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Advance Auto Parts | NN Lease

$863,500

1314 Franklin Street, Waterloo, IA 50703

Active
Last Updated: 11/07/2024

7.5

Cap Rate

64,679

NOI

Details:
Cap Rate:    7.5%
NOI:    $64,679
Building Size:    7,000 sqft
Lot Area:    0.83 acres
Lease Type:    Double Net
Year Built:    1999
Roof:    Landlord's Responsibilities
Highlights:
  • Below Market Rents - Subject property is paying $10.59 PSF versus market rent closer to $13 PSF
  • Corporately-guaranteed lease by Advance Auto Parts which holds a BBB- credit rating (S&P)
  • Over 8.5 years remaining on the base term of the lease
  • The tenant has a 22 year operating history and extended their lease 4 years early showing their historical satisfaction of this location and comfort with the future.
  • Middle income demographic, which indicates likely a higher portion of retail sales and higher margins
  • This is the only auto parts store within a 2 mile radius
  • Advance Auto Parts has over 6,290 locations and is one of the top 3 auto parts companies in the world.
  • Ideal demographics | Over 113,739 residents with an a 15 minute drive and income of $70,361 within a 10-minute drive
  • Resistant to economic downturn or pandemic disruption
Map:
Documents:
Title
Offering Memorandum
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Location
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