Advance Auto Parts
7.25% Cap Rate | Over 7 Years Remaining | Recent Lease Extension | Rent Increases in 2032, Options
Marketing description
Marcus & Millichap is pleased to offer for sale the fee simple interest in a 7,257-square-foot auto parts store in St. Paul, MN, in which Advance Stores Company Inc. has over 7 years remaining on its recently extended double-net lease. The lease features a 3.00 percent rent increase in 2032 and a 7.50 percent rent increase in each of three 5-year renewal options.
Situated on a corner lot on Rice Street, the main retail corridor in the North End neighborhood, the property sits close to the North End Community Center, public library, schools and local businesses. Rice Street is being reconstructed with an improved design, and the section adjacent to the property is expected to be completed by November 30, 2026.
St. Paul and Minneapolis, the Twin Cities, are in southeastern Minnesota at the head of the Mississippi River. The Minnesota state capital, St. Paul is h ome to Fortune 500 companies Securian Financial Group, 3M and Ecolab, as well as campuses of University of Minnesota Twin Cities, Metropolitan State University, University of St. Thomas and Concordia University.
Founded in 1929, Advance Auto Parts Inc. operates 4,308 stores and is traded as AAP on the New York Stock Exchange. Ranked No. 461 on the Fortune 500, Advance Auto Parts reported $8.6 billion in 2025 sales. Stores serve both professional and do-it-yourself customers.
For an investor looking for the limited responsibility of a double-net lease, this location combines the security of a corporately operated location with the long-term investment potential of a retail-corridor corner parcel in a vibrant city.
Investment highlights
- Recent Lease Extension — Over 7 Years Remaining — Plus Three 5-Year Renewal Options
- Rent Increases 3.00 Percent in 2032 and 7.50 Percent in Each Renewal Option
- Corner Parcel on Rice Street, the Main Retail Corridor in St. Pauls North End Neighborhood
- Within 0.4 Miles of Historic Church of St. Bernard (Completed 1914), Oakland Cemetery (Founded 1853) and New $30 Million 25,000-Square-Foot North End Community Center
- Minnesota State Capitol Building and Downtown St. Paul Within 2.2 Miles
- Located in the Heart of the 3,790,295-Person Minneapolis-St. Paul-Bloomington, MN-WI Metro Area
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