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Advanced AutoParts 1215 N Detroit St 7,000 SF Retail Building Warsaw, IN 46580 $1,034,000 ($147.71/SF) 7.25% Cap Rate

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INVESTMENT HIGHLIGHTS

Corporate Lease Guaranty from Advance Stores Company, Inc. (NYSE: AAP)
Recent Early 10-year Lease Extension – Long Operating History – Commitment to Site
Positioned along North Detroit Street (22,600 VPD) – Access to U.S. Highway 30 (30,000 VPD) – Strong Mix of National Retailers

Consistent 5% Rent-to-Sales Ratio Over the Last 4 Years
Limited Landlord Responsibility – Modified NNN “Structure Only” Lease – 21% Rent Increase in 1st Option
Warsaw – Strong Economic Fundamentals & Favorable Demographics

EXECUTIVE SUMMARY

Lee & Associates is pleased to present the exclusive offering of a single-tenant Advance Auto Parts located at 1215 N Detroit Street in Warsaw, Indiana. The tenant, Advance Stores Company, Inc. (NYSE: AAP), operates under a corporate-guaranteed lease and has demonstrated long-term commitment to the site, having operated at this location since 2005. A recent early 10-year lease extension, executed in 2024, extends the term through December 2034, with three additional five-year options remaining. The lease is structured as modified NNN with landlord responsibilities limited to structure only.

Advance Auto Parts - Warsaw, IN

PROPERTY FACTS

Sale Type

Investment NNN

Sale Condition

1031 Exchange

Property Type

Retail

Property Subtype

Freestanding

Building Size

7,000 SF

Building Class

Year Built

2005

Price

$1,034,000

Price Per SF

$147.71

Cap Rate

7.25%

NOI

$74,965

Tenancy

Single

Building Height

1 Story

Building FAR

0.19

Lot Size

0.83 AC

Zoning

C-2 G

Retailer
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Advance Auto Parts, Inc. is a publicly traded automotive aftermarket parts retailer (NYSE: AAP) founded on April 29, 1932 by Arthur Taubman. Headquartered in Raleigh, North Carolina, the company operates over 4,000 stores across the United States, Puerto Rico, and Canada, along with Carquest and Worldpac branches. Advance Auto Parts serves both do-it-yourself (DIY) customers and professional installers, offering a wide range of products including batteries, brakes, engine components, and maintenance supplies. The company also provides in-store services such as battery testing, installation, and recycling. With a workforce of approximately 62,800 employees, Advance Auto Parts emphasizes convenience through its e-commerce platform and same-day delivery options. The firm has grown through strategic acquisitions, including Carquest and Worldpac, and continues to expand its footprint while focusing on operational efficiency and customer service.