Chittenango, NY - Advance Auto Parts

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, Advance Auto Parts investment property located in Chittenango, New York. The tenant, Advance Stores Company, Inc., has approximately 3 years remaining with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Advance Auto Parts currently has over 4,000 locations across the United States, Canada, Mexico, and more.

The Advance Auto Parts is located near the signalized, hard corner intersection of US Hwy 5 and Genesse St, combining to average over 21,900 vehicles passing by daily. Genesse St is a major retail thoroughfare serving the city of Chittenango. The Advance Auto Parts is located in close proximity to Chittenango Self Storage, a 6,000+ square foot storage facility, serving the town of Chittenango. Additionally, the asset is located approximately 2 miles from a 124,000+ square foot center, complete with YBR Casino & Sports Book, a TopGolf Swing Suite, and a TOPS Friendly Market. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Walgreens, O’Reilly Auto Parts, Burger King, Subway, Dunkin’ Donuts, U-Haul, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 12,100 with an average household income of $121,874.