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Views: 42 DOM: 35 Updated: 06.25.24 Posted: 06.07.24 Status: Active

Summary

Price $2,338,000
Built/Renov 1998
Tenant Advance Auto Parts
Cap Rate 5.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 11,223
Lease Start 06-01-1998
#Units 5,105
Price/SF $208.32
Expiration 05-31-2034
Tenant Type Automotive
NOI $128,613
R. Term 9.10
Ownership Fee Simple
Rent/SF $11.46
Increases 7.5%/5/yrs
Pop 5Mi 115,158
Lot/AC 1.71
Options 4/5yrs/7.5%
AHHI 5Mi $74,026

Lease Highlights

  • Advance Auto Parts has been operating in this location since 1988
  • The tenant has 9+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 7.5% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Advance Auto Parts is strategically located at the signalized, hard corner intersection of State Highway 450 and North County Road, with access to a combined daily traffic count of 43,000 vehicles. The property benefits from nearby access to State Highway 302, which sees a traffic count of 32,300 VPD, making this a centralized location. The immediate area is surrounded by well-known national...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Advance Auto Parts
  • Guarantor:Corp T and Rated
  • Company:Advance Stores Co, Inc
  • # Units:5,105
  • Tenant S&P: BB+
  • Moody’s: Ba2
  • Stock: NYSE: AAP

About Tenant

Advance Auto Parts, Inc. (Advance) is an American automotive aftermarket parts provider that serves both professional installers and do-it-yourself (DIY) customers. Advance is a publicly traded...


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