O'Reilly Auto Parts | 4950 Dave Robbins Way
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O'Reilly Auto Parts 4950 Dave Robbins Way
7,627 SF Retail Building Lakeland, FL 33812 $2,221,000 ($291/SF) 5.85% Cap Rate
Investment Highlights
- O’Reilly Auto Parts (NASDAQ: ORLY) has an investment-grade credit rating (S&P: BBB) and achieved $15.8 billion in revenue in 2023.
- O’Reilly is an outparcel to Publix—the most dominant grocery store chain in the South—and Publix is headquartered in Lakeland.
- O’Reilly is on a corner lot at a lighted intersection along a road with 56,500 vehicles per day. Traffic along Bartow Road has grown 40% since 2020.
- Lease term remaining exceeds 11 years and O’Reilly pays a low $17 PSF. Market rent in Lakeland has grown 22.6% since Q1 2020.
- This store is 10 miles from O’Reilly’s only Distribution Center in FL. Lakeland is a distribution hub, as 10 million people live within 100 miles.
- 5,100 new residential units are being added as in a trade area with 80,794 residents with AHHI of $112,799 live within 5 miles of the Property.
Executive Summary
Colliers, as exclusive broker, is pleased to offer the opportunity to acquire O’Reilly Auto Parts (the “Property”) in a Florida market where over 10 million people live within 100 miles. Lakeland is a dominant industrial and shipping hub. The Property is a hard corner outparcel to a Publix-anchored shopping center that welcomes 1.8 million annual visitors along Bartow Rd (56,500 VPD) in the same metro area where Publix Supermarkets is headquartered. O’Reilly Auto Parts has an investment-grade, BBB credit rating from S&P and is publicly traded. Over 11 years of lease term remain on the original 15-year lease that was signed in 2020 and market rent in Lakeland has grown 22.6% since lease signing. 80,794 residents live within a 5-mile radius with an average household income of $112,799. Over 5,100 new residential units are underway in and around the 3-mile radius surrounding the Property. The O’Reilly Auto Parts Distribution Center for the state of Florida is located 10 miles west of the Property. Lakeland is incredibly pro-business and Florida benefits from zero state income tax.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Auto Repair
Building Size
7,627 SF
Building Class
B
Year Built
2021
Price
$2,221,000
Price Per SF
$291
Cap Rate
5.85%
NOI
$129,927
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
0.95 AC
Amenities
- Air Conditioning
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 24-29-11-281017-000150 | Improvements Assessment | $722,412 |
| Land Assessment | $478,067 | Total Assessment | $1,200,479 |
PROPERTY TAXES
Parcel Number
24-29-11-281017-000150
Land Assessment
$478,067
Improvements Assessment
$722,412
Total Assessment
$1,200,479
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O'Reilly Auto Parts | 4950 Dave Robbins Way
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