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DOM: 160 Updated: 08.22.23 Posted: 02.23.23 Status: Sold     08.02.23

Summary

Price $880,000 $1,032,000
Built/Renov 1950/2023
Tenant NAPA Auto Parts
Cap Rate 7.45% 6.35%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 5,694
Lease Start 06-01-2023
#Units 5,963
Price/SF $154.55 $181.24
Expiration 11-30-2033
Tenant Type Automotive
NOI $65,540
R. Term 8.4
Ownership Fee Simple
Rent/SF $11.51
Increases 2.0%/1/yrs
Pop 5Mi 187,233
Lot/AC 0.50
Options 2/6yrs/2%
AHHI 5Mi $83,771

Highlights

  • New 2023 renovation
  • Brand new 10- year lease with 2 (6.5-year) options to extend
  • Lease features 2% annual rent increases
  • Favorable NN+ lease – Limited landlord responsibilities
  • Corporate guarantee by Genuine Parts Company (NYSE: GPC)

Location Description

This newly renovated Napa Auto Parts is strategically located along Monroe Street (State Highway 51), which averages 25,200 vehicles passing by daily. Furthermore, the asset is ideally situated on one of the largest retail thoroughfares between downtown Toledo and the suburbs north of the city. The subject property is across the street from the 125,000 square foot Monroe Street Marketplace and...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: NAPA Auto Parts
  • Guarantor:Corp T and Rated
  • Company:Genuine Parts Company
  • # Units:5,963
  • Tenant S&P: BBB
  • Moody’s: Baa1
  • Stock:NYSE: GPC

About Tenant

The National Automotive Parts Association (dba NAPA Auto Parts) is an American retailers' cooperative distributing automotive replacement parts, accessories and service items throughout...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,728 71,131 185,252
2023 Total Population : 7,825 72,216 187,696
2023 Employed Civilian Pop : 4,185 37,409 94,544
2023 Total Businesses : 455 3,407 6,323
2023 Average Household Income : $ 105,185 $ 98,952 $ 89,520
2023 Total Consumer Spending : $ 302 M $ 2722 M $ 6231 M
2023 Median Age : 47 44 40
2023 Total Households : 3,342 31,824 80,255
2023 Pop Age 25+: Bachelor's Degree : 1,536 12,585 26,774
2023 Average Home Value : $ 239,333 $ 214,212 $ 203,861
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Flanders Road Monroe St 2021 1,769 0.10 mi
West Laskey Road Colgate Rd 2021 6,367 0.17 mi
W Laskey Rd Paddington Dr 2017 7,614 0.26 mi
Monroe St W Laskey Rd 2003 25,150 0.33 mi
LASKEY RD Paddington Dr 2020 7,164 0.36 mi
W Laskey Rd Fairfield Dr 2003 10,500 0.51 mi
Whiteford Road Rudgate Blvd 2021 14,139 0.51 mi
Wakefield Drive Mockingbird Ln 2021 125 0.58 mi
FLANDERS RD Meadow Ln 2020 2,519 0.59 mi
Flanders Rd Sunwood Dr 2018 2,752 0.62 mi

Listing Broker

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