Advance Auto Parts - Two Property Investment Portfolio

Retail-Commercial for Sale
Catylist Listing ID: 30679843
Property Subtypes: Free-Standing Building, Street Retail, Vehicle Related, Other
Building Size (RSF): 13,889 SF
Gross Building Area: See Agent
Gross Land Area: 1.83 Acres
Sale Price: $3,360,945
Unit Price: $241.99 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 5.92%
Average Occupancy Rate: 100
Last Updated: 1/18/2021

Overview / Comments

Broker Glenn Perkins and TCI Group - Jerry Petzoldt Agency are pleased to present to all qualified investors the opportunity to acquire two excellent investment properties in Northeast Tennessee. Both properties are 100% fee simple interest ownership and single tenant net lease investments.

KINGSPORT - Fronting Ft. Henry Drive, this superbly located 7,000 sq ft building was a build to suit for Advance Stores Company Incorporated in 2000 and has been operated as a Advance Auto Parts store since. Located within 1 mile of I-81, Exit 59 in the Colonial Heights area, the property is zoned B-3 with 19,110 square feet of paved parking on approximately .83 acre parcel.

Advance Auto just entered into 3rd 5-year extension on January 1, 2021, showing their dedication to the market. An additional 5-year option remains on the original lease first amendment beginning January 2016 expiring December 2030. Lease is NN+

Other business at this location include CVS Pharmacy and Eastman Credit Union with Verizon, Little Caesar's, Subway, UPS Store, barber shop and nail salon in adjacent Ft. Henry Square strip center.

BLOUNTVILLE - This busy 6,889 sq ft Advance Auto Parts store is strategically positioned fronting Hwy 394 with immediate access to I-81, Exit 69 at the Blountville / Bristol. The property is zoned B-4 with 17,384 square feet of paved parking on approximately one acre parcel.

The building was a build to suit in 2004 for Advance Stores Company Incorporated and has been operated as a Advance Auto Parts store since. There is a new 5 year lease beginning on 01/01/2020 through 12/31/2024 with one 5 year option to renew. This is a corporate NN lease with Advance Stores Company Inc. and includes a gross sales breakpoint for the percentage rental section of the lease.

I-81 at Hwy 394 interchange is main traffic route for nationally known Bristol Motor Speedway. Other business at this exit include Fireworks Supermarket, BP c-store, Arby's and neighborhood strip center containing Edward Jones, Domino's Pizza and Blountville Family Eyecare.

The fact that Tennessee has no state income tax along with the automotive sector being an investor favorite makes this portfolio particularly attractive. Excellent financials with a 5.925% CAP and combined NOI of $199,136. Contact agent to discuss this excellent investment opportunity!

Current Tenants

Tenant Business Name Advance Auto Parts
Industry Type Retail Trade
SF of Space Occupied 6,889 SF
Tenant Business Name Advance Auto Parts
Industry Type Retail Trade
SF of Space Occupied 7,000 SF

Additional Details

Nearest MSA: Kingsport-Bristol
County: Sullivan
Submarket Type: Central Business District
Tax ID/APN: 082 092J B 00800 000 2019; 082 050 03320 000 2017
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Visibility: Excellent
Airports: Tri-Cities Airport (TRI)
Tenancy: Single Tenant
Property Condition: Excellent
Parking Type: Surface
Land Ownership: Private ownership

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,782 22,096 60,272
Median Age: 46.7 44.23 43.93
Households: 1,152 9,177 25,768

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