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NAPA Auto Parts | Altoona, PA 213 Union Ave 16,983 SF 100% Leased Retail Building Altoona, PA 16602 $1,851,000 ($108.99/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Corporately guaranteed NAPA Auto Parts backed by investment-grade Genuine Parts Company (NYSE: GPC).
- Prime location off I-99 in Altoona’s dominant retail corridor surrounded by major national retailers.
- Strong visibility and traffic counts with 75,000+ residents nearby and solid local incomes.
- Over 25 years of operating history with multiple lease extensions and a 2018 expansion.
- Passive NN lease through June 2031 with minimal landlord responsibilities and one renewal option.
- Close to major economic drivers including Penn State Altoona, VA Medical Center, and within 40 miles of Penn State’s main campus.
EXECUTIVE SUMMARY
PROPERTY FACTS
AMENITIES
- Pylon Sign
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Retailer
- -
- -
- Double Net
- Jun 2031
In 1925, a group of independent auto parts sellers met in Detroit to form the National Automotive Parts Association. Their mission was simple: Improve the distribution of auto parts to serve the people and businesses who increasingly relied on cars and trucks for their transportation needs. NAPA stores and warehouses, which were owned by a variety of member companies at the time, quickly became the go-to sources for parts. Carlyle Fraser, founder of Genuine Parts Company, served as a key NAPA contributor in its early years. Across the decades, Genuine Parts began to acquire the other NAPA member companies, and in 2012 became the last remaining member of NAPA, a brand with a reputation for quality parts, rapid availability, and knowledgeable people. Today, the NAPA Network offers hundreds of thousands of unique parts, distributed across many distribution centers, thousands of NAPA Auto Parts stores and even more NAPA Auto Care centers throughout the United States.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | - | - | Double Net | Jun 2031 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 14-00039724 | Improvements Assessment | $823,000 |
| Land Assessment | $131,000 | Total Assessment | $954,000 |
PROPERTY TAXES
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NAPA Auto Parts | Altoona, PA | 213 Union Ave
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