Advance Auto Parts
Retail | 8.25% CAP | 8,075 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for an Advance Auto Parts located at 311 W Fort Williams Street, Sylacauga, AL 35150. The site consists of roughly 8,075 rentable square feet of building space on an estimated 0.83-acre parcel of land. This Advance Auto Parts is subject to a 10 Years-year Double Net (NN) lease, which commenced 4/8/1993. The current annual rent is $69,600 and has scheduled increases of 26% in next option period.
Investment highlights
Extremely Long Operating History | Advance Auto Parts has been at this location since 1993. Advance Auto Parts has continued to extend their lease showing their commitment to this location, most recently exercising a 5-year renewal option early.
Attractive R/SF & P/SF | Compared to Advance Auto Parts national average R/SF, this site is over 50% lower providing a healthy and replaceable rent. Additionally, relative to the average P/SF of Advance Auto Parts that are currently on the market, Price/SF for this site is 40% lower offering a very attractive basis.
Recession Resistant Business Due to Non Discretionary Nature of Services | The average age of the US vehicle fleet continues to increase leading to a greater need for repairs & maintenance. Auto parts are essential for keeping older cars running making demand less sensitive to economic downturns. Additionally, consumers often postpone buying new cars during downturns which increases demands for auto parts to maintain existing vehicles.
Corporate Guarantee from Advance Stores Company Inc. | The lease is backed by a strong corporate guarantee from Advance Stores Company, Inc., the operating entity of Advance Auto Parts. This corporate credit enhances the stability of the investment, ensuring reliable income backed by one of the nation’s leading automotive aftermarket parts providers.
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