O'Reilly Auto Parts
O'Reilly Auto Parts | 12 Years Term Remaining | Waterford Township, MI
Marketing description
Northmarq is pleased to present a premier net lease retail investment opportunity
located at 3245 Elizabeth Lake Rd in Waterford Township, MI. This 2023 build-to-suit
facility is tenanted by O'Reilly Auto Parts, offering a secure income stream backed by an
investment grade corporate credit rating (S&P: BBB). The property features almost 12 years
of remaining lease term and represents a high quality "plug and play" solution for 1031
exchange buyers or passive investors seeking a reliable asset in a primary automotive
market.
The property is strategically located in the heart of Oakland County within the dense
Detroit MSA, positioned on Elizabeth Lake Road near the heavily trafficked M-59
commercial corridor. This site is embedded in a market with a deep automotive heritage
and a consumer base with a strong propensity for DIY vehicle repair. Delivered with built
-in rental escalations and a landlord friendly recapture right, this recently completed asset
is perfectly suited to hedge against inflation while providing a passive ownership structure
in one of Michigan's most stable
Investment highlights
Investment Grade Credit (S&P: BBB)
O'Reilly Auto Parts is a dominant "Top 3" player with an investment grade credit rating. In March 2026, S&P Global reaffirmed their BBB rating with a stable outlook, citing consistent revenue growth of approximately 6% year over year and strong cash flow projected at $2 billion for 2026.
Strategic Detroit MSA Placement
Located in Waterford Township (Oakland County), this site is positioned in the heart of the "Automotive Capital." The local economy is underpinned by major employers like Stellantis and General Motors, fostering a demographic with deep automotive knowledge and a strong "Do-It-Yourself" (DIY) culture.
High-Visibility Retail Corridor
The property sits on Elizabeth Lake Rd, a primary east-west thoroughfare. It benefits from proximity to M-59 (Highland Rd), a major regional arterial carrying over 30,000 vehicles per day, ensuring a steady stream of "need-it-now" customers.
Recession-Resilient Essential Retail
The auto parts industry historically thrives during economic downturns. As new vehicle prices remain high, consumers are holding onto cars longer, driving record demand for maintenance parts at established retail locations like this one.
Dual-Market Revenue Stream
This location serves both the DIY retail customer and the Professional "Do-It-For-Me" (DIFM) market. O'Reilly's industry-leading distribution network allows for multiple daily deliveries to local mechanic shops, providing a diversified revenue base.
Record-Breaking Corporate Performance
O'Reilly recently reported record 2025 revenues of $17.78 billion. The company’s financial strength was recently highlighted by a 15-for-1 stock split in June 2025, aimed at making shares more accessible to their 90,000+ team members.
Aging Vehicle Fleet Tailwinds
As of 2026, the average age of vehicles on U.S. roads has reached an all-time high of over 12.5 years. This aging "car parc" directly correlates to increased sales of high-margin maintenance and repair partsthat O'Reilly specializes in.
2023 Build-to-Suit Construction
This is a "new prototypical" site. Investors benefit from the latest O'Reilly architectural standards and high-quality construction, which significantly limits any near-term structural maintenance risks or capital expenditure needs.
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