For Sale
$640,000

111 Luther RdJohnstown, PA 15904

High-traffic Monro Auto Service, NNN lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
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
111 Luther Rd, Johnstown, Pennsylvania

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111 Luther Rd
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