Auto Parts
Advance Auto Parts | NNN | Fresh 10 Year Term
590 N Courtenay Pkwy, Merritt Island, FL 32953
Listing Price: $1,891,680
Investment Overview
Marcus and Millichap is pleased to present this outstanding 7,000 square foot retail property located on 0.62 acres in Florida. This prime asset, featuring an NNN* lease structure, is positioned within a rapidly growing area expected to see close to a 10% population increase over the next five years.
The property is strategically situated less than 10 miles from the John F. Kennedy Space Center, surrounded by well-known credit retailers like Home Depot and Publix. With a daily traffic count of over 28,000 vehicles and an average household income of over $84,000 within a 5-mile radius, this location offers exceptional visibility and accessibility.
Notable features include a 10-year lease extension, three (5) year options, and a recent roof replacement in 2021 with a 10-year warranty.
Advance Auto Parts | NNN | Fresh 10 Year Term
Investment Highlights
- Lease Structure: NNN* Lease Structure/Minimal LL Responsibilities. Passive like investment.
- Below Replacement Cost: Priced below Replacement Cost at under $275 PSF.
- Location / VPD: High visibility, seeing over 28,000+ vehicles per day. Near 4 Way Lighted Intersection.
- Below Market Rent: Replaceable below market rent mitigating potential risk and allowing for continued growth.
- Newer Roof: Roof was replaced in 2021 w Warranty.
- Corporate Guarantee: AAP is a corporate Tenant with a solid credit rating and Corporate Guarantee.
- Long term Commitment: AAP has been operating at this location for over 20 years and has recently committed to an additional 10 years with 3 Five-year options bringing the total term to 25 years.
- Florida Prime Real Estate: Income Tax Free state allowing. Florida was ranked #2 in Growth by US News.
Exclusively Listed By
Financing By
Auto Parts
Advance Auto Parts | NNN | Fresh 10 Year Term
Listing Price: $1,891,680
Investment Highlights
- Lease Structure: NNN* Lease Structure/Minimal LL Responsibilities. Passive like investment.
- Below Replacement Cost: Priced below Replacement Cost at under $275 PSF.
- Location / VPD: High visibility, seeing over 28,000+ vehicles per day. Near 4 Way Lighted Intersection.
- Below Market Rent: Replaceable below market rent mitigating potential risk and allowing for continued growth.
- Newer Roof: Roof was replaced in 2021 w Warranty.
- Corporate Guarantee: AAP is a corporate Tenant with a solid credit rating and Corporate Guarantee.
- Long term Commitment: AAP has been operating at this location for over 20 years and has recently committed to an additional 10 years with 3 Five-year options bringing the total term to 25 years.
- Florida Prime Real Estate: Income Tax Free state allowing. Florida was ranked #2 in Growth by US News.
Investment Overview
Marcus and Millichap is pleased to present this outstanding 7,000 square foot retail property located on 0.62 acres in Florida. This prime asset, featuring an NNN* lease structure, is positioned within a rapidly growing area expected to see close to a 10% population increase over the next five years. The property is strategically situated less than 10 miles from the John F. Kennedy Space Center, surrounded by well-known credit retailers like Home Depot and Publix. With a daily traffic count of over 28,000 vehicles and an average household income of over $84,000 within a 5-mile radius, this location offers exceptional visibility and accessibility. Notable features include a 10-year lease extension, three (5) year options, and a recent roof replacement in 2021 with a 10-year warranty.
Exclusively Listed By
Financing By
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