ATTRACTIVE LOW RENT & PRICE POINT • The Tenant is paying a low $5.50/SF ($37,020/Year) in rent at this location which equates to a low price point and offers upside if the tenant leaves. • With only 1 option period remaining, the Landlord will have potential leverage to resign a new lease with higher rent in 2032.
EARLY 5 YEAR LEASE EXTENSION • Advance Auto Parts exercised a 5 year lease extension early through December 2027 & increased the rent 10%. • The early extension speaks to the tenants dedication and confidence in this market. • The tenant has been operating successfully at this location for 20 Years. • There is 1, 5-year option remaining with a 10% rent increase. • Tenant is responsible for Parking Lot, Taxes, Utilities, and HVAC repairs less than $250. • Landlord is responsible for Roof & Structure & Insurance. HVAC repairs over $250 are split 50/50 between the landlord and the tenant. • The property is priced with the $4,400 insurance cost and a $2,000 maintenance reserve deducted from the NOI.
INTERSTATE LOCATION (21,500 VPD) • The subject property is located on Hwy 79 (11,500 VPD) only 3 miles off Interstate 10 (21,500 VPD). • This Advance Auto has two entry points and is positioned directly next to a Piggly Wiggly Center. • Located 10 minutes west of Chipley, FL with national retailers including Walmart, Tractor Supply Co, McDonalds, CVS and more.
NO STATE INCOME TAX IN FL • Florida is one of 9 US States that has no state income tax. • Since the mid-20th century, Florida has experienced rapid demographic and economic growth. Its economy, with a gross state product (GSP) of $1.0 trillion, is the fourth-largest of any U.S. state and the 16th-largest in the world • Florida’s economy is driven by the main sectors are tourism, hospitality, agriculture, real estate, and transportation • Florida is world-renowned for its beach resorts, amusement parks, warm and sunny climate, and nautical recreation; attractions such as Walt Disney World, the Kennedy Space Center, and Miami Beach draw tens of millions of visitors annually
INVESTMENT GRADE TENANT • Advance Auto Parts is a publicly traded (NYSE:AAP) Fortune 500 company with an investment grade credit rating of BBB-. • They currently have over 6,290 stores in the U.S., Puerto Rico, Virgin Islands, and Canada. • Advance Auto Parts has been in business for 88 years and has a current net worth of $3.7 Billion.