Advance Auto Parts

1901 South Glenburnie Road, New Bern, NC 28562

$2,520,000

Cap Rate 6.35%

Views: 54 DOM: 66 Updated: 08.30.24 Posted: 07.12.24 Status: Active

Summary

Price $2,520,000	Built/Renov 1998	Tenant Advance Auto Parts
Cap Rate 6.35%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 18,000	Lease Start 07-12-2010	#Units 5,105
Price/SF $140.00	Expiration 06-30-2034	Tenant Type Automotive
NOI $160,037	R. Term 9.9	Ownership Fee Simple
Rent/SF $8.89	Increases 3.0%/9/yrs	Pop 5Mi 44,035
Lot/AC 0.90	Options 6/5yrs/3%	AHHI 5Mi $82,957

David Hoppe

Atlantic Capital Partners

Contact

Lease Highlights

Advance Auto Parts has been operating in this location since 2010
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 S Glenburnie Road, with access to 20,000 vehicles passing by daily. The property features two points of ingress and egress, including a dedicated turn lane into the site. The immediate area features well-known national tenants such as Target, Publix, HomeGoods, Five Below, Academy Sports, Hobby Lobby, and more. The 5-mile trade area supports a...

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Key Features

Build to suit
In location for years
Near major nationals
Strategically located
Freeway close
Recently extended lease
Below Market Rent
Absolute NNN
Traded and rated company
Corporate Guarantee

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia New Bern, North Carolina Zip Code 28562 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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Listing Broker

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