Advance Auto Parts | 6.33% CAP | +5.4Yrs Rem | 204 W G L Smith St
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Advance Auto Parts | 6.33% CAP | +5.4Yrs Rem 204 W G L Smith St
6,895 SF Retail Building Morgantown, KY 42261 $1,350,000 ($196/SF) 6.68% Cap Rate
Investment Highlights
- The property is situated at the signalized intersection of W G L Smith Street (6,641 VPD) and N Tyler Street with two points of ingress/egress.
- There are +5.4 years remaining on the original term, with three additional 5-year renewal options available, each featuring a 5% rent increase.
- Advance Auto Parts (NYSE: AAP) is the leading automotive aftermarket parts provider in North America, with a network.
- The area along W G L Smith Street is home to prominent national/regional retailers, including Walgreens, Morgantown Bank & Trust, NAPA, Ace Hardware
- The lease is double-net (NN), meaning the landlord’s responsibilities are minimal.
Executive Summary
Located at the high-traffic intersection of W G L Smith Street (6,641 VPD) and N Tyler Street, the property offers exceptional visibility and accessibility. The company entered into a 15-year lease in 2015, with about 5.4 years remaining on the lease term. The lease features three 5-year renewal options, each with a 5% increase in rent. The double-net (NN) lease structure imposes minimal landlord obligations, covering only maintenance of the roof, building structure, slab, parking area, and HVAC system. It includes two points of access, with curb cuts on both streets.
The site benefits from its proximity to a range of prominent national and regional retailers, including Walgreens, Morgantown Bank & Trust, Super Wash, King Drug & Home Care, NAPA Auto Parts, and Ace Hardware. Positioned off Natcher Parkway (Interstate 165, 9,030 VPD) in south central Kentucky, Morgantown is conveniently located near Bowling Green (22 miles) and Louisville (88 miles). The surrounding trade area has a population of 5,826 and an average household income of $57,571 within a 5-mile radius. Advance Auto Parts is the top provider of automotive aftermarket parts in North America, with a global footprint of 4,806 locations. The parent company, Advance Auto Parts, Inc., holds a BBB- rating from S&P, reflecting its solid financial standing. Advance Auto Parts remains the largest automotive aftermarket parts supplier in North America.
The site benefits from its proximity to a range of prominent national and regional retailers, including Walgreens, Morgantown Bank & Trust, Super Wash, King Drug & Home Care, NAPA Auto Parts, and Ace Hardware. Positioned off Natcher Parkway (Interstate 165, 9,030 VPD) in south central Kentucky, Morgantown is conveniently located near Bowling Green (22 miles) and Louisville (88 miles). The surrounding trade area has a population of 5,826 and an average household income of $57,571 within a 5-mile radius. Advance Auto Parts is the top provider of automotive aftermarket parts in North America, with a global footprint of 4,806 locations. The parent company, Advance Auto Parts, Inc., holds a BBB- rating from S&P, reflecting its solid financial standing. Advance Auto Parts remains the largest automotive aftermarket parts supplier in North America.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
6,895 SF
Building Class
C
Year Built
2015
Price
$1,350,000
Price Per SF
$196
Cap Rate
6.68%
NOI
$90,136
Tenancy
Single
Building Height
1 Story
Building FAR
0.24
Lot Size
0.67 AC
Opportunity Zone
Yes
Zoning
CB - Central Business
Frontage
Amenities
- Corner Lot
- Signage
- Signalized Intersection
- Monument Signage
PROPERTY TAXES
| Parcel Number | 15170 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,425,000 |
PROPERTY TAXES
Parcel Number
15170
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,425,000
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Advance Auto Parts | 6.33% CAP | +5.4Yrs Rem | 204 W G L Smith St
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