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Advance Auto Parts, Houston, TX

Advance Auto Parts

TX, United States

Price $1,985,869
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases FLAT YEAR 1-1510% increase in Option 1 and 8% every five yearsthereafter (Options 2,3, and 4)
Year Built 2015
Building Size 6,889 sq. ft.
Lot Size 1.18 Acres (51,260 sq. ft.)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

HIGH-QUALITY, INVESMENT GRADE SINGLE TENANT
» 100% leased to Advance Stores Company, Inc. for 15 years
» Corporate guaranteed lease by investment grade Tenant rated “BBB-” by Standard and Poor’s
» Advance Auto Parts operates over 5,200 stores in the United States, Puerto Rico, the Virgin Islands and Canada

NEW 2015 CONSTRUCTION/SIGNALIZED HARD CORNER LOCATION (19,139 AADT)
» Advance Auto Parts is strategically located at the lighted intersection of S. Richey Street, Queens Street and Martinville Drive
» Building was built in 2015 to tenant’s specifications and features the latest Advance Auto Parts building prototype

NET LEASE WITH FEE SIMPLE OWNERSHIP
» Tenant is responsible for taxes, insurance and all maintenance and repair including the roof, parking lot and HVAC (Landlord is responsible for structure)
» No Landlord property management which provides “hands off” ownership for passive investors

GROWING INFILL HOUSTON TEXAS LOCATION
» Houston is the 4th largest city in the United States and the largest city in Texas
» Population of over 335,000 within a five mile radius of the property
» Nearby Queens Intermediate School and Nelda Sullivan Intermediate School opened in 2014 & 2015 respectively, highlighting the continued growth in the immediate trade area

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is ideally located at a three-way intersection, with 19,139 AADT in front of the site on South Richey Road, and 193,878 AADT on Interstate 45, less than two miles away. Located among the rapidly growing residential and retail sub-market of Houston, the site has a total population of 335,371 and a workforce of 146,232 within a five mile radius. Three schools are located within one mile of the property, serving a total of 3,037 students. Rapid growth in the area has spurred the opening of new schools, with Nelda Sullivan Intermediate School recently completing construction in late 2015. Multiple national retailers surround the site, including Walgreens, Subway, and Rent-A-Center.

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