Advance Auto Parts
PRICE
CAP RATE
SQUARE FOOTAGE
LEASE TERM

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Bryan Bender

Partner & Managing Director

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PROPERTY ADDRESS

4658 Main St., Jasper, TN 37347

PROPERTY INFORMATION

Price:
$896,364
Cap Rate:
7.70%
Term Remaining:
3 Years
Year Built:
2000
Status:
Available

INVESTMENT HIGHLIGHTS

  • Investment Grade Tenant | Tax Free State
  • 3.50 Year Term | One (5 Yr.) Option | 5.3% bumps
  • Household Income Within 1 Mile OF $62,476
  • Five Mile Population exceeds 9,300
  • New Roof in 2015 | 15 Yr. warranty
  • Corporate Guarantee | “BBB-”
  • Recent Lease Extension
  • New HVAC Unit in 2013

INVESTMENT SUMMARY

Fortis Net Lease is pleased to present this 7,000 SF Advance Auto Parts located in Jasper, TN. The property is encumbered with a five year NN (Double Net)
lease leaving minimal responsibilities, with three and half years remaining on the lease term. Advance Auto Parts recently elected to participate in the replacement
of an HVAC unit in 2013, and in September of 2015 extended the term of the lease, showing their commitment to the site. The lease contains one
more (5) Yr. Option to renew, with a 5.30% rental rate increase at such time. The lease is corporately guaranteed by Advance Auto Parts Corporation which
holds a credit rating of “BBB-”, which is classified as Investment Grade. Tenant pays for Insurance, taxes, and common area maintenance. Landlord is repsonsible
for the capital repair and replacement to the roof, structure, and parking lot. Roof was replaced in September of 2015, with EPDM, and comes with a 15
year warranty that expires in 2030. Landlord also is responsible for half of the replacement / repair cost for the HVAC units over $500.

This Advance Auto Parts is highly visible and strategically positioned on Main Street, within Jasper, TN. The Five mile population from the site exceeds 9,375 while
the One mile average household income exceeds $62,476 per year, making this location ideal for an Advance Auto Parts. The Subject offering represents
an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain a fee simple ownership of an Advanced Auto Parts. This investment will offer
a new owner continued success due to the financial strength and the proven profitability of the tenant, the nation’s top auto parts store. List price reflects a
8.00% cap rate based on NOI of $69,020, which is the rent starting on Jan 1, 2018. If sold before, seller will credit rent difference.