Advance Auto Parts | 1901 S Glenburnie Rd
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Advance Auto Parts 1901 S Glenburnie Rd
18,000 SF 100% Leased Retail Building New Bern, NC 28562 $3,539,794 CAD ($197 CAD/SF) 6.35% Cap Rate
Investment Highlights
- Rare Abs. NNN Lease
- Corporate Guaranty from Credit Tenant
- Long Operating History with Low Rent
Executive Summary
Corporate Guaranty from Strong Credit Tenant
- Advance Auto Parts is a publicly traded company (NYSE: AAP) with a market cap. of $3.9B and annual revenue of $11.28B
- Credit Rating: S&P BBB-
Long Operating History with Recent Extensions
- Tenant has been operating at this location for almost 15 years
- Tenant recently signed a 10 year extension, showing commitment to the site
Rare Abs. NNN Lease Structure
- 10 Year Abs. NNN Lease
- Six (6) - five (5) year options
- Zero LL responsibility
Highly Accessible Location
- Located on S. Glenburnie Rd (20,000 VPD) with two points of ingress and egress and turn lane into the site
Good Visibility on Retail Corridor
- More than 20K cars travel on S. Glenburnie Rd
- Over 2.5MSF of retail is located in a 1-mile radius
- Nearby national tenants include: Target, Publix, HomeGoods, Five Below, Academy Sports, and Hobby Lobby
Below Market Rents
- Current tenant is paying approximately 40% below market rent
- Low rent allows for next owner to “mark-to-market” rents and increase in NOI
- Advance Auto Parts is a publicly traded company (NYSE: AAP) with a market cap. of $3.9B and annual revenue of $11.28B
- Credit Rating: S&P BBB-
Long Operating History with Recent Extensions
- Tenant has been operating at this location for almost 15 years
- Tenant recently signed a 10 year extension, showing commitment to the site
Rare Abs. NNN Lease Structure
- 10 Year Abs. NNN Lease
- Six (6) - five (5) year options
- Zero LL responsibility
Highly Accessible Location
- Located on S. Glenburnie Rd (20,000 VPD) with two points of ingress and egress and turn lane into the site
Good Visibility on Retail Corridor
- More than 20K cars travel on S. Glenburnie Rd
- Over 2.5MSF of retail is located in a 1-mile radius
- Nearby national tenants include: Target, Publix, HomeGoods, Five Below, Academy Sports, and Hobby Lobby
Below Market Rents
- Current tenant is paying approximately 40% below market rent
- Low rent allows for next owner to “mark-to-market” rents and increase in NOI
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
18,000 SF
Building Class
B
Year Built
1998
Price
$3,539,794 CAD
Price Per SF
$197 CAD
Cap Rate
6.35%
NOI
$224,777 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.41
Land Acres
1.00 AC
Zoning
NC4
Parking
50 Spaces (2.77 Spaces per 1,000 SF Leased)
Frontage
208 ft on Glenburnie Rd
Amenities
- Pylon Sign
- Signage
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 8-208-053 | Improvements Assessment | $1,599,539 CAD |
| Land Assessment | $903,483 CAD | Total Assessment | $2,503,022 CAD |
PROPERTY TAXES
Parcel Number
8-208-053
Land Assessment
$903,483 CAD
Improvements Assessment
$1,599,539 CAD
Total Assessment
$2,503,022 CAD
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David Hoppe -
Mike Lucier -
Ben Olmstead -
Atlantic Capital Partners
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Advance Auto Parts | 1901 S Glenburnie Rd
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