Advance Auto Parts

Investment Highlights

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.