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Views: 147 DOM: 595 Updated: 09.10.24 Posted: 04.06.23 Status: Active

Summary

Price $468,300
Built/Renov 1947/2017
Tenant Advance Auto Parts
Cap Rate 6.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 6,050
Lease Start 03-01-2000
#Units 5,105
Price/SF $77.40
Expiration 02-28-2025
Tenant Type Automotive
NOI $28,100
R. Term 0.3
Ownership Fee Simple
Rent/SF $4.64
Increases 10.0%/2/yrs
Pop 5Mi 43,115
Lot/AC 0.21
Options 1/5yrs/10%
AHHI 5Mi $108,508

Lease Highlights

  • Advance Auto Parts has been operating at this location sine 2000
  • The tenant has 1+ years remaining on the current lease term with 1 (5-year) options to extend
  • Lease features 10% rental increases throughout the initial term and at each option period
  • Favorable NN+ lease with landlord responsibilities limited to roof and structure
  • Corporate guarantee by Advance Stores Co, Inc (NYSE: AAP)
  • Advance Auto Parts is an investment grade tenant (S&P: BBB-)

Location Description

Advance Auto Parts is located in the heart of Historic Downtown Farmington at the hard corner intersection of Oak Street and 2nd Street. The site is within close proximity to Red Oak Manor Apartments (37 units) and Spruce Place Apartments (61 units) providing a direct consumer base from which the site can draw upon. Tenants in the area include McDonald’s, Celts Pub, Dairy Queen, Bourbon...

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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 : 7,229 22,563 49,455
2023 Total Population : 7,222 22,156 46,584
2023 Employed Civilian Pop : 3,846 12,102 25,605
2023 Total Businesses : 221 380 812
2023 Average Household Income : $ 92,199 $ 125,140 $ 131,993
2023 Total Consumer Spending : $ 203 M $ 799 M $ 1778 M
2023 Median Age : 37 35 35
2023 Total Households : 2,572 7,464 15,770
2023 Pop Age 25+: Bachelor's Degree : 1,166 4,205 9,084
2023 Average Home Value : $ 351,387 $ 381,531 $ 391,625
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
3rd St Spruce St 2015 2,200 0.04 mi
1st St Oak St 2015 960 0.14 mi
Walnut St 2nd St 2019 110 0.14 mi
Spruce Street 4th St 2019 840 0.16 mi
Elm St 4th St 2011 11,000 0.19 mi
1st St Elm St 2019 820 0.20 mi
3rd St Walnut St 2019 1,950 0.22 mi
1st St Maple St 2019 920 0.26 mi
4th Street Main St 2019 600 0.27 mi
Walnut St 5th St 2019 380 0.28 mi

Listing Broker

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