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Auto Parts

Advance Auto Parts

403 W Mile Rd, Kalkaska, MI 49646

Listing Price: $1,348,000

Cap Rate
6.15%
Tenant Name
Advance Auto Parts
Years Remaining On Lease
4.9
Gross SF
6,124
Guarantor
Corporate Guarantee
Rentable SF
6,124
Price/Gross SF
$220.12
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$13.55

Investment Overview

Marcus & Millichap is pleased to present this single-tenant Advance Auto Parts located at 403 W Mile Road in Kalkaska, Michigan. Advance Auto Parts has operated at this location since the building’s construction in 2011 at which time they executed a ten-year lease. This is a rare triple-net lease where the landlord is only responsible for the foundation and exterior walls. The tenant recently exercised one of their five-year options. There are five percent increases every five years and two remaining five-year options to renew. The property is one of the newest structures in the area and offers value-add potential. Possible upside exists through adding tenancy and cash flow by expanding the building in the event a developer acquires the vacant parcel owned by the neighboring Credit Union. Advance Auto Parts, Inc. (Standard & Poor’s BBB- / Moody’s Baa2) is an American automotive aftermarket parts provider serving both professional installers and do-it-yourself customers. As of 2021, it operates 5,200 stores and 170 branches in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada; and serves 1,277 independently owned Carquest branded stores in Mexico, Grand Cayman, the Bahamas, Turks and Caicos, and the British Virgin Islands. Advance Auto Parts is strategically located across from three car dealerships (Ford, Chrysler, and Chevrolet) with immediate access to the area’s main thoroughfare, US-131 which experiences over 15,000 vehicles per day. The surrounding trade area is home to Family Fare supermarket, Family Farm & Home, Family Dollar, Dollar General, Rite Aid and many other national and local retailers. The subject property is located one mile from Kalkaska Memorial Health Center, a 24-hour hospital with a 104-bed long-term care unit and assisted living apartments. Kalkaska, Michigan is a major thoroughfare that leads traffic to and from Traverse City. The town has a population of over 2,070 and is the county seat of Kalkaska County. There are 15,408 full-time residents and an average household income of $61,086 within ten miles of the asset. This single-tenant property provides an investor with a stabilized asset with very limited landlord responsibilities.

Investment Highlights

  • Rare NNN Lease with Landlord Responsible for Foundation & Exterior Walls Only
  • Credit Rated Tenant | S&P BBB- | Moody's Baa2
  • 5 Years Remaining | Corporate Guarantee
  • 5% Rent Increases Every 5 Years | (2) 5-Year Options
  • Excellent Visibility on W Mile Road
  • Strategically Positioned Across from 3 Auto Dealerships
  • Close Proximity to Kalkaska Memorial Health Center
  • Average Household Income Exceeding $61,000 Within a 10-Mile Radius

Exclusively Listed By

Auto Parts

Advance Auto Parts

Listing Price: $1,348,000

Cap Rate
6.15%
Tenant Name
Advance Auto Parts
Years Remaining On Lease
4.9
Gross SF
6,124
Guarantor
Corporate Guarantee
Rentable SF
6,124
Price/Gross SF
$220.12
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$13.55

Investment Highlights

  • Rare NNN Lease with Landlord Responsible for Foundation & Exterior Walls Only
  • Credit Rated Tenant | S&P BBB- | Moody's Baa2
  • 5 Years Remaining | Corporate Guarantee
  • 5% Rent Increases Every 5 Years | (2) 5-Year Options
  • Excellent Visibility on W Mile Road
  • Strategically Positioned Across from 3 Auto Dealerships
  • Close Proximity to Kalkaska Memorial Health Center
  • Average Household Income Exceeding $61,000 Within a 10-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present this single-tenant Advance Auto Parts located at 403 W Mile Road in Kalkaska, Michigan. Advance Auto Parts has operated at this location since the building’s construction in 2011 at which time they executed a ten-year lease. This is a rare triple-net lease where the landlord is only responsible for the foundation and exterior walls. The tenant recently exercised one of their five-year options. There are five percent increases every five years and two remaining five-year options to renew. The property is one of the newest structures in the area and offers value-add potential. Possible upside exists through adding tenancy and cash flow by expanding the building in the event a developer acquires the vacant parcel owned by the neighboring Credit Union. Advance Auto Parts, Inc. (Standard & Poor’s BBB- / Moody’s Baa2) is an American automotive aftermarket parts provider serving both professional installers and do-it-yourself customers. As of 2021, it operates 5,200 stores and 170 branches in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada; and serves 1,277 independently owned Carquest branded stores in Mexico, Grand Cayman, the Bahamas, Turks and Caicos, and the British Virgin Islands. Advance Auto Parts is strategically located across from three car dealerships (Ford, Chrysler, and Chevrolet) with immediate access to the area’s main thoroughfare, US-131 which experiences over 15,000 vehicles per day. The surrounding trade area is home to Family Fare supermarket, Family Farm & Home, Family Dollar, Dollar General, Rite Aid and many other national and local retailers. The subject property is located one mile from Kalkaska Memorial Health Center, a 24-hour hospital with a 104-bed long-term care unit and assisted living apartments. Kalkaska, Michigan is a major thoroughfare that leads traffic to and from Traverse City. The town has a population of over 2,070 and is the county seat of Kalkaska County. There are 15,408 full-time residents and an average household income of $61,086 within ten miles of the asset. This single-tenant property provides an investor with a stabilized asset with very limited landlord responsibilities.

Exclusively Listed By

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