Listed by CBRE
$1,805,000
O'Reilly Auto Parts - Sterling Heights, MI
Details
Property Type Retail
Sub Type Auto parts
Square Footage 10,000
Net Rentable (SqFt) 10,000
Cap Rate 7.50%
NOI $135,340
Occupancy 100%
Tenancy Single
Brand/Tenant O'Reilly Auto Parts
Lease Type NN
Lease Expiration 11/29/2028
Remaining Term 2.4
Rent Bumps Yes
Lease Options Three (3) remaining five (5) year options which must be exercised in writing at least one hundred eighty (180) days prior to the expiration of the then current term.
Price per SqFt $181
Year Built 1995
Buildings 1
Acreage 1.870
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 11/30/2023
Ground Lease No
Ownership Fee Simple
Single-Tenant Net Leased O'Reilly Auto Parts
Marketing description
Constructed in 1995 for Murray's Auto Parts, this O'Reilly auto parts store has approximately two and a half (2.5) years remaining on its current lease term. O'Reilly purchased the Murray's brand and continues to operate successfully from this freestanding location within a very densely populated suburban trade area. The lease is equipped with five percent (5%) rental rate increases in each of the three (3) remaining option periods. The lease is double-net (NN) in structure wherein the Landlord's responsibilities are limited to the roof, structure, outer walls, and utility service lines. O'Reilly Auto Parts has over 6600 stores in the United States, Canada, and Mexico.
Investment highlights
- Net Lease Investment - Double Net (NN) lease structure
- Approximately 2.5 years remaining on current lease term with three (3) remaining five (5) year renewal options
- Five percent (5%) rental rate increases in each of the three (3) remaining option periods
- 100% occupancy - single tenant freestanding building
- O'Reilly Auto Parts - Publicly Traded, S&P: BBB credit rated tenant
- O'Reilly Auto Parts has over 6,600 stores in the United States, Canada, and Mexico
- Tenant responsible for real estate taxes, insurance, and exterior maintenance
- Located in densely populated suburban trade area of Sterling Heights, MI (Macomb County)
- Fee Simple ownership
- Offered at $1,805,000 (7.5% Capitalization Rate)
Listing Contacts
Listed by CBRE
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$135,340.00
$11,278.33/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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