O'Reilly Auto Parts

5213 Lake Michigan Drive, Allendale, MI 49401

$1,699,366

Cap Rate 6.00%

Views: 152 DOM: 748 Updated: 11.02.24 Posted: 10.28.22 Status: Active

Summary

Price $1,699,366	Built/Renov 2018	Tenant O'Reilly Auto Parts
Cap Rate 6.00%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 7,780	Lease Start 10-01-2018	#Units 6,095
Price/SF $218.43	Expiration 11-21-2038	Tenant Type Automotive
NOI $101,962	R. Term 14.0	Ownership Fee Simple
Rent/SF $13.11	Increases 6.0%/11/yrs	Pop 5Mi 40,721
Lot/AC 0.98	Options 4/5yrs/6%	AHHI 5Mi $82,628

Lease Highlights

Tenant has 14+ years remaining in their initial lease term with 4 (5-year) options to extend
The lease features 6% rental increases every 5 years beginning in lease year 11 and throughout options to extend
Positioned within the Grand Rapids MSA
O’Reilly Auto Parts is an investment grade tenant (S&P: BBB)

Location Description

The 7,780 SF O’Reilly Auto Parts property is strategically positioned along Lake Michigan Drive, a primary east-west thoroughfare, with clear visibility and access to 28,000 vehicles passing by daily. Retailers in the area include True Value, Gerber Collision & Glass, McDonald’s, Taco Bell, Goodwill, PNC Bank, and more. Other tenants include Spectrum Health Medical Group, Leprino Foods...

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Key Features

Build to suit
Major thoroughfare
Dense retail corridor
University college close
Top 100 MSA
Long 15+ yr lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

O'Reilly Auto Parts Wikipedia O'Reilly Auto Parts Wikipedia Allendale, Michigan Zip Code 49401 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: O'Reilly Auto Parts
Guarantor:Corp T and Rated
Company:O’Reilly Automotive, Inc.
# Units:6,095
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 in the U.S. Their stores provide automotive aftermarket parts, tools, supplies, equipment, and...

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Demographics

	1 Miles	3 Miles	5 Miles
2027 Total Population :	9,902	29,610	46,677
2022 Total Population :	9,736	28,916	45,133
2022 Employed Civilian Pop :	5,004	14,107	22,509
2022 Total Businesses :	138	366	561
2022 Average Household Income :	$ 52,276	$ 69,105	$ 86,202
2022 Total Consumer Spending :	$ 159 M	$ 526 M	$ 1036 M
2022 Median Age :	23	23	24
2022 Total Households :	3,461	8,733	13,952
2022 Pop Age 25+: Bachelor's Degree :	743	2,580	5,704
2022 Average Home Value :	$ 220,868	$ 276,154	$ 300,802

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Lake Michigan Dr	Boyne Blvd	2015	26,400	0.21 mi
56th Ave	Lake Michigan Dr	2011	631	0.49 mi
56th Ave	Lake Michigan Dr	2011	2,836	0.49 mi
M-45	Lake Michigan Dr	2020	25,019	0.50 mi
48th Ave	Becker Dr	2010	3,202	0.54 mi
48th Ave	Lake Michigan Dr	2010	11,113	0.54 mi
48TH AVE	Lake Michigan Dr	2020	10,237	0.55 mi
60th Ave	Country View Dr	2010	1,181	0.99 mi
60th Ave	Lake Michigan Dr	2010	2,973	0.99 mi
Lake Michigan Dr	Washington Ave	2015	26,400	1.17 mi

Listing Broker

Randy Blankstein

The Boulder Group (HQ)

Contact

165 Listings
16606 Views
62 Sold

Jimmy Goodman

The Boulder Group (HQ)

Contact

168 Listings
17141 Views
65 Sold

Randy Blankstein

President of The Boulder Group, Blankstein is a senior commercial real estate executive with over 30 years of experience focused on advisory services in the single tenant net lease sector. Led The Boulder Group to a top 10 company national ranking for single tenant retail transactions by both CoStar and Real Capital Analytics from 2010-2021. Founded and managed net leased companies on both the advisory and principal sides that have been involved in over $7 billion in single tenant transaction

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Jimmy Goodman

Goodman is a partner at The Boulder Group, with over 15 years of experience in the investment real estate sector. His career began at PricewaterhouseCoopers in 2001 and afterward, he has been solely focused on investment real estate. He has been featured in multiple publications including Globe Street, Commercial Property Executive, Real Estate Forum and was a featured speaker at Real Share’s Net Lease Conference. He is a member of the International Council of Shopping Centers and received a Ba

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