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Views: 183 DOM: 160 Updated: 09.09.24 Posted: 04.11.24 Status: Sold 09.18.24

Summary

Price $1,754,227 $1,808,000
Built/Renov 2002
Tenant Advance Auto Parts
Cap Rate 6.19% 6.00%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 7,000
Lease Start 01-01-2024
#Units 5,105
Price/SF $250.60 $258.29
Expiration 12-31-2034
Tenant Type Automotive
NOI $108,500
R. Term 10.0
Ownership Fee Simple
Rent/SF $15.50
Increases 7.0%/10/yrs
Pop 5Mi 31,097
Lot/AC 1.02
Options 2/5yrs/7%
AHHI 5Mi $150,149

Lease Highlights

  • Advance Auto Parts recently executed a brand-new 10-year lease with 2 (5-year) options to extend
  • The lease features 7% rental escalations at the start of each option period
  • Pristine Subject property condition | Zero deferred maintenance
  • Corporate guaranteed lease (NYSE: AAP)

Location Description

Advance Auto Parts is strategically located on NC-16, with access to 11,538 vehicles passing by daily. Adjacent to the property, there's a planned mixed-use development featuring 254 apartments, a 140-room hotel, and a 60,000 square foot office space. Additionally, there's a proposed medical office located 0.7 miles away from the site and a proposed industrial logistics center within a 1-mile...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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
2028 Total Population : 2,925 16,368 32,146
2023 Total Population : 2,785 15,441 30,703
2023 Employed Civilian Pop : 1,662 7,938 15,466
2023 Total Businesses : 307 679 1,085
2023 Average Household Income : $ 129,682 $ 135,957 $ 144,190
2023 Total Consumer Spending : $ 130 M $ 737 M $ 1502 M
2023 Median Age : 41 43 44
2023 Total Households : 1,167 6,337 12,230
2023 Pop Age 25+: Bachelor's Degree : 473 2,891 6,007
2023 Average Home Value : $ 362,990 $ 457,145 $ 493,635
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
E Cross Dr 2022 13,952 0.06 mi
NC 16 BUS E Cross Dr 2020 12,000 0.14 mi
2019 13,000 0.16 mi
Cross Center Rd 2019 10,000 0.22 mi
NC 73 Cross Center Rd 2022 18,113 0.23 mi
State Rd 16 2019 29,000 0.30 mi
State Rd 16 2022 33,560 0.32 mi
NC 16 Business S Little Egypt Rd 2022 9,271 0.34 mi
NC 16 Business State Rd 73 2022 18,311 0.37 mi
State Rd 16 2022 32,470 0.42 mi

Listing Broker

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