Share This Listing

Message

921 characters remaining

Hmm, there seems to have been an error sending your message. Please try again.

Your email has been sent.

Still interested?

Contact the brokers for more information about this property

Investment Highlights

  • Recent Lease Extension | Scheduled Rental Increases | Investment Grade Tenant (S&P: BBB)
  • Dense Retail Corridor | Strong National/Credit Tenant Presence | Nearby School & Hospital
  • Strong Demographics in 5-Mile Trade Area | Providence MSA
  • NNN | Fee Simple Ownership | Limited Landlord Responsibilities
  • Signalized, Hard Corner Intersection | Interstate 295 (70,300 VPD) | Excellent Visibility & Access

Executive Summary

SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, corporate signed, Advance Auto Parts investment property located in Johnston, Rhode Island (Providence MSA). The tenant, Advance Stores Company, Inc. recently extended their lease through Dec. 2033 with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 5% rental increase in March 2028 as well as 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity (S&P: BBB) and is NN with landlord responsibilities, limited to roof and structure. Advance Auto Parts operates 5,750 stores and 266 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands.

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
5,920 SF
Building Class
B
Year Built/Renovated
1992/2006
Price
$1,584,000
Price Per SF
$267.57
Cap Rate
7.50%
NOI
$118,808
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.23
Lot Size
0.59 AC
Zoning
B2 - General Business
Parking
30 Spaces (5.07 Spaces per 1,000 SF Leased)
Frontage
100’ on Putnam Pike

Amenities

  • Corner Lot
  • Freeway Visibility
  • Pylon Sign
  • Signage
  • Signalized Intersection

Major Tenants Click Here to Access

  • Tenant
  • Industry
  • SF Occupied
  • Rent/SF
  • Lease Type
  • Lease End
  • Retailer
  • 99,999 SF
  • -
  • Lorem Ipsum
  • Jan 0000

Advance Auto Parts began in 1932 when Arthur Taubman acquired Advance Stores in Virginia, and the business later developed into a publicly traded automotive aftermarket retailer. The company serves professional installers and do-it-yourself customers through retail stores, online shopping, and customer support services, with offerings that include replacement parts, accessories, batteries, and maintenance items. Advance Auto Parts also operates the Carquest brand and maintains a broad North American presence that includes the United States, Canada, Puerto Rico, and the U.S. Virgin Islands.

Tenant Industry SF Occupied Rent/SF Lease Type Lease End
Retailer 99,999 SF - Lorem Ipsum Jan 0000
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100

Nearby Major Retailers

Curves
Citizens Bank Llc

Property Taxes

Property Taxes

Parcel Number
JOHN-000038-000000-000157
Land Assessment
$491,100
Improvements Assessment
$499,700
Total Assessment
$990,800
  • Listing ID: 29098316

  • Date on Market: 7/25/2023

  • Last Updated:

  • Address: 10 Putnam Pike, Johnston, RI 02919

Link copied
Your LoopNet account has been created!

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, "rating") }}
255 character limit ({{ remainingChars() }} charactercharacters remainingover)
{{ getErrorText(feedbackForm.msg, "rating") }}
{{ getErrorText(feedbackForm.fname, "first name") }}
{{ getErrorText(feedbackForm.lname, "last name") }}
{{ getErrorText(feedbackForm.phone, "phone number") }}
{{ getErrorText(feedbackForm.phonex, "phone extension") }}
{{ getErrorText(feedbackForm.email, "email address") }}