Listed by Matthews
$847,733
Dark AAP Paying Rent | Redevelopment Opportunity
Details
Property Type Retail
Sub Type Storefront, Auto Shop
Square Footage 7,000
Cap Rate 9%
NOI $76,296
Tenancy Single
Brand/Tenant AutoZone, O'Reilly Auto Parts
Lease Type NNN
Lease Term 15
Lease Expiration 06/30/2031
Remaining Term 5
Rent Bumps No
Year Built 2004
Acreage 0.790
Investment Type Redevelopment
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 10/07/2004
Ground Lease No
Ownership Fee Simple
Retail | 9.00% CAP | 7,000 SqFt
Marketing description
This 2004 build-to-suit Advance Auto Parts location presents a unique redevelopment opportunity for an opportunistic investor. The property features a dark store paying rent, providing stable income with 5 years of rent remaining. Located at the high-traffic intersection of HWY 190 & W Fond Du Lac Ave with over 90,700 vehicles daily, the property is just 4.7 miles from Downtown Milwaukee. The property benefits from proximity to several national retailers including Walgreens, Foot Locker, Gamestop, and McDonalds, with strong demographics featuring over 204,392 residents within 3 miles and 447,535 residents within 5 miles.
Investment highlights
- Dark store paying rent, providing a redevelopment opportunity for an opportunistic investor
- 2004 build-to-suit construction for Advance Auto Parts.
- Corporately guaranteed lease.
- 5-Years of rent remaining (buyer can continue to collect rent or negotiate a lease buyout)
- Advance Auto has successfully operated at this location for 20-years.
- Located near several national retailers and neighbors to many notable tenants including Walgreens, Foot Locker, Gamestop, and McDonalds to name a few.
- 3-Mile population of ±204,392 residents.
- 5-Mile population of ±447,535 residents.
- Traffic counts at the intersection of HWY 190 & W Fond Du Lac Ave exceed ±90,700 vehicles daily.
- The subject property is located just ±4.7 miles from Downtown Milwaukee.
- 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
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$76,296.00
$6,358.00/mo
Valuation Metrics
0
DSCR
9%
Cap Rate
9%
ROI
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