Advance Auto Parts Jacksonville, Florida

$1,770,000
Cap Rate: 6.14%
Available
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.14%
Price: $1,770,000
Rentable Square Feet: 7,000
Annual Rent: $108,600
Price PSF: $258.57
Land Area: 1.46 Acres
Year Built: 2007
Lease Guarantor: Corporate
Lease Type: Modified NNN
Lease Term: Original Term; 15 Years
Option Periods: 3, 5-Year Options
Rent Increases: 5% Every 5 Years in Option Periods
Landlord: Structure
Tenant: Roof, HVAC, Parking
Lease Expiration: 12/31/2028

1008 Edgewood Ave North
Jacksonville, FL 32254

Investment Highlights

  • New, 10-Year, Modified Triple Net (NNN) Lease, Recently Extended Early
  • Three, Five-Year Renewal Options with Five Percent Rental Increases Every Five Years
  • Minimal Landlord Responsibilities; Tenant Taking Care of Roof, HVAC, Parking Lot, Taxes and Insurance Leaving Only Structure as a Landlord Responsibility
  • Strong Performer; Store Sales Well Above the National Average
  • Surrounding National Retailers Include Save-A-Lot, Family Dollar, Dollar Tree, Rent-A-Center, Boost Mobile, Cricket Wireless, Wawa, Pizza Hut, Popeye’s, Burger King and Many More
  • Located Between a Brand-New Wawa that is Currently Being Developed and a Redeveloped Take 5 Oil change
  • Projected Population Growth of Seven Percent in a One-Mile Radius of the Subject Property Over the Next Five Years
  • Advance Auto Parts is the Largest Auto Parts Retailers in the Country
  • Corporate Guarantee from an Investment Grade Credit Tenant S&P Rated BBB
  • NYSE: AAP, More Than 5,200 Locations and Employing 74,000 Individuals

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Advance Auto Parts in Jacksonville, Florida. Advance Auto Parts offers a new, 10-year, modified triple net lease featuring three, five-year renewal options. There are five percent rental increases every five years throughout the renewal periods. The lease is a corporate guarantee and there are minimal landlord responsibilities. Tenant handles the roof, HVAC, parking lot, taxes and insurance, leaving only structure as a landlord responsibility. This location is a strong performer with store sales well above the national average.

Surrounding national retailers include Save-A-Lot, Family Dollar, Dollar Tree, Rent-A-Center, Boost Mobile, Cricket Wireless, Wawa, Pizza Hut, Popeyes, Burger King and many more. The subject property is located between a brand-new Wawa that is currently being developed and a redeveloped Take 5 Oil Change. There is a projected population growth of seven percent in a one-mile radius of the subject property over the next five years.

Jacksonville is a large seaport city in the U.S. It is the most populated city in both Florida and the southeastern United States. The Jacksonville metropolitan area is the fourth largest in the state. Two Navy Bases, the Blount Island Command, and the Naval Submarine Base Kings Bay, are the third largest military presence in the U.S. With Jacksonville located at the mouth of the St. Johns River, the Port of Jacksonville is an international trade seaport. Jacksonville has grown into a major city in Florida and is an even blend of business development and tourist sites. The city caters to all types of residents, whether they are looking for a modern downtown scene or want to escape to the suburbs.

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