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Views: 84 DOM: 136 Updated: 11.25.24 Posted: 07.11.24 Status: Sold 11.25.24

Summary

Price $661,000
Built/Renov 1997
Tenant Advance Auto Parts
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,400
Lease Start 12-22-2005
#Units 5,105
Price/SF $122.41
Expiration 06-30-2034
Tenant Type Automotive
NOI $39,676
R. Term 9.7
Ownership Fee Simple
Rent/SF $7.35
Increases 3.0%/9/yrs
Pop 5Mi 99,929
Lot/AC 0.52
Options 6/5yrs/3%
AHHI 5Mi $112,281

Lease Highlights

  • Tenant has been operating in this location since 2005 | Currently operating as Carquest store
  • The tenant has 9+ years remaining on the current lease term with 6 (5-year) options to extend
  • The lease features 3% rental escalations at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Advance Auto Parts is strategically located on NW 63rd Street, with access to 28,000 vehicles passing daily. This prime location is within a half-mile radius of over 236K SF of industrial space and is surrounded by well-known national tenants such as Sonic Drive-In, Price Chopper, Ace Hardware, and Quick Trip. Key community establishments in the vicinity include Parkville City Hall, St. Luke’s...

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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: 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
2029 Total Population : 5,919 47,702 106,291
2024 Total Population : 5,602 45,665 101,424
2024 Employed Civilian Pop : 3,055 25,249 55,709
2024 Total Businesses : 236 1,212 2,665
2024 Average Household Income : $ 165,963 $ 127,418 $ 116,816
2024 Total Consumer Spending : $ 313 M $ 2003 M $ 4154 M
2024 Median Age : 40 39 38
2024 Total Households : 2,211 18,136 40,676
2024 Pop Age 25+: Bachelor's Degree : 1,480 9,388 19,207
2024 Average Home Value : $ 450,074 $ 405,799 $ 371,960
*ESRI data is presented for informational purposes only

Listing Broker

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