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DOM: 256 Updated: 01.08.24 Posted: 04.21.23 Status: Sold 01.02.24

Summary

Price $2,313,500 $2,607,000
Built/Renov 2008
Tenant Advance Auto Parts
Cap Rate 7.04% 6.25%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 7,000
Lease Start 07-21-2008
#Units 5,086
Price/SF $330.50 $372.43
Expiration 07-31-2028
Tenant Type Automotive
NOI $162,960
R. Term 3.2
Ownership Fee Simple
Rent/SF $23.28
Increases 5.0%/5/yrs
Pop 5Mi 142,771
Lot/AC 0.94
Options 3/5yrs/5%
AHHI 5Mi $118,434

Lease Highlights

  • Advance Auto Parts has been operating in this location since 2008
  • There are over 5 years remaining on the current lease term with 3 (5-year) options to extend
  • Lease features 5% rental increases every 5 years throughout the initial term and at each option period
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee by Advance Stores Co, Inc (NYSE: AAP)

Location Description

Advance Auto Parts is strategically located at the signalized, hard corner intersection of West NC-54 and Garrett Road seeing a combined 26,520 vehicles per day. The property benefits from significant street frontage creating excellent visibility for the site. The site is ideally situated in a dense retail corridor, with numerous nearby national/credit tenants including Walgreens, Ace...

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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:5,086
  • Tenant S&P: BBB-
  • Moody’s: Baa2
  • Stock:NYSE: AAP

About Tenant

Advance Auto Parts, Inc. (Advance) is an American automotive aftermarket parts provider that serves both professional installer and do it yourself (DIY) customers. Founded in 1932, Advance...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,350 56,652 140,302
2023 Total Population : 12,270 55,850 136,249
2023 Employed Civilian Pop : 7,306 32,107 75,430
2023 Total Businesses : 390 2,457 5,341
2023 Average Household Income : $ 105,305 $ 118,696 $ 120,499
2023 Total Consumer Spending : $ 532 M $ 2536 M $ 6120 M
2023 Median Age : 34 36 35
2023 Total Households : 5,891 24,966 58,871
2023 Pop Age 25+: Bachelor's Degree : 2,334 12,131 29,995
2023 Average Home Value : $ 328,702 $ 353,285 $ 397,950
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Barbee Rd 2021 16,500 0.06 mi
Barbee Road Grenfell Dr 2021 9,000 0.15 mi
Barbee Road I- 40 2019 10,000 0.18 mi
Barbee Road 2019 6,800 0.18 mi
Revere Rd Haledon Cir 2013 5,400 0.23 mi
Waterford Valley Dr Woodway Park Dr 2019 131,000 0.30 mi
I-40 Woodway PkDr 2020 101,000 0.30 mi
State Hwy 54 Savannah Pl 2013 14,760 0.31 mi
Grandale Drive Grandover Dr 2021 4,500 0.54 mi
Grandale Drive Amanda Rd 2019 4,900 0.59 mi

Listing Broker

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