Address: 4275 Old Kathleen Road, Lakeland, Florida, United States 33810
Type: Auto Parts Retailer
Cap Rate: 5.65%
Lease Type: Triple Net (NNN)
Annual Rent: $94,492
Net Operating Income: $94,492
Lease Term Remaining: 13.5 Years
Rental Increases: 10% on 8/31/2028
Options: Four (4), Five (5)-Year
Rentable Sq/Ft: 6,712 SF
Rent Sq/Ft: $14.08
Price Sq/Ft: $249
Lot Size: +/- 0.91 Acres
Marcus & Millichap is please to present the exclusive listing for the Advance Auto Parts located at 4275 Old Kathleen Rd in Lakeland, FL. The property consists of a 6,712 square-foot building sitting atop a 0.91-acre lot. There are currently 13.5 years remaining on the base term of the absolute triple net (NNN) lease, which is guaranteed by Advance Stores Company, Inc., a wholly owned subsidiary of Advance Auto Parts, Inc. Currently, the annual rent for the property is $94,492, which is scheduled to increase by 10% on 8/31/2028. The tenant has four (4), five (5)-year options to extend lease, each of which comes with a 10% rental increase.
The subject investment property is situated along Old Kathleen Road, which boasts an average daily traffic count of approximately 17,500 vehicles. Old Kathleen Road serves as an access route to Interstate-4, which is intersected by US Highway 98 and brings an additional 54,000 and 39,000 vehicles respectively into the immediate area on average daily. There are more nearly 43,500 individuals residing within a three-mile radius of the property and more than 104,000 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a highly dense suburban area in a retail corridor consisting of national and local tenants, shopping centers, hospitality accommodations, and academic institutions all within close proximity of this property. Major national tenants include: Pep Boys, Target, Harbor Freight Tools, Best buy, TJ Maxx, Dollar General, Tires Plus, Sam’s Club, PetSmart, McDonald’s, Chick-fil-A, Panera Bread and many more. Additionally, several hospitality accommodations are within immediate proximity to the subject investment property. These include Comfort Inn & Suites, Holiday Inn Express & Suites, Ramada by Wyndham, Ecco Suites and more. This property also benefits from being situated near multiple academic institutions. Most notable, Keiser University Lakeland Campus, is located approximately 3-miles from the subject property and has a total enrollment of over 18,000 total students. Additionally, this subject property is approximately 5 miles from Lakeland Regional Medical Center, a 864 bed general hospital.
Lakeland is the largest city in Polk County, Florida with an estimated population of 106,240. Lakeland is positioned along Interstate-4, just 35 miles east of Tampa. It is the principal city of the Lakeland–Winter Haven Metropolitan Statistical Area (coterminous with Polk County), which has an estimated population of 623,009. Large industries in the Lakeland area are citrus, cattle, and phosphate mining. The Bone Valley produces 25%of the U.S. phosphate supply. However, in the past few decades, tourism, medicine, insurance, transportation, and music have grown in importance. Publix, one of the largest regional grocery chains in the United States, with over 1,000 stores across the American South, is headquartered in Lakeland. Publix employs over 6,500 people in the Lakeland area including headquarter and warehouse employees. Lakeland has also developed into a transportation and logistical center, with FedEx and Amazon having operations in the area.
FL BROKER OF RECORD: Ryan Nee Lic.# BK3154667