Advance Auto Parts

10 Putnam Pike, Johnston, RI 02919

$1,697,000

Cap Rate 7.00%

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DOM: 937 Updated: 08.06.24 Posted: 04.07.23 Status: Active 07.26.23

Summary

Price $1,697,000	Built/Renov 1992	Tenant Advance Auto Parts
Cap Rate 7.00%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 5,920	Lease Start 03-01-2021	#Units 5,105
Price/SF $286.66	Expiration 02-28-2026	Tenant Type Automotive
NOI $118,800	R. Term 0.4	Ownership Fee Simple
Rent/SF $20.07	Increases 5.0%/3/yrs	Pop 5Mi 275,403
Lot/AC 0.59	Options 3/5yrs/5%	AHHI 5Mi $84,625

Highlights

Advance Auto Parts has 2+ years remaining on the current lease term with 3 (5-year) options to extend
Lease features 5% rental increases every 5 years and at each option period
Favorable NN+ with landlord responsibilities limited to roof and structure
Corporate guarantee by Advance Stores Co, Inc (NYSE: AAP)
Advance Auto Parts is an investment grade tenant (S&P: BBB-)

Location Description

Advance Auto Parts is strategically located at the signalized, hard corner intersection of Putnam Pike (Hwy 44) and George Waterman Road (State Hwy 128) with access to 36,000 vehicles per day. Situated along a dense retail corridor, national/credit tenants in the area include Burger King, Walgreens, Dollar Tree, Dunkin Donuts, McDonalds and many more. Additionally, the site is within close...

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Key Features

Signalized intersection
Hard corner intersection
Near major nationals
Highway location
Strong tenant synergy
Dense 200M+ pop 5 mi
Top 100 MSA
Strong demographics
Favorable NN+ lease
Traded and rated company

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia Johnston, Rhode Island Zip Code 02919 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
2030 Total Population :	13,208	84,310	275,711
2025 Total Population :	13,153	84,669	275,977
2025 Employed Civilian Pop :	7,330	45,087	138,554
2025 Total Businesses :	370	2,635	10,423
2025 Average Household Income :	$ 112,709	$ 109,012	$ 102,688
2025 Total Consumer Spending :	$ 583 M	$ 3238 M	$ 9522 M
2025 Median Age :	43	41	37
2025 Total Households :	6,032	34,631	107,446
2025 Pop Age 25+: Bachelor's Degree :	2,054	13,186	37,337
2025 Average Home Value :	$ 423,565	$ 426,700	$ 438,614

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Smith St	Putnam Pike	2008	22,400	0.08 mi
George Waterman Road	Derby Ave	2018	13,585	0.10 mi
Smith Street	Mineral Spring Ave	2018	10,609	0.13 mi
Waterman Avenue	Beckside Rd	2018	2,060	0.15 mi
Waterman Ave	San Giovanni Dr	2015	8,000	0.16 mi
Centerdale Bypass	Mineral Spring Ave	2018	15,222	0.23 mi
Mineral Spring Avenue	Smithfield Rd	2018	9,737	0.24 mi
Waterman Avenue	San Giovanni Dr	2018	7,581	0.26 mi
Centerdale Byp	Mineral Spring Ave	2003	22,600	0.27 mi
Sawin Avenue		2018	542	0.29 mi

Listing Broker

Matthew Mousavi

SRS National Net Lease Group

Contact

394 Listings
123281 Views
188 Sold

Patrick Luther

SRS National Net Lease Group

Contact

446 Listings
135594 Views
221 Sold

Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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