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Advance Auto Parts

Cleveland, Tennessee

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NNN Pro Group is pleased to present the exclusive listing for an Advance Auto Parts located at 2349 McGrady Drive Southeast, Cleveland, Tennessee. The site consists of roughly 6,876 rentable square feet of building space on estimated 0.77-acre parcel of land. This Advance Auto Parts has 11.4 years remaining on the lease, which commenced December 4th, 2004. The tenant recently extended the lease term by 10 years while in their first option period of the original lease term and added three 5-year renewal options, showing long term commitment at the site. The current annual rent is $110,250 and is scheduled to increase by 5% in 2030 and in each of the 3, 5-year renewal options.

✓ Advance Auto Recently Extended the Lease Term by 10 years Showing Long Term Commitment at the Site
✓ Approximately 11.4 Years of Lease Term Remaining | Tenant responsible for Maintenance and Repair of Roof, HVAC and Parking | Landlord responsible for Structure Only
✓ Hedge Against Inflation | 5% Rental Escalations in 2030 and in Each Tenant Renewal Option Period
✓ Three (3) Tenant Renewal Option Periods of Five (5) Years Each

Key Details

Price:
$1,764,000
Cap Rate:
6.25%
Annual Rent:
$110,250
Address:
2349 McGrady Drive Southeast, Cleveland, Tennessee 37323
Property Type:
Retail
Lease Type:
Double Net (NN)

Original Lease Term:
15 Years
Lease Commencement:
12/04/2003
Lease Expiration:
12/31/2034
Lease Term Remaining:
11.4 Years
Rental Increases:
5% in 2030 5% Each Option
Lot Size:
6876 Acres
Building Size:
0 SF
Year Built:
2003
Tenant:
Advance Auto Parts

Talk to the pros

Glen Kunofsky

License: 49KU1129178

Edward Otocka

License: 10401298466

Anthony Bird

License: 10401306066

Broker of record

Brian Brockman

Bang Realty-Tennessee, Inc

License: 343847


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