Advance Auto Parts
8145 US Highway 2, Iron Mountain, MI 49801
Cap Rate: 6.75%
Price Per SF: $176.29
Leasable Area: 7,000+ SF
Term Remaining: 4 Years
Year Built: 2004
Lot Size: 1.15 Acres
Strong Tenant - 4,843 Corporate Locations, Advance Auto Parts is a publicly traded company (NYSE: AAP). $9.7 Billion in Revenues in 2019, which has been steadily increasing YOY.
Home Depot/Walmart Supercenter - The subject property is an outparcel to Home Depot and Walmart Supercenter and has remained open and has paid rent in full and on time every month throughout the mandatory stay-at-home orders given by the government at a result of the Covid-19 pandemic.
Highway Location - Superbly located with visibility along US Highway 2, the major thoroughfare in Iron Mountain.
Rental Increases - 7% Rental Increases every 5 years throughout the base term and option periods.
Minimal Landlord Responsibility - Triple Net Lease. Landlord is only responsible for the structure. There are no other Management responsibilities, perfect for buyers looking for a “hands-off” investment.