1168 N Highway 27 - Auto Repair FOR SALE


Whitley City, KY 42653
$1,137,000 USD
312-433-9924
1168 N Highway 27, Whitley City, KY for Sale
$1,137,000 USD
Auto Repair - FOR SALE
1/3
null | 7.5% Cap Rate

1168 N Highway 27
Whitley City, KY 42653


HIGHLIGHTS

  • Recent Lease Extension — Over 10 Years Remaining — Four 5-Year Renewal Options
  • 7 Percent Rent Increase in Each Renewal Option to Offset Inflation
  • Situated on U.S. Route 27 Retail Corridor Directly Across From Kroger Supermarket
  • Immediate Care, County Fairgrounds and Elementary School Within 1.8 Miles
  • Each Year Over 1 Million Tourists Visit Nearby Daniel Boone National Forest
  • Only 9.1 Miles to 1,592-Inmate High-Security U.S. Penitentiary McCreary

OVERVIEW

Marcus & Millichap is pleased to offer for sale the fee simple interest in a 7,000-square-foot auto-parts store (the Property) in which Advance Stores Company Inc. has over 10 years remaining on its corporately guaranteed double-net lease. The lease features four 5-year renewal options with a 7 percent rent increase at the beginning of each option. The Property sits on U.S. Route 27 along a retail corridor anchored by a Kroger supermarket, with Shell, Taco Bell, McDonald’s, Little Caesars, KFC, Arby’s, USPS and RadioShack nearby. The McCreary County Fairgrounds and a Family Medical Centers immediate care are within 0.7 miles, and Whitley City Elementary School is within 1.8 miles of the Property. In southern Kentucky near the Tennessee state line, Whitley City is surrounded by the 2.1 million-acre Daniel Boone National Forest and near the Cumberland Falls State Resort Park and Big South Fork National River and Recreation Area. Located 9.1 mil es from the Property, 1,592-inmate high-security U.S. Penitentiary McCreary employs 395 people. Founded in 1929 and based in Raleigh, NC, Advance Auto Parts sells automotive aftermarket parts to both professional installers and do-it-yourself customers in its stores and online. Traded on the NYSE under ticker symbol AAP, Advance operates 4,285 stores. This property offers an investor both the security of a 10-year lease backed by a publicly traded company and a retail property located along a U.S. Route 27 retail corridor.

FOR SALE DETAILS

PRICE

$1,137,000 USD

PRICE/SF

$162 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Advance Auto Parts

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Auto Repair

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

35

LAND DETAILS

LAND ACRES

1.83 AC

LAND SF

79,715 SF

ZONING

-

APN/PARCEL ID

120-10-04-034.00

ASK ABOUT THIS PROPERTY

Jack SkidmoreMarcus & MillichapMore Info
312-433-9924

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Jack SkidmoreMarcus & MillichapMore Info
312-433-9924

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.