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Auto Parts

Advance Auto Parts

301 W Vernon Ave, Kinston, NC 28501

Listing Price: $1,266,000

Cap Rate
6.00%
Tenant Name
Advance Auto Parts
Years Remaining On Lease
9.9
Guarantor
Corporate Guarantee
Rentable SF
7,000
Lease Type
Double Net
Rent Per Square Feet
$10.85

Investment Overview

NEW 10 YEAR LEASE EXTENSION • Advance Auto Parts exercised an early 10 year lease extension that commenced in Nov 2022 and expires in Dec 2032. • The tenant has been operating successfully at this location for nearly 20 Years. • There are 2, Five year options remaining with a 10% rent increase in option 1 and a 7% rent increase in option 2. • Tenant is responsible for Taxes, Insurance, Utilities and HVAC repairs under $500. • Landlord is responsible for Roof & Structure, Parking Lot. HVAC repairs/replacement equal to or greater than $500 will be split 50/50 with the tenant (Landlord Reimburses). INVESTMENT GRADE TENANT • Advance Auto Parts is a publicly traded (NYSE:AAP) Fortune 500 company with an investment grade credit rating of BBB-. • They currently have over 6,290 stores in the U.S., Puerto Rico, Virgin Islands, and Canada. • Advance Auto Parts has been in business for 88 years and has a current net worth of $3.7 Billion. LOCATED ON BUSY HWY 258 (29,000 VPD) • The subject property is located on Hwy 258 (29,000 VPD) in Kinston, NC (Lenoir County). • The store is well positioned in a retail corridor and is surrounded by numerous national retailers including Walmart, Lowe’s Home Improvement, Food Lion, ALDI and more. • The 5 Mile Population is 27,480 with an average household income of $55,347. KINSTON • Kinston is the county seat of Lenoir County and is located in the coastal plains region of eastern North Carolina. • Home to Lenoir Community College that has 2,693 students and 200 employees. • Kinston is served by UNC Lenoir Health Care, a 261 bed hospital with over 100 physicians and 880 employees. • Kinston Regional Jetport has one of the longest runways in the southeastern United States servicing 21,000 flight operations per year. • National Retail in Kinston includes Walmart, Food Lion, Lowe’s Home Improvement, Tractor Supply and more.

Investment Highlights

  • New 10 Year Extension
  • Investment Grade Tenant (S&P: BBB-)
  • 29,000 VPD
  • Surrounded By National Retailers
  • 5 Mile Pop 27,480

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s) NC: 303785

    North Carolina

Financing By

Auto Parts

Advance Auto Parts

Listing Price: $1,266,000

Cap Rate
6.00%
Tenant Name
Advance Auto Parts
Years Remaining On Lease
9.9
Guarantor
Corporate Guarantee
Rentable SF
7,000
Lease Type
Double Net
Rent Per Square Feet
$10.85

Investment Highlights

  • New 10 Year Extension
  • Investment Grade Tenant (S&P: BBB-)
  • 29,000 VPD
  • Surrounded By National Retailers
  • 5 Mile Pop 27,480

Investment Overview

NEW 10 YEAR LEASE EXTENSION • Advance Auto Parts exercised an early 10 year lease extension that commenced in Nov 2022 and expires in Dec 2032. • The tenant has been operating successfully at this location for nearly 20 Years. • There are 2, Five year options remaining with a 10% rent increase in option 1 and a 7% rent increase in option 2. • Tenant is responsible for Taxes, Insurance, Utilities and HVAC repairs under $500. • Landlord is responsible for Roof & Structure, Parking Lot. HVAC repairs/replacement equal to or greater than $500 will be split 50/50 with the tenant (Landlord Reimburses). INVESTMENT GRADE TENANT • Advance Auto Parts is a publicly traded (NYSE:AAP) Fortune 500 company with an investment grade credit rating of BBB-. • They currently have over 6,290 stores in the U.S., Puerto Rico, Virgin Islands, and Canada. • Advance Auto Parts has been in business for 88 years and has a current net worth of $3.7 Billion. LOCATED ON BUSY HWY 258 (29,000 VPD) • The subject property is located on Hwy 258 (29,000 VPD) in Kinston, NC (Lenoir County). • The store is well positioned in a retail corridor and is surrounded by numerous national retailers including Walmart, Lowe’s Home Improvement, Food Lion, ALDI and more. • The 5 Mile Population is 27,480 with an average household income of $55,347. KINSTON • Kinston is the county seat of Lenoir County and is located in the coastal plains region of eastern North Carolina. • Home to Lenoir Community College that has 2,693 students and 200 employees. • Kinston is served by UNC Lenoir Health Care, a 261 bed hospital with over 100 physicians and 880 employees. • Kinston Regional Jetport has one of the longest runways in the southeastern United States servicing 21,000 flight operations per year. • National Retail in Kinston includes Walmart, Food Lion, Lowe’s Home Improvement, Tractor Supply and more.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s): NC: 303785

    North Carolina

Financing By

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