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DOM: 49 Updated: 07.31.24 Posted: 09.16.22 Status: Sold 11.04.22

Summary

Price $2,600,000 $2,659,000
Built/Renov 2002
Tenant O'Reilly Auto Parts
Cap Rate 4.60% 4.50%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 7,038
Lease Start 03-01-2021
#Units 5,811
Price/SF $369.42 $377.81
Expiration 03-01-2031
Tenant Type Automotive
NOI $119,652
R. Term 5.10
Ownership Fee Simple
Rent/SF $17.00
Increases 4.0%/4/yrs
Pop 5Mi 121,562
Lot/AC 0.90
Options 2/5yrs/8%
AHHI 5Mi $86,872

Lease Highlights

  • The tenant has approximately 8 years remaining on their current lease term with 2 (5-year) options to extend
  • The lease features an 8% rental increase in March 2026 and at the beginning of each option period
  • Corporate guaranteed lease by O’Reilly Auto Enterprises, LLC, an investment grade (S&P: BBB), nationally recognized, and established tenant 
  • Landlord responsibilities limited to roof and structure

Location Description

O’Reilly Auto Parts is strategically located near the signalized, hard-corner intersection of 10th St. W. and Technology Dr., averaging a combined 47,300 vehicles passing by daily. Additionally, the site profits from nearby direct on/off ramp access to State Highway 14 (89,000 VPD). The asset is located within Palmdale Marketplace, a 214,000 SF power center anchored by Target, Lowe’s Home...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: O'Reilly Auto Parts
  • Guarantor:Corp T and Rated
  • Company:O’Reilly Auto Enterprises, LLC
  • # Units:5,811
  • Tenant S&P: BBB
  • Moody’s: Baa1
  • Stock:NASDAQ: ORLY

About Tenant

O’Reilly Auto Parts is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment and accessories in the U.S. What began with a single location in 1957 by...


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Demographics

  1 Miles 3 Miles 5 Miles
2027 Total Population : 9,058 59,115 124,959
2022 Total Population : 9,338 60,350 127,729
2022 Employed Civilian Pop : 4,141 24,307 51,726
2022 Total Businesses : 699 2,361 4,229
2022 Average Household Income : $ 116,153 $ 100,693 $ 99,230
2022 Total Consumer Spending : $ 302 M $ 1613 M $ 3362 M
2022 Median Age : 34 32 32
2022 Total Households : 3,058 18,641 39,452
2022 Pop Age 25+: Bachelor's Degree : 1,036 5,872 11,519
2022 Average Home Value : $ 447,024 $ 593,130 $ 519,796
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Ave P-8 10th St W 2010 7,599 0.16 mi
Trade Center Dr Ave P-8 2010 1,594 0.23 mi
10th St W Marketplace Dr 2010 31,702 0.24 mi
10th St W Ave P-8 2011 18,141 0.26 mi
Lowes Dr W Ave P 2006 1,783 0.29 mi
Ocotillo Dr Dole Pl 2005 1,285 0.35 mi
W Ave P-4 5th St W 2006 1,115 0.35 mi
Armfield Ave W Ave P-1 2010 853 0.36 mi
Trade Center Dr Auto Center Dr 2010 1,595 0.37 mi
W Ave P Lowes Dr 2010 36,761 0.39 mi

Listing Broker

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