Advance Auto Parts

Advance Auto Parts

301 W Vernon Ave
Kinston, NC

Price: $1,216,000
Cap: 6.25%
NOI: $75,948
Building Size: 7,000 SF
Lot Size: 0.74 AC

Investment Highlights

• Advance Auto Parts exercised an early 10 year lease extension that commenced in Nov 2022 and expires in Dec 2032.
• The tenant has been operating successfully at this location for nearly 20 Years.
• There are 2, Five year options remaining with a 10% rent increase in option 1 and a 7% rent increase in option 2.
• Tenant is responsible for Taxes, Insurance, Utilities and HVAC repairs under $500.
• Landlord is responsible for Roof & Structure, Parking Lot. HVAC repairs/replacement equal to or greater than $500 will be split 50/50 with the tenant (Landlord Reimburses).

• 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.

• The subject property is located on Hwy 258 (29,000 VPD) in Kinston, NC (Lenoir County).
• The store is well positioned in a retail corridor and is surrounded by numerous national retailers including Walmart, Lowe’s Home Improvement, Food Lion, ALDI and more.
• The 5 Mile Population is 27,480 with an average household income of $55,347.

• Kinston is the county seat of Lenoir County and is located in the coastal plains region of eastern North Carolina.
• Home to Lenoir Community College that has 2,693 students and 200 employees.
• Kinston is served by UNC Lenoir Health Care, a 261 bed hospital with over 100 physicians and 880 employees.
• Kinston Regional Jetport has one of the longest runways in the southeastern United States servicing 21,000 flight operations per year.
• National Retail in Kinston includes Walmart, Food Lion, Lowe’s Home Improvement, Tractor Supply and more.

Don McMinn

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