Advance Auto Parts

2377 North Military Trail, West Palm Beach, FL 33409

$1,925,000

Cap Rate 6.05%

$2,009,172

Cap Rate 5.80%

DOM: 170 Updated: 07.30.24 Posted: 12.05.23 Status: Sold 05.23.24

Summary

Price $1,925,000 $2,009,172	Built/Renov 2005	Tenant Advance Auto Parts
Cap Rate 6.05% 5.80%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 7,000	Lease Start 01-01-2005	#Units 5,105
Price/SF $275.00 $287.02	Expiration 12-31-2024	Tenant Type Automotive
NOI $116,532	R. Term 0.4	Ownership Fee Simple
Rent/SF $16.65	Increases 13.8%/1/yrs	Pop 5Mi 265,984
Lot/AC 0.84	Options 3/5yrs/13.8%	AHHI 5Mi $93,103

Lease Highlights

Advance Auto Parts has been operating in this location for 19 years
Tenant has 1 year remaining on the current lease term with 3 (5-year) options
Lease features 13.8% rental increase at the start of option 1, 5% increase at the start of the remaining options
Corporate guaranteed lease (NYSE: AAP)
Investment grade tenant (S&P: BBB-)

Location Description

Advance Auto Parts is strategically located at the intersection of Hibiscus Avenue and N Military Trail (FL Route 809), one of the area’s primary commercial corridors with access to 36,900 vehicles passing by daily. The property offers convenient access to the Tanger Outlets of Palm Beach, office and industrial clusters, and nearby schools. Moreover, its strategic position between Interstate...

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Key Features

Hard corner intersection
In location for years
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Income tax free state
Long operation history
Traded and rated company
Corporate Guarantee

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia West Palm Beach, Florida Zip Code 33409 Broker Site Page

Maps

Local Information

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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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	19,760	114,472	282,359
2023 Total Population :	19,372	112,316	274,328
2023 Employed Civilian Pop :	9,474	56,666	137,651
2023 Total Businesses :	1,450	6,206	17,873
2023 Average Household Income :	$ 57,947	$ 73,306	$ 83,551
2023 Total Consumer Spending :	$ 457 M	$ 2938 M	$ 7929 M
2023 Median Age :	37	39	39
2023 Total Households :	8,932	45,695	108,505
2023 Pop Age 25+: Bachelor's Degree :	2,335	16,752	38,526
2023 Average Home Value :	$ 160,222	$ 276,507	$ 390,757

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
North Military Trail	N Military Trl	2022	38,500	0.14 mi
North Military Trail	12th St	2021	38,000	0.14 mi
Old Military Trail	Old Military Trl	2018	36,500	0.14 mi
N Military Trl	Schall Way	2017	37,851	0.23 mi
N Military Trl	Schall Way	2019	39,007	0.24 mi
N Military Trl	Okeechobee Blvd	2016	36,500	0.32 mi
Okeechobee Blvd	N Military Trl	2016	77,500	0.37 mi
Okeechobee Blvd	Sharon Rd	2016	62,000	0.37 mi
Biscayne Blvd	Okeechobee Blvd	2012	2,021	0.39 mi
Okeechobee Blvd	Zip Code Pl	2019	67,032	0.40 mi

Listing Broker

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