Address: 12955 Frankstown Rd, Penn Hills, Pennsylvania, United States 15235
Type: Auto Parts Retailer
Cap Rate: 5.75%
Lease Type: Triple Net (NNN)
Annual Rent: $62,446
Net Operating Income: $62,446
Lease Term Remaining: 13.5 Years
Rental Increases: 10% on 8/31/2028
Options: Four (4), Five (5)-Year
Rentable Sq/Ft: 8,000 SF
Rent Sq/Ft: $7.81
Price Sq/Ft: $136
Lot Size: +/- 4.42 Acres
Marcus & Millichap is please to present the exclusive listing for the Advance Auto Parts located at 12955 Frankstown Rd in Penn Hills, PA. The property consists of a 8,000 square-foot building sitting atop a 4.42-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 $62,446, 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 Frankstown Road, in Penn Hills, Pennsylvania. Frankstown boasts average daily traffic counts of approximately 15,000 vehicles and also intersects Saltsburg Road, which brings an additional 12,500 vehicles into the immediate area on average daily. There are more than 163,000 individuals residing within a five-mile radius of the property and more than 623,000 individuals within a ten-mile radius.
The subject property benefits from being well-positioned in a dense retail corridor within a highly populated residential neighborhood. The site is surrounded by national and local tenants. Major national tenants include: Walgreens, Redbox, Rite Aid, Arby’s, 7-Eleven, T-Mobile, Dollar General and several other quick service restaurants. Less than two miles south of this site, Frankstown Road leads directly into Penn Hills Shopping Center, which has over 60 stores. There is also a strong academic presence, within a two-mile radius of this Advance Auto property there are three academic institutions with a combined total enrollment exceeding 2,400 students.
Penn Hills is a township in Allegheny County, Pennsylvania. It is known for its prominent arts and culture scene, attractive downtown and lower than average cost of living. Penn Hills is a great area for outdoor recreational activities, but it also benefits from its close proximity to Pittsburgh, Pennsylvania. Pittsburgh is a city in the state of Pennsylvania and the county seat of Allegheny County. Pittsburgh is the largest city in both the Ohio Valley and Appalachia and is the second-largest in Pennsylvania, just behind Philadelphia. The city is known both as the ‘City of Bridges’ as it has 446 bridges, and the ‘Steel City’ as it has more than 300 steel-related businesses. Aside from steel which has historically been the principal industry, Pittsburgh has led in manufacturing of aluminum, glass, shipbuilding, petroleum, food, sports, computers and electronics. Today, Google, Apple Inc, Bosch, Facebook, Uber, Nokia, Microsoft and IBM are among 1,600 technology firms generating over $20.7 Billion in annual Pittsburgh payrolls. The area has also served as the long-term federal agency headquarters for cyber defense, software engineering, robotics and energy research. Pittsburgh is home to the global headquarters of numerous major companies. The nation’s eighth largest bank, PNC, has its headquarters in the city as well as eight Fortune 500 companies including: PPG Industries, U.S. Steel, The Kraft Heinz Company, Dick’s Sporting Goods and more. The six top 300 U.S law firms have their global headquarters in the area as well.
BROKER OF RECORD: Sean Beuche RM424190