Address: 505 N. Western Ave, West Peoria, Illinois, United States 61604
Type: Auto Parts Retailer
Cap Rate: 5.75%
Lease Type: Triple Net (NNN)
Annual Rent: $59,406
Net Operating Income: $59,406
Lease Term Remaining: 13.5 Years
Rental Increases: 10% In Each Option
Options: Four (4), Five (5)-Year
Rentable Sq/Ft: 8,050 SF
Rent Sq/Ft: $7.38
Price Sq/Ft: $128
Lot Size: +/- 0.83 Acres
Marcus & Millichap is please to present the exclusive listing for the Advance Auto Parts located at 505 N Western Ave in Peoria, IL. The property consists of a 8,050 square-foot building sitting atop a 0.83-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 $53,406, 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 North Western Avenue, Peoria, Illinois. North Western Avenue boasts average daily traffic counts of approximately 22,500 vehicles and also intersects with West Farmington Road, which brings an additional 12,000 vehicles into the immediate area on average daily. There are more than 125,000 individuals residing within a five-mile radius of the property and more than 250,000 individuals within a ten-mile radius.
The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants. Major national tenants include: Walgreens, McDonald’s, Dunkin’ Donuts, Family Dollar, Redbox, KFC, Dominos, O’Rielly Auto Parts and several other quick service restaurants. Additionally there is a prominent local academic presence in the area surrounding this property. Within a two-mile radius of this site there are several academic institutions, most notably Bradly University, which has approximately 5,500 students enrolled. This Advanced Auto Parts property also benefits from being situated within a two-mile radius of downtown Peoria and Peoria Port, one of the largest and most significant on the Illinois River, and is surrounded by large distribution centers. General Wayne A. Also within a two-mile radius is OSF Saint Francis Medical Center, an expansive medical complex with more than 650 beds available. This Advanced Auto property is also located within five miles of Downing Peoria International Airport, which services more than 750,000 individuals every year.
Peoria is the county seat of Peoria County, Illinois and is the largest city on the Illinois River. Peoria is also the second-largest city in Central Illinois after the state capital, Springfield, the third largest outside the Chicago Metropolitan Area and eighth-most populated city in Illinois. Originally known as Fort Clark, the city received its current name after the Peoria Tribe in 1825. The city is known for its prominent business sector, with numerous largest corporations have headquarters or significant operations in Peoria. The Health Care sector also plays a significant role in the city’s history. In addition to three major hospitals, the USDA’s National Center for Agricultural Utilization Research, one of the labs famous for mass producing penicillin, is based there. Peoria is also known for its attractive cityscape. Grandview Drive, voted one of the nations ‘most beautiful drives’, runs right through Peoria in addition to another 9,000 acres of parks and trails. Peoria has a strong arts and culture scene as well, the Annual Art Fair for example is voted amongst the top 100 fairs in the nation. The city is also less then 60 miles from other major cities, most notably Springfield, Illinois.
BROKER OF RECORD: Steven Weinstock Lic.# 471011175