1404 W Dickinson Blvd, Fort Stockton, TX 79735

Located at 1404 W Dickinson Blvd in Fort Stockton, Texas, this property represents an extremely attractive 8% cap rate opportunity for a stabilized net lease investment. The 13,625 SF Advance Auto Parts Hub store benefits from a corporate guaranteed lease with approximately 4.5 years remaining on a 15-year base term, complemented by four 5-year renewal options with 5% rent increases.

The property was retrofitted in 2005 for Advance Auto Parts from a former Steeles department store and renovated in 2015. Located along US Hwy 285, the main thoroughfare through Fort Stockton, the property enjoys excellent visibility with traffic counts exceeding 14,780 vehicles daily and benefits from I-10 frontage. The below-market rent of $6.56 PSF compares favorably to CoStar's indicated market rent of $8.16 PSF, while the affluent local demographics feature an average household income of $109,947 annually.

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. This lease is corporate guaranteed by Advance Stores Company, Inc. (S&P Rated BB). As an essential retailer, Advance Auto Parts has maintained consistent operations and rent payments throughout the COVID-19 pandemic. Texas is an income tax-free state, adding to the investment appeal.