Advance Auto Parts

3701 I 75 Business Spur, Sault Ste. Marie, MI 49783

$1,066,928

Cap Rate 7.65%

Views: 54 DOM: 122 Updated: 11.11.24 Posted: 08.21.24 Status: Active

Summary

Price $1,066,928	Built/Renov 2003	Tenant Advance Auto Parts
Cap Rate 7.65%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 7,000	Lease Start 10-30-2003	#Units 5,105
Price/SF $152.42	Expiration 03-31-2031	Tenant Type Automotive
NOI $81,620	R. Term 6.3	Ownership Fee Simple
Rent/SF $11.66	Increases 20.0%/7/yrs	Pop 5Mi 15,800
Lot/AC 0.64	Options 2/5yrs/20%	AHHI 5Mi $78,154

Lease Highlights

Advance Auto Parts has been operating in this location since 2003
The tenant has 6+ years remaining on the current lease term with 2 (5-year) options to extend
The lease features a 20% rental increase at the start of the first option, 3.5% at the start of the second option period
Corporate guaranteed lease (NYSE: AAP)

Location Description

Advance Auto Parts is strategically located on I-75 Business Spur, with access to 19,780 vehicles passing by daily. The property is surrounded by well-known national tenants including Hobby Lobby, Walmart, Tractor Supply Co, Buffalo Wild Wings, and more. The 5-mile trade area supports a population of 15,800 residents with an average household income of $78,154. Sault Ste. Marie is a city in...

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Key Features

Build to suit
In location for years
Dense retail corridor
Near major nationals
Strategically located
Highway close
Long operation history
Traded and rated company
Corporate Guarantee
Over 1000 units backed

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia Sault Sainte Marie, Michigan Zip Code 49783 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: 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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Listing Broker

Clifton McCrory

Sands Investment Group

Contact

37 Listings
3358 Views
4 Sold

Adam Scherr

Sands Investment Group

Contact

27 Listings
2001 Views
2 Sold

Clifton McCrory

Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of investment properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 4,100 plus transactions worth more than $8 Billion in 48 states. Advisors with the company currently have over $1.4 billion in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experi

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Adam Scherr

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Dan Hoogesteger

Sands Investment Group

Contact

24 Listings
2213 Views
3 Sold

Max Freedman

Sands Investment Group

Contact

60 Listings
5104 Views
8 Sold

Dan Hoogesteger

Daniel S. Hoogesteger is the Managing Director of SIG’s West Coast headquarters in Santa Monica, CA. Prior to being a founding member of SIG, Daniel began his career in 2002 at Faris Lee Investments and has a tenured resume at firms including Marcus & Millichap & CB Richard Ellis. His resume includes representing many of the largest institutional, private capital & development companies in the acquisition & disposition of commercial real estate assets. Daniel leads SIG’s big

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Max Freedman

Max Freedman is a recognized industry leader focused on the Restaurant/C-Store real estate, heads the Austin office and the SIG Restaurant Group. Max is a founding partner and opened the first SIG office in Santa Monica, CA in 2009, with Chris Sands. He has excelled in building the company’s team culture and strategies you see today. Max has a strong team mentality and has had an integral part in recruiting several agents to Sands Investment Group. SIG’s restaurant group consists of nine agen

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