Advance Auto Parts | NN Lease

1314 Franklin Street, Waterloo, IA

$863,500

Price

7.5%

Cap Rate

$64,679

NOI

Gallery
Street
Map
Overview
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, Structure, Parking
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
Documents
Title
Offering Memorandum
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Location
Gallery