investigation and/or purchase of this net leased property.
responsibility to independently confirm the accuracy and ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE
completeness of all material information before completing any CONFIDENTIALITY AND DISCLAIMER CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE
purchase. This Marketing Brochure is not a substitute for your DETAILS.
thorough due diligence investigation of this investment The information contained in the following Marketing Brochure is
opportunity. Marcus & Millichap expressly denies any obligation proprietary and strictly confidential. It is intended to be reviewed
to conduct a due diligence examination of this Property for Buyer. only by the party receiving it from Marcus & Millichap and should SPECIAL COVID-19 NOTICE
not be made available to any other person or entity without the All potential buyers are strongly advised to take advantage of
Any projections, opinions, assumptions or estimates used in this written consent of Marcus & Millichap. This Marketing Brochure their opportunities and obligations to conduct thorough due
Marketing Brochure are for example only and do not represent has been prepared to provide summary, unverified information to diligence and seek expert opinions as they may deem necessary,
the current or future performance of this property. The value of a prospective purchasers, and to establish only a preliminary level especially given the unpredictable changes resulting from the
net leased property to you depends on factors that should be of interest in the subject property. The information contained continuing COVID-19 pandemic. Marcus & Millichap has not been
evaluated by you and your tax, financial and legal advisors. herein is not a substitute for a thorough due diligence retained to perform, and cannot conduct, due diligence on behalf
investigation. Marcus & Millichap has not made any investigation, of any prospective purchaser. Marcus & Millichap’s principal
Buyer and Buyer’s tax, financial, legal, and construction advisors and makes no warranty or representation, with respect to the expertise is in marketing investment properties and acting as
should conduct a careful, independent investigation of any net income or expenses for the subject property, the future projected intermediaries between buyers and sellers. Marcus & Millichap
leased property to determine to your satisfaction with the financial performance of the property, the size and square footage and its investment professionals cannot and will not act as
suitability of the property for your needs. of the property and improvements, the presence or absence of lawyers, accountants, contractors, or engineers. All potential
contaminating substances, PCB’s or asbestos, the compliance with buyers are admonished and advised to engage other
Like all real estate investments, this investment carries significant State and Federal regulations, the physical condition of the professionals on legal issues, tax, regulatory, financial, and
risks. Buyer and Buyer’s legal and financial advisors must request improvements thereon, or the financial condition or business accounting matters, and for questions involving the property’s
and carefully review all legal and financial documents related to prospects of any tenant, or any tenant’s plans or intentions to physical condition or financial outlook. Projections and pro forma
the property and tenant. While the tenant’s past performance at continue its occupancy of the subject property. The information financial statements are not guarantees and, given the potential
this or other locations is an important consideration, it is not a contained in this Marketing Brochure has been obtained from volatility created by COVID-19, all potential buyers should be
guarantee of future success. Similarly, the lease rate for some sources we believe to be reliable; however, Marcus & Millichap comfortable with and rely solely on their own projections,
properties, including newly-constructed facilities or newly- has not verified, and will not verify, any of the information analyses, and decision-making.
acquired locations, may be set based on a tenant’s projected sales contained herein, nor has Marcus & Millichap conducted any
with little or no record of actual performance, or comparable investigation regarding these matters and makes no warranty or
rents for the area. Returns are not guaranteed; the tenant and any representation whatsoever regarding the accuracy or
guarantors may fail to pay the lease rent or property taxes, or may completeness of the information provided. All potential buyers
fali to comply with other material terms of the lease; cash flow must take appropriate measures to verify all of the information
may be interrupted in part or in whole due to market, economic, set forth herein.
environmental or other conditions. Regardless of tenant history
Table of Contents
Investment Highlights 4
Financial Analysis 5
Key Investment Highlights 6
Tenant Overview 7
Company Overview 8
Industry Overview 9-10
Surrounding Area 11
Location Overview 12
Local & Regional Maps 13-14
Demographics & Market 15-16
Overview
Representative Photo
Investment Highlights
PRICE: $2,700,000 | CAP: 5.00% | RENT: $135,000
About the Investment
✓ Long Term 20-Year Sale-Leaseback
✓ Absolute Triple Net (NNN) Lease with Zero Landlord Responsibilities
✓ Attractive Rental Increases of Five Percent (5%) Every Five (5) Years
✓ Six (6) Tenant Renewal Periods of Five (5) Years Each
About the Location
✓ Dense Retail Corridor | Walmart, Chick-fil-A, CVS, Bank of America, McDonald’s, Aldi, Lowe’s, Ford, Firestone,
Wendy’s, Tractor Supply Company, Pizza Hutt, Burger King, GameStop, Popeyes, and Many More
✓ Compelling Real Estate Fundamentals | Seven Miles Southeast of University of South Carolina | Over 34,000
Students Enrolled | Williams-Brice Stadium | Stadium Capacity Exceeds 80,000 Patrons
✓ Ease of Access and Visibility | Situated on a Hard Corner & Signalized Intersection
✓ Exceptional Traffic Counts | Interstate-77 & Garners Ferry Road | 36,600 & 64,800 Average Daily Vehicles,
Respectively
✓ Proximity to Hospitality Accommodations | Hampton Inn & Suites, La Quinta Inn, Hampton Inn & Suites, Hilton
Columbia Center, DoubleTree, Home2Suites, Rodeway Inn, Among Various Others
✓ Robust Demographics | Over 79,400 Individuals Within a Five-Mile Radius & 252,100 Individuals Within a Ten-Mile
Radius
✓ Affluent Suburban Market | Average Household Income Within a Five-Mile Radius Exceeds $81,400
About the Tenant / Brand
✓ Mavis is the second largest independent automotive service business in the U.S. with over 1,050 service centers in
29 states, $1.5 billion of revenue and industry-leading profit margins.
✓ Mavis has a best-in-class management team and operating culture and has generated the strongest and most
consistent financial results in the industry with over 10 years of positive comparable sales growth.
✓ The company consists of three operating formats: Mavis Tire, Express Oil Change & Tire Engineers, and Brakes Plus
✓ Mavis was founded in 1972 and offers a diverse range of tire and mechanical services and exceptional customer
service.
✓ Mavis has leading market share in its key regions (especially the Northeast), and a strong real estate profile with very
well-maintained buildings and equipment.
✓ Mavis’ strong asset base leads to superior financial results; Mavis’ average unit volumes are approximately $1.5
million per store which is ~25% higher than Monro, the only competitor that is a public company.
✓ David and Stephen Sorbaro have been co-CEOs of Mavis for over 30 years.
Representative Photo
Mavis Discount Tire 4
Financial Analysis
PRICE: $2,700,000 | CAP: 5.00% | RENT: $135,000
Property Description Rent Schedule
Property Mavis Discount Tire Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%)
Property Address 7801 Garners Ferry Rd Year 1 $135,000 $11,250 -
Year 2 $135,000 $11,250 -
City, State Columbia, SC
Year 3 $135,000 $11,250 -
Estimated Building Size (sf) 6,730 Year 4 $135,000 $11,250 -
Estimated Lot Size (acres) 1.15 Year 5 $135,000 $11,250 -
Type of Ownership Fee Simple Year 6 $141,750 $11,813 5.00%
The Offering Year 7 $141,750 $11,813 -
Purchase Price $2,700,000 Year 8 $141,750 $11,813 -
CAP Rate 5.00% Year 9 $141,750 $11,813 -
Year 10 $141,750 $11,813 -
Annual Rent $135,000
Year 11 $148,838 $12,403 5.00%
Lease Summary Year 12 $148,838 $12,403 -
Property Type Net-Leased Auto Parts Year 13 $148,838 $12,403 -
Tenant Mavis Tire Express Services Corp Year 14 $148,838 $12,403 -
Ownership Type Corporate Year 15 $148,838 $12,403 -
Lease Term 20 Years Year 16 $156,279 $13,023 5.00%
Lease Commencement Upon Close of Escrow Year 17 $156,279 $13,023 -
Year 18 $156,279 $13,023 -
Lease Expiration 20 Years from Close of Escrow
Year 19 $156,279 $13,023 -
Lease Term Remaining 20 Years
Year 20 $156,279 $13,023 -
Lease Type Triple Net (NNN)
Roof & Structure Tenant Responsible
Rental Increases 5% Every 5 Years
INVESTMENT SUMMARY
Marcus & Millichap is pleased to present the exclusive listing for a Mavis
Options to Renew Six (6), Five (5) Year Options
Discount Tire located at 7801 Garners Ferry Road, South Carolina. The site
consists of roughly 6,730 rentable square feet of building space on estimated
1.15-acre parcel of land.
This Mavis Discount Tire is subject to a 20-year Absolute Triple-Net (NNN)
lease, which commences upon close of escrow. The annual rent is $135,000
and is scheduled to increase by five (5%) percent every five (5) years. There are
six (6), five (5)-year tenant renewal options.
Mavis Discount Tire 5
Key Investment Highlights
Strong Asset Strong Tenant Significant Experience
➢ Strong real estate profile ➢ Industry leader as the second largest ➢ Mavis has approximately 50 years of
independent auto service provider in operating history
➢ Exceptionally well-maintained the nation
buildings and equipment ➢ Industry-leading management team
➢ Scale brand with wide geographic with one of the best track records in
➢ Compelling unit-level fundamentals reach generating $1.5+ billion the industry
revenues across 1,050+ service
➢ Corporately operated and guaranteed ➢ Co-CEO’s David and Stephen Sorbaro
centers in 29 states
20-year sale-leaseback have been managing the Company
➢ Long history of revenue and service since 1990 when there were only 3
➢ Triple Net (NNN) lease with zero
center growth units
landlord responsibilities
➢ Highly diversified business mix
➢ Attractive rent escalations and
renewal options ➢ Participates in the attractive and
growing auto service industry
➢ Recession resistant due to essential,
non-discretionary nature of the
services
➢ Deemed an “essential service” by the
government during COVID-19 period
which enables all stores to remain
open to serve the community
Mavis Discount Tire 6
Mavis Discount Tire Background History of Mavis Discount Tire Mavis Discount Tire has been saving people money on tires for more than 50 years! While the company was founded in 1972, its roots can be traced back to 1949. It all started with Vic's Cycle Shop, which repaired bicycles sold by its neighbor, a toy shop. In no time at all, the tiny shop developed a great reputation for performing seemingly impossible bicycle repairs. It quickly grew into a better equipped, better capitalized business. Its reputation of Value Oriented Service spread far and wide. By 1968, business was booming. It was time for the next step. With limited resources and no market analysis, the owners built a 7,000 square foot tire center on the other side of town. In no time the new Representative Photo state-of-the-art facility was a success. By 1971 they had three stores. In 1972, striving for a more professional image, the operating name was Mavis Offers One of the Largest Selections of changed to Mavis, one of the first multi-brand tire dealers in the New Tire Brands in the Industry: York area. (Incidentally, Mavis is derived from the first two letters of Marion's and Victor's names, and the first letter of their last name.) Today, Mavis Discount Tire is one of the second largest independent multi-brand tire dealers in the United States and offers a menu of additional services including brakes, alignments, suspension, shocks, struts, oil changes, battery replacement and exhaust work. Mavis Discount Tire still operates that original 7,000 square foot store in Mt. Vernon. What's more, the tradition of Value Oriented Service originating with Vic's Cycle Shop will always be the backbone of the company. Mavis Discount Tire 7
Industry Leader
Mavis is the second largest independent auto service business in the
industry with 1,050+ service centers
AUV
(1)
(1) Service Center Counts estimated by Modern Tire Dealer; Adjusted for Mavis Express’ recent acquisition of 112 TBC service centers; Includes all Monro
company-operated service centers.
Mavis Discount Tire 8
Attractive Industry
Mavis participates in the attractive and growing auto service
industry
Vehicles in Operation Average Age of Vehicles
There are more vehicles on the road… … with increasing age leading to more replacement and repair…
Vehicles in Operation Shift Towards DIFM
… as more miles are traveled…. … and more people prefer Do It For Me (DIFM) instead of DIY.
DIFM
DIY
Mavis Discount Tire 9
Positioned For Growth In All Economic Cycles
Auto service is counter-cyclical; in the last recession, comparable service
center sales increased without exception
Comparable Service Center Sales
12%
11%
7% 9%
3%
2008 2009 2010 2011 2012
7%
3% 3%
2% 3%
2008 2009 2010 2011 2012
7% 7% 7%
4%
1%
2008 2009 2010 2011 2012
8%
7% 7%
4% 4%
Instant Oil Change
2008 2009 2010 2011 2012
Representative Photo
Mavis Discount Tire 10Surrounding Area
Property Address: 7801 Garners Ferry Rd, Columbia, SC 29209
GARNERS FERRY RD
Mavis Discount Tire 11Location Overview
Property Address: 7801 Garners Ferry Rd, Columbia, SC 29209
The site is situated on the hard corner of Garners Ferry Road and Cliff Kinder Road.
Garners Ferry Road is an active four-lane roadway which has an average daily
traffic count of 36,600 vehicles. Garners Ferry Road intersects with Cliff Kinder
Road, which brings an additional 15,100 vehicles into the immediate area of the
subject property, daily. There are approximately 34,000 individuals residing within
a three-mile radius of the subject property and 79,400 individuals within a five-mile
radius. The subject Mavis Discount Tire benefits from being located in an affluent
suburban community. The average household income within a five-mile radius
exceeds $81,400.
This Mavis Discount Tire is well-positioned in the center of a highly dense retail
corridor with great visibility and accessibility located on a hard corner and
signalized intersection. Many national and local tenants surround the subject
property, as well as shopping centers and academic institutions. Major national
tenants in the area include Walmart, Chick-fil-A, CVS, Bank of America,
McDonald’s, Aldi, Lowe’s, Ford, Firestone, Wendy’s, Tractor Supply Company, Pizza
Hutt, Burger King, GameStop, Popeyes, as well as many more. The subject property
is located just seven-miles from the University of South Carolina, where the
community religiously gathers to watch the University’s collegiate football team, ADTC: 36,600
the Gamecocks, for home games in the colossal Williams-Brice Stadium. The
stadium holds Just over 80,000 patrons and the school has invested nearly $30
million in improvements and renovations over the last decade. The University of
South Carolina has a student enrollment exceeding 34,000 students. The subject
property is in close proximity to various hospitality accommodations as well;
ADTC: 15,100
among them: Hampton Inn & Suites, La Quinta Inn, Hampton Inn & Suites, Hilton
Columbia Center, DoubleTree, Home2Suites, Rodeway Inn & Suites and more.
Columbia is located in the center of South Carolina at the junctions of Interstates
20, 26 and 77. It is South Carolina's most populated city, the state capital, the
county seat of Richland County, the home of the University of South Carolina's main
campus, and the site of the South Carolina State Fair each October. A small part of
Columbia also extends into Lexington County. Columbia lies at the confluence of
the Saluda River and the Broad River. Columbia is home to the University of South
Carolina, the state's flagship university and the largest in the state, and is also the
site of Fort Jackson, the largest United States Army installation for Basic Combat
Training.
Mavis Discount Tire 12Local Map
Property Address: 7801 Garners Ferry Rd, Columbia, SC 29209
Jim Hamilton – LB Owens Airport (CUB)
Mavis Discount Tire 13Regional Map
Property Address: 7801 Garners Ferry Rd, Columbia, SC 29209
SOUTH
CAROLINA
Mavis Discount Tire 14Demographics
Property Address: 7801 Garners Ferry Rd, Columbia, SC 29209
3 Miles 5 Miles 10 Miles
POPULATION
10 Miles 2025 Projection 35,213 81,101 257,215
2020 Estimate 34,020 79,370 252,134
2010 Census 31,794 75,908 241,091
2000 Census 26,780 62,470 229,063
5 Miles
INCOME
Average $79,664 $81,370 $66,887
Median $56,423 $53,997 $44,727
Per Capita $31,520 $30,811 $27,473
3 Miles
HOUSEHOLDS
2025 Projection 13,928 29,368 102,581
2020 Estimate 13,316 28,401 99,614
2010 Census 12,307 26,724 94,197
2000 Census 10,059 23,575 89,331
HOUSING
2020 $156,612 $173,837 $152,314
EMPLOYMENT
2020 Daytime Population 30,192 81,538 374,864
2020 Unemployment 2.51% 1.99% 3.27%
2020 Median Time Traveled 22 Mins 20 Mins 21 Mins
RACE & ETHNICITY
White 42.36% 52.16% 45.47%
Native American 0.11% 0.20% 0.12%
African American 51.38% 39.65% 45.68%
Asian/Pacific Islander 2.36% 2.52% 2.58%
Mavis Discount Tire 15Market Overview
City: Columbia | County: Richland | State: South Carolina
Columbia is the capital and second largest city of South
Carolina and lies at the confluence of the Saluda River and the
Columbia, SC Broad River. Columbia is home to the University of South
Carolina, the state's flagship university and the largest in the
state, and is also the site of Fort Jackson, the largest United
States Army installation for Basic Combat Training.
Columbia enjoys a diversified economy, with the major employers
in the area being South Carolina state government, the Palmetto
Health hospital system, Blue Cross Blue Shield of South Carolina,
Palmetto GBA, and the University of South Carolina. The
corporate headquarters of Fortune 1000 energy company,
SCANA, are located in the Columbia suburb of Cayce. Other major
employers include Computer Sciences Corporation, Fort Jackson,
Richland School District One, Humana/TriCare, and the United
Parcel Service.
The city of Columbia has recently accomplished a number of
urban redevelopment projects and has several more planned. The
historic Congaree Vista, a 1,200-acre district running from the
central business district toward the Congaree River, features a
number of historic buildings that have been rehabilitated since its
revitalization begun in the late 1980s.
Mavis Discount Tire 16Glen Kunofsky Matthew Anuszkiewicz Alexandre Marietto
Glen.Kunofsky@marcusmillichap.com Matthew.Anuszkiewicz@marcusmillichap.com Alexandre.Marietto@marcusmillichap.com
212.430.5115 | NY: 10301203289 914.403.7574 | NY: 10401285141 212.430.5182| NY: 10401279846
E XC LU S I V E N E T L EA S E O F F E R I N G
SC BROKER OF RECORD:
Ben Yelm
Marcus & Millichap
151 Meeting Street, Suite 450
Charleston, SC 29401
Tel: (843) 952-2222 7801 Garners Ferry Rd, Columbia, SC 29209
Fax: (843) 952-2310
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