1215 N Detroit St - Freestanding FOR SALE


Warsaw, IN 46580
$1,034,000 USD
760-448-2449
1215 N Detroit St, Warsaw, IN for Sale
$1,034,000 USD
Freestanding - FOR SALE
1/12
null | 7.25% Cap Rate

1215 N Detroit St
Warsaw, IN 46580


HIGHLIGHTS

  • Corporate Lease Guaranty from Advance Stores Company, Inc. (NYSE: AAP)
  • Consistent 5% Rent-to-Sales Ratio Over the Last 4 Years
  • Recent Early 10-year Lease Extension – Long Operating History – Commitment to Site
  • Limited Landlord Responsibility – Modified NNN “Structure Only” Lease – 21% Rent Increase in 1st Option
  • Positioned along North Detroit Street (22,600 VPD) – Access to U.S. Highway 30 (30,000 VPD) – Strong Mix of National Retailers
  • Warsaw – Strong Economic Fundamentals & Favorable Demographics

OVERVIEW

Lee & Associates is pleased to present the exclusive offering of a single-tenant Advance Auto Parts located at 1215 N Detroit Street in Warsaw, Indiana. The tenant, Advance Stores Company, Inc. (NYSE: AAP), operates under a corporate-guaranteed lease and has demonstrated long-term commitment to the site, having operated at this location since 2005. A recent early 10-year lease extension, executed in 2024, extends the term through December 2034, with three additional five-year options remaining. The lease is structured as modified NNN with landlord responsibilities limited to structure only.

FOR SALE DETAILS

PRICE

$1,034,000 USD

PRICE/SF

$148 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Advanced AutoParts

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Auto Repair, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.83 AC

LAND SF

36,155 SF

ZONING

C-2 G

APN/PARCEL ID

43-11-05-300-284.000-032

ASK ABOUT THIS PROPERTY

Ryan BennettLee & AssociatesMore Info
760-448-2449

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Ryan BennettLee & AssociatesMore Info
760-448-2449

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