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Views: 7 DOM: 1 Updated: 09.18.24 Posted: 09.18.24 Status: Active

Summary

Price $2,502,000
Built/Renov 2025
Tenant Advance Auto Parts
Cap Rate 6.35%
Lease Type Modified Gross
Guarantor Corp T and Rated
Size/SF 6,912
Lease Start 01-15-2025
#Units 5,105
Price/SF $361.98
Expiration 01-14-2040
Tenant Type Automotive
NOI $158,880
R. Term 15.4
Ownership Fee Simple
Rent/SF $22.99
Increases 10.0%/5/yrs
Pop 5Mi 50,747
Lot/AC 1.27
Options 3/5yrs/10%
AHHI 5Mi $65,691

Lease Highlights

  • Brand new 2025 construction
  • New 15-year lease with 3 (5-year) options to extend
  • Modified NNN lease | Landlord responsible for structure and foundation
  • 10% rental increases every 5 years beginning in year 11 and in each option period
  • Corporate guaranteed lease (NYSE: AAP)

Location Description

Advance Auto Parts is strategically located at the hard corner intersection of 10th Street and Landmark Court, with access to a combined daily traffic count of 15,000 vehicles. The property benefits from prime location along a major thoroughfare with easy access to SR 111, which sees 20,111 VPD. Just 1.5 miles from Tennessee Tech University, home to approximately 11,000 students, the site is...

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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:5,105
  • Tenant S&P: BB+
  • Moody’s: Baa3
  • 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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