$1,866,667

PRICE

5.23%

CAP RATE

9.78%

PRO FORMA CAP

18,688 SF

BUILDING SIZE

2

NUMBER OF TENANTS

O'Reilly Auto Parts & Dollar Tree

1160-1194 W Main Street | Livingston, Tennessee

The Offering

Marcus & Millichap is pleased to present the exclusive offering of an O’Reilly Auto Parts (ORLY:NASDAQ) and Dollar Tree (DLTR:NASDAQ) two investment grade tenants in a two tenant offering located in Livingston, TN. The property consists of 18,688 SF of improvements sitting on an approximate 1 acre parcel. The real estate is well located on Main Street adjacent to a high performing Arby’s. Main Street is the major artery through the town of Livingston with an average daily traffic count of 28,225 VPD. Dollar Tree corporate has just signed a new 7-year lease and is currently performing their build out (anticipating finish in October). O’Reilly Auto Parts has been at this location since 2004 and has proven to be a busy and a very successful store in their system.
Currently the O’Reilly Auto Parts lease rate is .26 cents per foot/ $3.12 annually representing major rental upside in the future. Future rent growth with O’Reilly Auto Parts represents a conservative 384% upside ($1.00 per foot) considering new lease rates today are averaging $1.33 psf (see graph page #13). This creates a value-add component with the stability of investment grade tenants. Additionally, the offering is below replacement costs at $99 PSF. Both Dollar Tree and O’Reilly Auto Parts continue to perform well in their respective businesses and represent true internet resistance as evidence by their strong performance through the pandemic. Notable retailers in the immediate trade area include Arby’s Advance Auto Parts, Raceway, McDonalds, Hardee’s, KFC, Sonic, First National Bank, Walgreens, Pizza Hut, Taco Bell, Dollar General Market and more. Arby’s located adjacent the property has recently extended their lease, remodeled the store, and has much higher store sales than the national average.

Investment Highlights

  • O’Reilly Auto Parts (ORLY: NASDAQ) and Dollar Tree (DLTR: NASDAQ)
    • Two Tenant Investment Grade Offering – BAA1 and BAA2 – Moody’s
    • Corporate Guarantees
    • Major Rental Upside 384% – O’Reilly Auto Parts
    • Dollar Tree- Brand New Lease and Store Renovation 2021
    • $99 PPSF- Below Replacement Cost
    • Tax Free State- Tennessee
    • Located on National Retail Corridor
    • Main Street – Major Arterial – 28,225 ADT

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