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33279554
33279553

431 GENESEE ST, CHITTENANGO, NY 13037

SL
TX 790608
Matthews
Matthews
Listed by Matthews
$1,500,000
4 days on market
Updated 4 days ago

Advance Auto Parts | Recent Lease Extension

Details
Property Type Retail
Sub Type Convenience Store, Gas Station (+1)
Square Footage 6,549
Cap Rate 8.00%
NOI $120,000
Occupancy 100%
Tenancy Single
Brand/Tenant Dollar General, AutoZone (+2)
Lease Type NN
Lease Term 25.1
Lease Expiration 11/30/2032
Remaining Term 6.5
Rent Bumps Yes
Lease Options Three, 5-Year Options
Year Built 2007
Buildings 1
Stories 1
Acreage 0.720
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 11/15/2007
Ground Lease No
Ownership Fee Simple

Syracuse, NY MSA | 8.00% Cap

Investment highlights

Lease & Location Highlights

● Constructed in 2007 as a built-to-suit for Advance Auto Parts.

● Tenant recently executed an early lease extension through November 2032 —reflecting long-term operational commitment.

● Chittenango is positioned within the Syracuse MSA, and features close proximity to I-90, which sees ±36,300 vehicles daily.

● Strong retail synergy with surrounding national tenants including Burger King, Best Buy, Home Depot, Dick’s Sporting Goods, Marshalls, Dollar General and more.

● Strong average household income of $121,032 in a 5-mile radius.

● Advance Auto Parts adjusted the rent commencing in the extended term, boosting store profitability and ensuring long-term success at this location.

Tenant Highlights

● Advance Auto Parts (NYSE: AAP) is one of the nation’s largest automotive aftermarket parts providers, serving both professional installers and do-it-yourself customers.

● Lease is corporate guaranteed by Advance Stores Company, Inc. (S&P Rated BB)

● Considered an essential retailer, Advance Auto Parts has maintained consistent operations and rent payments, including throughout the COVID-19 pandemic.

Listing Contacts

SL
TX 790608
Matthews
Matthews
Listed by Matthews

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Loan Amount
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$120,000.00
$10,000.00/mo

Valuation Metrics

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DSCR
8%
Cap Rate
8%
ROI

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