Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in an Advance Auto Property located in East Chicago, Indiana. With over 10 years of firm lease term remaining, the property is priced at a 7.4 percent CAP rate, an above market return for comparable properties with similarly limited landlord responsibilities. Operating on a corporate Advance Auto Parts lease, the tenant is paying a current rent of $91,467 annually, which equates to $13.39 per square foot, well below what comparable retailers are paying in rent. The rent is flat for the next 10 years of firm term, but it increases by 15.5% in the first option period. Advance Auto recently signed a lease extension which pushes out their lease expiration until December 31, 2035. Available Placer data for this location reflects that this store is in the top tier of annual visits for Advance Auto Parts locations in the State of Indiana. Standard & Poor’s has maintained a credit rating of BB+ for Advance Auto Parts, even in the face of negative headlines about the company. It’s clear that AAP is doing what it can to keep its house in order, and despite headlines about store closures, the recent lease extension at this location came after the closure announcement, demonstrating with a high degree of certainty that this store is not on that closure list. Built in 2015, the building is encumbered by a NN lease, limiting landlord responsibilities to the slab and structure. Given the recent vintage of construction, the building is reportedly in good operating condition and current ownership has not needed to repair or replace either. This is an opportunity to purchase a stable, cash flowing investment, backed by corporate credit, with a long-term lease in place.