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If I had $1.2 million, I’d invest in a new-to-market Goodyear store in Albany in southwest Georgia, which has a population of around 70,000. The 10-000-square-foot building is located on a half-acre lot.
The tenant has been there since 1978, showing they are committed to the site and recently renewed another 10 years with a rent increase every five years.
The property is located along a dense retail corridor. Another plus? Every car on the road needs new tires eventually! Landlord obligations are minimal (roof, structure, parking Lot) and it’s currently priced to throw off a return of 6.25%.
– Steve Massell, Massell Commercial Real Estate