ADVANCE AUTO PARTS | AHOSKIE, NORTH CAROLINA
INVESTMENT SUMMARY
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
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