Property details
Advance Auto Parts, Southwest Region
Property Description
• 15-Year NN Lease
Scheduled Annual Income
| Years | Income |
| 1 to 15 | $122,198.04 |
| 16 to 20 (Option) | $128,307.96 |
| 21 to 25 (Option) | $134,723.28 |
| 26 to 30 (Option) | $141,459.48 |
This site is located on the main corridor into the city from a Interstate. It is the main thoroughfare for retail as well; just east of the site is a brand new Super Wal-mart. The area is densely populated with approximately 89,404 people in a three-mile radius. The estimated average house-hold income in a three-mile radius is $52,388. The City is currently growing at an estimated rate of 8.4%, the fastest in the country in 2007 according to the US Census Report. The economy is fueled by both agriculture and the students of a major University. It is vibrant and growing.
Advance Auto Parts is a national credit tenant and a specialty retailer of automotive parts, accessories and maintenance items to do-it-yourself customers in the United States. They have over twenty five hundred stores in the United States and continue to expand.
Rent commencement and Closing scheduled for early May 2008.
Improvements: The building is an existing 6,779 square foot masonry building that is being remodeled for Advance Auto Parts with a heightened ceiling, updated façade, and entirely new fixtures.
Lease: The property is leased to Advance Auto Parts for a term of 15 years. The tenant has the option to extend the lease for 3 additional five-year periods (each marked with a 5% rent increase) following the initial 15-year term. The annual income is currently $122,198.04. The tenant is responsible for all utilities, insurance, tax, and typical net lease expenses. The landlord is responsible for the building and structure and is required to carry a $2 million dollar liability policy.
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Highlights
- Status:
- Available
- Price:
- $1,745,687
- PSF:
- $258
- Cap Rate:
- 7.00%
- Annual Rent:
- $122,198
- Rent Increases:
- in options
Property Information
- Building Size:
- 6,779 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Auto Parts - Repair
- Units/Spaces:
- 1
- Land Area:
- 36,300 sq.ft.
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Advance Auto Parts
- Lease Type:
- NN
- Lease Commencement:
- 5/1/2008
- Lease Expiration:
- 5/1/2023
- Lease Term:
- 15 years
- Years Remaining:
- 14 years
- Landlord Responsibilities:
- The landlord is responsible for the building and structure and is required to carry a $2 million dollar liability policy.
- Options:
- 3 five-year options (each marked with a 5% rent increase)
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.