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Harbor Freight Tools 1400 Oak St

16,000 SF Retail Building Kenova, WV 25530 $6,223,767 CAD ($389 CAD/SF) 6.25% Cap Rate

Investment Highlights

  • Long Term Lease w/ Attractive Rental Escalations
  • Kenova's Primary Home Improvement Store & Top Visited Harbor Freight Tools Location
  • Brand New Harbor Freight Build-to-Suit w/ Minimal Landlord Maintenance
  • Corporate Guaranty from Fastest-Growing Tool & Equipment Retailer in the U.S.
  • Prime Frontage Store Relocation
  • Proximity to Marshall University & Major Medical Hub

Executive Summary

Harbor Freight Tools is operating under a recently executed, 15-year lease with 14 years of primary term remaining. The Lease also features attractive 10% rent bumps every 5 years during the base term and throughout the five (5), five (5) year renewal option periods, providing increasing returns and an effective hedge against inflation.
The Property is a brand new build-to-suit for Harbor Freight Tools featuring state-of-the-art construction and the latest standalone prototype architecture. The Property also benefits from a highly passive NN lease with limited landlord responsibilities.
The Property serves as the primary home improvement store for the residents of Kenova and is the only Harbor Freight Tools store within 20+ miles. In addition, this HFT location had approximately 226.9K visits in the past 12 months, which ranks in the Top 15% of all home improvement stores in West Virginia as well as nationwide, and nearly triples the number of annual visits of the nearest competitor - Ace Hardware (Kenova, WV) 87K visits. (Source: Placer)

Attachments

OM

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Department Store
Building Size
16,000 SF
Building Class
B
Year Built
2023
Price
$6,223,767 CAD
Price Per SF
$389 CAD
Cap Rate
6.25%
NOI
$388,985 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.20
Land Acres
1.80 AC
Zoning
UZ - Vacant Land (NEC)
Parking
62 Spaces (3.88 Spaces per 1,000 SF Leased)
Frontage
365 ft on Oak Street

Amenities

  • Corner Lot
  • Signage

MAJOR TENANTS Click Here to Access

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease End
  • Harbor Freight Tools
  • Retailer
  • 99,999 SF
  • -
  • Jan 0000
Tenant Industry SF OCCUPIED RENT/SF Lease End
Harbor Freight Tools Retailer 99,999 SF - Jan 0000

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
07-9-02640000
Land Assessment
$327,727 CAD
Improvements Assessment
$1,614,149 CAD
Total Assessment
$1,941,876 CAD
  • Listing ID: 32566453

  • Date on Market: 2024-07-24

  • Last Updated:

  • Address: 1400 Oak St, Kenova, WV 25530

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