For Sale
$640,000

111 Luther Rd Johnstown, PA 15904

High-traffic Monro Auto Service, NNN lease.

Overview

Added:
Dec 11, 2024
Days on market:
134
This exceptional investment opportunity presents a 4,960 square foot Monro Auto Service and Tire Centers location in Johnstown, PA. Situated on a 0.48-acre lot at a signalized intersection with over 22,000 vehicles per day, this property boasts unparalleled visibility and accessibility. The single-story, 1989-built building is currently operating under a brand new 10-year absolute NNN lease (commencing October 1, 2024, and expiring September 30, 2034), offering a strong 9.8 years of remaining lease term. The lease includes a 10% rent increase in year five and a 1x5-year lease option. The tenant, Monro, Inc., a publicly traded company since 1991, has operated at this location for 35 years, demonstrating a long-term commitment to the site. The property generates a Net Operating Income (NOI) of $40,000, resulting in a 6.25% cap rate. The asking price is $640,000, translating to $129.03 per square foot. This location benefits from its position within a vibrant retail corridor, surrounded by national brands like McDonald's, CVS, and Taco Bell, serving a dense population with average household incomes exceeding $77,000 within a five-mile radius. This is a fee-simple ownership opportunity with minimal landlord responsibilities, offering a compelling blend of stability, strong tenant history, and significant upside potential.

Highlights

  • Brand new 10-year NNN lease with Monro Auto Service and Tire Centers, commencing October 1, 2024.
  • Monro, a publicly traded company since 1991, has occupied this location for 35 years.
  • Absolute NNN lease; no landlord responsibilities.
  • Lease includes a 10% rent increase in year five and a 5-year option with a rent increase.
  • $40,000 annual net operating income (NOI) and a 6.25% cap rate.
  • Strong corporate guarantee from Monro, Inc., a publicly traded company.

Property Details for 111 Luther Rd

Property type
Retail properties, Auto shops
Square Feet
4,960 SF
Year Built
1989
Buildings
1
Stories
1
Lot Size (sq. ft)
20,909 SF

Location Insight

City
Johnstown
County
Cambria
State
Pennsylvania
Latitude
40.279838659738
Longitude
-78.861290251815

FAQs

What type of property is this?
Retail property - High-traffic Monro Auto Service, NNN lease.
Where is the retail property located?
The property is located at 111 Luther Rd Johnstown, PA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Brand new 10-year NNN lease with Monro Auto Service and Tire Centers, commencing October 1, 2024.; Monro, a publicly traded company since 1991, has occupied this location for 35 years.; Absolute NNN lease; no landlord responsibilities.
How can I contact the broker?
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111 Luther Rd
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