Auto Parts

Advanced Auto Hub Store-Syracuse, NY

3510 W Genesee St, Syracuse, NY 13219

Listing Price: $1,550,000

Cap Rate
6.50%
Tenant Name
Advance Auto Parts (Hub Store)
Years Remaining On Lease
4.2
Gross SF
15,406
Guarantor
Corporate Guarantee
Rentable SF
15,000
Price/Gross SF
$100.61
Lease Type
Double Net
Rent Per Square Feet
$6.73

Investment Overview

The Syracuse Advance Auto Parts, Hub Store, is a mission critical location with a 35 year operating history in this location and no remaining renewal options. Significantly below market rent provides an opportunity for upside with a lease extension and restructure. The current lease term was extended in 2005 for 20 years with the execution of four 5 year options. There are now 4.3 years remaining. The subject property is ideally located with 138 Feet of Frontage on West Genesee Street (22,536 VPD) directly across from the Fairmount Fair Shopping Mall featuring 55+ acres of Retail Stores Including Target, Michaels, Marshalls, ULTA, Wegman's, Talbots, Dress Barn, Core Life Eatery and Five Guys Burgers and Fries, among others. Average household income within a one Mile Radius is $75,444 . Over 50,024 people live within a three mile radius. Syracuse University (Enrollment of 22,850) is located within 5 miles of the subject property. The Syracuse MSA has a population of 64 ,593 people and is part of the larger Syracuse-Auburn CSA. Advance Auto Parts, Inc. has investment grade credit (S&P: BBB-) and has been a Fortune 500 Company Since 2003. Advance Auto Parts is listed as one of Forbes “World’s Biggest Public Companies”

Investment Highlights

  • Mission Critical Location with a 36 Year Operating History | No Remaining Renewal Option | Significantly Below Market Rents |With Lease Restructuring Upside
  • 138 Feet of Frontage on West Genesee Street (22,536 VPD) | Ideal Location Across from Fairmount Fair Shopping Mall w/ 55+ Acres of Retail Stores Including Target, Michaels, Marshalls, ULTA, Wegman's
  • Average Household Income One Mile Radius is $75,444 | 50,024+ Population of People Within a Three Mile Radius | Syracuse University (Enrollment of 22,850) within 5 Miles of Subject Property
  • The Syracuse MSA has a population of 64 ,593 people and is part of the larger Syracuse-Auburn CSA.

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

Financing By

Auto Parts

Advanced Auto Hub Store-Syracuse, NY

Listing Price: $1,550,000

Cap Rate
6.50%
Tenant Name
Advance Auto Parts (Hub Store)
Years Remaining On Lease
4.2
Gross SF
15,406
Guarantor
Corporate Guarantee
Rentable SF
15,000
Price/Gross SF
$100.61
Lease Type
Double Net
Rent Per Square Feet
$6.73

Investment Highlights

  • Mission Critical Location with a 36 Year Operating History | No Remaining Renewal Option | Significantly Below Market Rents |With Lease Restructuring Upside
  • 138 Feet of Frontage on West Genesee Street (22,536 VPD) | Ideal Location Across from Fairmount Fair Shopping Mall w/ 55+ Acres of Retail Stores Including Target, Michaels, Marshalls, ULTA, Wegman's
  • Average Household Income One Mile Radius is $75,444 | 50,024+ Population of People Within a Three Mile Radius | Syracuse University (Enrollment of 22,850) within 5 Miles of Subject Property
  • The Syracuse MSA has a population of 64 ,593 people and is part of the larger Syracuse-Auburn CSA.

Investment Overview

The Syracuse Advance Auto Parts, Hub Store, is a mission critical location with a 35 year operating history in this location and no remaining renewal options. Significantly below market rent provides an opportunity for upside with a lease extension and restructure. The current lease term was extended in 2005 for 20 years with the execution of four 5 year options. There are now 4.3 years remaining. The subject property is ideally located with 138 Feet of Frontage on West Genesee Street (22,536 VPD) directly across from the Fairmount Fair Shopping Mall featuring 55+ acres of Retail Stores Including Target, Michaels, Marshalls, ULTA, Wegman's, Talbots, Dress Barn, Core Life Eatery and Five Guys Burgers and Fries, among others. Average household income within a one Mile Radius is $75,444 . Over 50,024 people live within a three mile radius. Syracuse University (Enrollment of 22,850) is located within 5 miles of the subject property. The Syracuse MSA has a population of 64 ,593 people and is part of the larger Syracuse-Auburn CSA. Advance Auto Parts, Inc. has investment grade credit (S&P: BBB-) and has been a Fortune 500 Company Since 2003. Advance Auto Parts is listed as one of Forbes “World’s Biggest Public Companies”

Exclusively Listed By

Broker of Record

  • John Krueger

    Broker of Record

    License(s): NY: 10311205789

    New York

Financing By

MM Texture Background
MM Textured Background Lower