Advance Auto Parts

224 Hwy 16 S, Denver, NC 28037

$1,808,000

Cap Rate 6.00%

Views: 112 DOM: 158 Updated: 09.09.24 Posted: 04.11.24 Status: Contract 09.09.24

Summary

Price $1,808,000	Built/Renov 2002	Tenant Advance Auto Parts
Cap Rate 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 $258.29	Expiration 12-31-2034	Tenant Type Automotive
NOI $108,500	R. Term 10.3	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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Key Features

Hard corner intersection
Roof guarantee
Dense retail corridor
Near major nationals
Highway location
Top 100 MSA
Affluent AHHI $100K 5 Mi
Brand new lease
Traded and rated company
Corporate Guarantee

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia Denver, North Carolina Zip Code 28037 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
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

Drew Olson

Lee & Associates

Contact

16 Listings
1281 Views
5 Sold

Jake Neufeld

Lee & Associates

Contact

10 Listings
1075 Views
2 Sold

Drew Olson

Drew Olson is an Associate with Lee & Associates and a member of the Barr & Bennett Net Leased Investment Group, which assists clients in the acquisition and disposition of neighborhood shopping centers, strip shopping centers, freestanding pad buildings including multi-tenant pads, restaurant buildings, fast food buildings, gas station and convenience stores, ground lease investments, single tenant industrial and office properties, and sale leaseback transactions. The Barr & Bennet

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Jake Neufeld

Jake Neufeld is a Junior Associate with Lee & Associates and a member of the Barr & Bennett Net Leased Investment Group, which assists clients in the acquisition and disposition of neighborhood shopping centers, strip shopping centers, free-standing pad buildings including multi-tenant pads, restaurant buildings, fast food buildings, gas station and convenience stores, ground lease investments, single tenant industrial and office properties, and sale leaseback transactions nationwide. J

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Ryan Bennett

Lee & Associates

Contact

17 Listings
1304 Views
6 Sold

Ryan Bennett

Ryan Bennett is a Principal with Lee & Associates. He represents buyers and sellers in commercial income producing properties, specializing in the sale of net leased investment properties nationwide. Prior to joining Lee & Associates, Mr. Bennett had a successful career in the technology sector of San Diego. He developed a multi-million dollar sales backlog working with Fortune 500 companies while moving on to eventually manage North American sales for a European manufacturer. Mr.

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