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Advance Auto Parts | Corp NNN | S&P: BBB 10 Putnam Pike

5,920 SF Retail Building Johnston, RI 02919 $1,600,000 ($270/SF) 7.42% Cap Rate

Retail Space Rhode Island Johnston 10 Putnam Pike, Johnston, RI 02919

Investment Highlights

  • Recent Lease Extension | Scheduled Rental Increases | Investment Grade Tenant (S&P: BBB)
  • Dense Retail Corridor | Strong National/Credit Tenant Presence | Nearby School & Hospital
  • Strong Demographics in 5-Mile Trade Area | Providence MSA
  • NNN | Fee Simple Ownership | Limited Landlord Responsibilities
  • Signalized, Hard Corner Intersection | Interstate 295 (70,300 VPD) | Excellent Visibility & Access

Executive Summary

SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, corporate signed, Advance Auto Parts investment property located in Johnston, Rhode Island (Providence MSA). The tenant, Advance Stores Company, Inc. recently extended their lease through Dec. 2033 with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 5% rental increase in March 2028 as well as 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity (S&P: BBB) and is NN with landlord responsibilities, limited to roof and structure. Advance Auto Parts operates 5,750 stores and 266 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands.

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Repair
Building Size
5,920 SF
Building Class
B
Year Built/Renovated
1992/2006
Price
$1,600,000
Price Per SF
$270
Cap Rate
7.42%
NOI
$118,800
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.23
Lot Size
0.59 AC
Zoning
B2 - General Business
Parking
30 Spaces (5.07 Spaces per 1,000 SF Leased)
Frontage
100 FT on Putnam Pike

Amenities

  • Corner Lot
  • Freeway Visibility
  • Pylon Sign
  • Signage
  • Signalized Intersection

MAJOR TENANTS Click Here to Access

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Retailer
  • 99,999 SF
  • -
  • Lorem Ipsum
  • Jan 0000

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of October 5, 2024, Advance operated 4,781 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,125 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Retailer 99,999 SF - Lorem Ipsum Jan 0000

Links

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Walk Score®
Very Walkable (78)
What is a Walk Score®, Transit Score® & Bike Score®?
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What is a Walk Score®
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measures access to public transit. Bike Score®
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Nearby Major Retailers

Curves
Citizens Bank Llc

PROPERTY TAXES

Parcel Number JOHN-000038-000000-000157 Improvements Assessment $499,700
Land Assessment $491,100 Total Assessment $990,800

PROPERTY TAXES

Parcel Number
JOHN-000038-000000-000157
Land Assessment
$491,100
Improvements Assessment
$499,700
Total Assessment
$990,800
(480) 221-4221

Contacts

  • Listing ID: 29098316

  • Date on Market: 7/25/2023

  • Last Updated:

  • Address: 10 Putnam Pike, Johnston, RI 02919

More public record information on 10 Putnam Pike, Johnston, RI 02919

The Retail Property at 10 Putnam Pike, Johnston, RI 02919 is currently available for sale. Contact SRS National Net Lease for more information.

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10 Putnam Pike, Johnston, RI for sale Building Photo- Image 1 of 10
Johnston RI - Advance Auto Parts
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10 Putnam Pike, Johnston, RI for sale Building Photo- Image 9 of 10
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Advance Auto Parts | Corp NNN | S&P: BBB | 10 Putnam Pike
(480) 221-4221 x

Advance Auto Parts | Corp NNN | S&P: BBB | 10 Putnam Pike

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Patrick Luther

(480) 221-4221

(480) 221-4221

Matthew Mousavi

(714) 404-8849

(714) 404-8849

Grayson Jones

(214) 226-5584

(214) 226-5584

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