Advance Auto Parts

525 North Houk Road, Delaware, OH 43015

$1,819,126

Cap Rate 7.55%

Views: 21 DOM: 32 Updated: 09.12.24 Posted: 08.15.24 Status: Active

Summary

Price $1,819,126	Built/Renov 2008	Tenant Advance Auto Parts
Cap Rate 7.55%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 7,000	Lease Start 07-31-2008	#Units 5,105
Price/SF $259.88	Expiration 07-31-2028	Tenant Type Automotive
NOI $137,344	R. Term 3.10	Ownership Fee Simple
Rent/SF $19.62	Increases 5.0%/3/yrs	Pop 5Mi 40,063
Lot/AC 0.98	Options 2/5yrs/5%	AHHI 5Mi $101,392

Lease Highlights

Advance Auto Parts has been operating in this location since 2008
The tenant has 3+ years remaining on the current lease term with 2 (5-year) options to extend
The lease features 5% rental escalations at the start of each option period
Favorable NN+ lease with landlord responsible for structure only
Corporate guaranteed lease

Location Description

Advance Auto Parts is strategically located on North Houk Road, with access to 12,219 vehicles passing by daily. The property is near well-known national tenants such as Kroger, Planet Fitness, Buffalo Wild Wings, CVS, Panera Bread, Burger King, and McDonald’s. Key community amenities nearby include Schultz Elementary School, Rolling Meadows Apartments, and Delaware Municipal Airport. The...

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Key Features

In location for years
Near major nationals
Strategically located
Top 100 MSA
Affluent AHHI $100K 5 Mi
Long operation history
Limited competition
Favorable NN+ lease
Traded and rated company
Corporate Guarantee

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia Delaware, Ohio Zip Code 43015 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

30 Listings
967 Views
0 Sold

Scott Reid

ParaSell, Inc

Contact

27 Listings
854 Views
0 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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Scott Reid

ParaSell, Inc. is a national real estate services and consulting firm that specializes in commercial leasing and investment sales. We work with principals across the nation and have a proven process, proprietary time-saving technology, dedicated support staff and a relentless commitment to customer service.

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Adam Scherr

Sands Investment Group

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20 Listings
606 Views
0 Sold

Dan Hoogesteger

Sands Investment Group

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24 Listings
774 Views
0 Sold

Adam Scherr

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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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