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146 Eastern Ave 6,564 SF Retail Building Gloucester, MA 01930 $1,695,000 ($258.23/SF) 6.58% Cap Rate
Investment Highlights
- Corporate guaranty by Advance Auto Company, Inc
- Proven successful location with 8 year operating history
- Strong tenant commitment to property
- 10% rent increases in first and second option periods
Executive Summary
Sovereign Realty Advisors is pleased to exclusively offer for sale a single-tenant net-leased Advance Auto Parts property located in Gloucester, Massachusetts. Constructed in 2011, the property consists of a 6,564 square foot, single-story commercial building situated on 0.72 acres and is fully occupied by Advance Auto Parts.
The lease includes three (3) five-year renewal options, with rent increases of 10% in Options One and Two, and 7% in Option Three. Annual rent is scheduled to increase to $122,747 in February 2028, representing a 7.24% cap rate based on the offering price. The property benefits from excellent visibility along Route 127, with approximately 300 feet of frontage on Eastern Avenue, over 30 parking spaces, and convenient access to Route 128 — the primary corridor connecting the North Shore to Greater Boston. The tenant is responsible for real estate taxes, insurance, utilities, and maintenance, providing a stable, passive income stream.
The lease includes three (3) five-year renewal options, with rent increases of 10% in Options One and Two, and 7% in Option Three. Annual rent is scheduled to increase to $122,747 in February 2028, representing a 7.24% cap rate based on the offering price. The property benefits from excellent visibility along Route 127, with approximately 300 feet of frontage on Eastern Avenue, over 30 parking spaces, and convenient access to Route 128 — the primary corridor connecting the North Shore to Greater Boston. The tenant is responsible for real estate taxes, insurance, utilities, and maintenance, providing a stable, passive income stream.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,564 SF
Building Class
C
Year Built
2011
Price
$1,695,000
Price Per SF
$258.23
Cap Rate
6.58%
NOI
$111,588
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
0.72 AC
Zoning
EB- Extensive Business
Frontage
297’ on Eastern Ave
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
Advance Auto Parts began in 1932 and grew into an automotive aftermarket parts provider serving professional installers and do-it-yourself customers. The company offers parts, accessories, and related shopping support through retail stores, Carquest-branded independent locations, and digital channels that support maintenance, repair, and performance needs. Advance Auto Parts maintains a broad North American market presence, with stores primarily in the United States and additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | GLOU-000160-000039 | Improvements Assessment | $659,100 |
| Land Assessment | $357,000 | Total Assessment | $1,016,100 |
Property Taxes
Parcel Number
GLOU-000160-000039
Land Assessment
$357,000
Improvements Assessment
$659,100
Total Assessment
$1,016,100
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146 Eastern Ave