Lincoln Park, MI - Advance Auto Parts
$1,723,000
2230 Fort St, Lincoln Park, MI 48146
7.75
Cap Rate
133,500
NOI
Details:
Description:
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.
The subject property benefits from exceptional visibility and accessibility along Fort Street (36,300 VPD) located nearby the intersection of Fort Street and Southfield Road (combined 97,500 VPD) one of the most heavily trafficked commercial corridors in the Downriver Detroit submarket. Lincoln Park is known as the “Crossroads of Downriver,” centrally positioned within a dense network of communities including Southgate, Allen Park, Wyandotte, and Taylor, and serving as a key commercial hub for a trade area containing over 242,300 residents and 87,500 employees within 5-miles. The site offers direct connectivity to Interstate 75 (100,900 VPD), reinforcing Lincoln Park’s role as a regional commercial hub within the Detroit MSA, the 14th largest metropolitan statistical area in the United States with approximately 4.4 million residents. The surrounding area is further strengthened by active redevelopment, including the transformation of the former 15.9-acre Sears site in Lincoln Park into a major mixed-use complex with approximately 110,000 SF of retail space, commercial buildings, business condominiums, a four-story hotel, and planned national tenants including Chick-fil-A.
Location
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