ADVANCE AUTO PARTS | AHOSKIE, NORTH CAROLINA

Purchase Price
$577,386
Location
1476 E Memorial Dr
Cap Rate
8.15%
Annual Rent
$47,057.00
Building Size
6,000 SF
Land Area
0.71 Acres
Ownership
Fee Simple
Lease Type
NN
Term Remainning
7.5 Years
LEASE EXPIRATION
12/31/2031
Renewal Options
Two (2) - Five (5) Year
RENT INCREASES
6% at Options
Parking
36 Spaces
Year Built
1990
APN
5992742548000
Traffic Counts
23,500 VPD

INVESTMENT HIGHLIGHTS

 

ADVANCE AUTO PARTS CORPORATE LEASE:

  • 7.75 Years of Guaranteed Lease Term
  • 6,000 SF Building - 0.71 Acre Parcel
  • Two (2) - Five (5) Year Option Periods with Rental Increases
 

NN LEASE:

  • Landlord Responsibilities Limited to Roof, Structure, and Parking Lot Replacement
  • Tenant Responsible for Repair/Replacement of HVAC System
  • Tenant is Responsible for Resealing and Restriping the Parking Lot
  • Landlord Responsible for Base Year (1990) Property Taxes of ($3,343.00) - Tenant Reimburses Property Tax Amount Above Base Year Tax Amount
 

33+ YEAR OPERATING HISTORY:

  • Advance Auto Has Been Operating Successfully at This Location Since 1990
  • Low Rent - $8.40 PSF
 

TRADE AREA DEMOGRAPHICS:

  • 3-Mile Population = 6,374 Residents
  • 3-Mile Average Household Income = $69,816
  • 5-Mile Population = 9,112 Residents
  • 5-Mile Average Household Income = $69,782
  • 7-Mile Population = 11,666 Residents
  • 7-Mile Average Household Income = $69,457
 

PROXIMITY FROM AHOSKIE, NORTH CAROLINA:

  • Greenville, NC | 59 Miles
  • Norfolk, VA | 67 Miles
  • Richmond, VA | 109 Miles
  • Raleigh, NC | 123 Miles
  • Durham, NC | 145 Miles
  • Greensboro, NC | 197 Miles
 

TENANT:

  • Advance Auto Parts (NYSE: "AAP")
  • Moody's: Baa2 | S&P: BB+
  • Advance Auto Parts Reported FY 2023 Revenues in Excess of $11.3 Billion
  • Ranked #368 on the Fortune 500 List
  • 4,786 Stores in 48 States as of December 30, 2023

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