Rainelle, WV - Advance Auto Parts

511 Kanawha Ave, Rainelle, WV

$708,000

Price

6.6%

Cap Rate

$46,750

NOI

Overview
Cap Rate
6.6%
NOI
$46,750
Building Size
5,506 sqft
Lot Area
0.13 acres
Occupancy
100%
Lease Type
Double Net
Year Built
1997
Zoning
Commercial
Parking Spots
24
Roof Structure, Utility Systems & CAM
Landlord's Responsibilities
Description

• Advance Auto Parts has operated at this location for 25+ years and recently signed an extension through December 2030, demonstrating their long-term commitment to the site
• 6+ years remain on this corporate signed lease with 2 (5-Year) options to extend
• The tenant is currently paying far below market rent
• The lease features scheduled rental increases at the beginning of each option, growing NOI and hedging against inflation
• Tenant pays their pro rata share of taxes, insurance, and real estate taxes in the form of additional rent
• Landlord responsibilities include roof, structure, utility systems, and CAM; however, tenant reimburses landlord for CAM
• Ideal, low-management investment for a passive investor

• The asset is strategically fronting Kanawha Avenue
• Subject property is located across from Park Center, an 80,000 SF Kroger anchored shopping center
• Kanawha Avenue serves as the primary thoroughfare serving the city of Rainelle with several national/credit tenants such as Walgreens, McDonald’s, Dollar General, Dairy Queen, Family Dollar, and more
• Advance Auto Parts is the only investment grade, national auto parts dealer in the city of Rainelle
• The asset benefits from significant street frontage and multiple points of access, providing ease and convenience for customers
• More than 10,500 residents and 1,900 employees support the trade area
• $57,814 average household income

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Listing ID: a288X0000065EKXQA2
Location