Listed by Marcus & Millichap - San Diego
$2,145,000
ADVANCE AUTO PARTS | RECENT LEASE EXTENSION
Details
Property Type Retail
Sub Type Storefront, Auto Shop
Square Footage 11,223
Cap Rate 6%
NOI $128,613
Tenancy Single
Brand/Tenant AutoZone, Advanced Auto Parts
Lease Type Absolute NNN
Lease Expiration 05/30/2034
Remaining Term 7.9
Rent Bumps Yes
Class A
Year Built 1989
Acreage 1.710
Investment Type Net Lease
Ground Lease No
Retail | 6.00% CAP | 11,223 SqFt
Marketing description
PLEASE VISIT THE PROPERTY WEBSITE TO DOWNLOAD FULL MARKETING PACKAGE:
https://themansourgroup.com/properties/310489/advance-auto-parts
Investment highlights
- Long Term Absolute Net Lease (Zero Landlord Obligations) Featuring 10% Rental Increases throughout the Initial Term and Options. Recent Lease Extension and 35+ Year Historical Occupancy.
- Advance Auto Parts is strategically located at the signalized, hard corner intersection of State Highway 450 and North County Road which supports over 43k vehicles per day.
- Advance Auto Parts (NYSE: AAP) has a S&P Credit Rating of “BB+” and is Ranked #358 on the Fortune 500 List with an Annual Revenue of more than $9.09 Billion.
- The site is just under a mile east of The Appleridge Apartments (96 units) and the Manor Crest Apartments (106 units), providing a direct residential consumer base from which to draw.
- The asset is positioned within walking distance from Odessa College (5,213 students) and New Tech Odessa (361 students), further increasing consumer traffic to the immediate subject trade area.
- Densely Populated Area: Features more than 107k People Residing within a 5-Mile Radius and 63k Employees Support the Trade Area.
- Odessa, Texas, has seen Consistent growth over the Years, driven by the Energy Sector, Manufacturing, and an Expanding Retail Industry.
- Minutes from Odessa-Schlemeyer Field Airport - a Public-Use Airport, primarily serving General Aviation. It supports Private, Business Aircrafts, and Essential Aviation Services for the Local Community. Adjacent to a United Supermarkets and in Close Proximity to Numerous other National Retailers including H-E-B, Walmart Supercenter, Walgreens, CVS Pharmacy and many more.
Listing Contacts
Listed by Marcus & Millichap - San Diego
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$128,613.00
$10,717.75/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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