Property details
Advance Auto Parts, Southeast Region
Property Description
The subject property is a 4-side block building located in
A major Southeast meto city approximately 20 miles northeast of city’s downtown metro market. The property is well located on a major Highway and has a traffic count of approximately 24,000 cars per day. The County the property is located in has been and still is one of the fastest growing counties in the country. Projected population is expected to grow by 20% in the next 4 years. It is across the street from a Cinemas and Shopping Center. Tenants in the shopping center include Kroger, Aaron Rents, UPS Store, H&R Block, Blockbuster Video, Hallmark and Burger King. Also across the street are RBC Centura Bank and Fidelity Bank.
This property was a 1995 build-to-suit project for Advance
Auto Parts. Advance Auto is currently in the first of 2 lease
renewal options. The current lease term expires on 12/31/10
with one additional 5 year option thereafter. The building offers upside with Advance Auto's rent escalation in 2011-2015 equal to 4%. Additionally, the rent being collected is below market creating upside in the unlikely event that the tenant elects not to renew. The auto parts store has occupied the 8,075 sf building since 1/1/96 and currently has a lease term through 12/31/10.
Images
Highlights
- Status:
- Available
- Price:
- $1,345,000
- PSF:
- $167
- Cap Rate:
- 7.50%
- Annual Rent:
- $100,937
- Rent Increases:
- One escalation at the beginning of the renewal option to an annual income of $104,976. One 5 year renewal option 1/1/11 through 12/31/15
Property Information
- Building Size:
- 8,075 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Auto Parts - Repair
- Units/Spaces:
- 1
- Land Area:
- 0.87 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Advance Auto Parts
- Lease Type:
- NNN
- Lease Commencement:
- 1/1/1996
- Lease Expiration:
- 12/31/2010
- Lease Term:
- 14 years
- Years Remaining:
- 1 years
- Landlord Responsibilities:
- None
- Options:
- One 5 year renewal option 1/1/11 through 12/31/15
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.