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Advance Auto Parts | Corp NNN 2230 Fort St 6,157 SF Retail Building Lincoln Park, MI 48146 $1,723,000 ($279.84/SF) 7.75% Cap Rate
Investment Highlights
- Corporate Guaranteed (NYSE:AAP) | Long Term Occupancy
- Detroit Retail Corridor | Excellent Visibility on Fort St. (36K+ VPD)
- NNN | Fee Simple Ownership | Limited Landlord Responsibilities
- Strong Demographics In 5-Mile Trade Area | Detroit MSA
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN, corporate guaranteed (NYSE: AAP) Advance Auto Parts investment property located in Lincoln Park, MI (Detroit MSA). The tenant, Advance Auto Parts, Inc., has over 7-years remaining on its lease with
3 (5-year) options to extend. The lease features 7% rental increases at the beginning of each option period, providing a hedge against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Advance Auto Parts is a leading automotive parts provider with over 4,300 stores. The tenant has successfully operated at the location for more than 17-years.
3 (5-year) options to extend. The lease features 7% rental increases at the beginning of each option period, providing a hedge against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Advance Auto Parts is a leading automotive parts provider with over 4,300 stores. The tenant has successfully operated at the location for more than 17-years.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
6,157 SF
Building Class
C
Year Built
2010
Price
$1,723,000
Price Per SF
$279.84
Cap Rate
7.75%
NOI
$133,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
0.95 AC
Zoning
CM - Commercial Mixed Use
Parking
28 Spaces (4.55 Spaces per 1,000 SF Leased)
Frontage
130’ on Fort
Amenities
- Corner Lot
- Dedicated Turn Lane
- Signage
- Monument Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
-
99,999 SF
- -
-
Lorem Ipsum
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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
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 45-009-03-0207-301 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $448,900 |
Property Taxes
Parcel Number
45-009-03-0207-301
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$448,900
Contacts
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Michael Carter -
Frank Rogers -
Matthew Mousavi -
Patrick Luther -
SRS Real Estate Partners
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