Harbor Freight – Kentucky
1235 N Main St, Madisonville, Kentucky, USA Map
Net Lease w/ Upside
Listing Price $2,399,000
| Status | Closed |
| Lease Type | NNN |
| CAP Rate | 7.50% |
| GLA (Sq. Ft.) | 24,711 |
| NOI | $179,915 |
| Lease Term Remaining | 8.1 Years |
| Increases | 10% Every 5 Years |
| Options | Five, 5-Year Options |
| State (BOR) | KY |
| Broker of Record | Colby Haugness |
| License # (BOR) | Lic.# 00241410 |
Investment Highlights
- Subject is a 24,538 Square-Foot Freestanding Retail Building on 3.294 Acres with 87 Parking Spaces that was Recently Renovated in 2018
- Situated Along Major Retail and Commuter Corridor North Main Street/U.S. Route 41 and KY-281 Intersection with Combined Traffic Counts of Over 40,000 Vehicles per Day
- Triple Net Lease with a Corporate Guaranty from Harbor Freight Tools USA, Inc, with a “BB-” Rating from Moody’s
- Harbor Freight is an Essential Retailer, Lease Calls for 10% Escalations Every 5 Years
- Eight Years Remaining with Five (5-Year) Options, Next Rental Increase in 2023 and at the Beginning of Each Option Period
Investment Overview
Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest in a net leased Harbor Freight retail property located at 1235 North Main Street, Madisonville, Kentucky (the “Property”). Recently renovated in 2018, the Property comprises a +/- 24,538 SF building on a very busy +/- 3.294-acre parcel, that is strategically positioned to be visible and convenient to a combined 40,000+ vehicles per day at the signalized intersection of North Main Street and KY-281, and only one mile from Interstate 69 with highway traffic of about 24,000 vehicles per day.
