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Advance Auto Parts

$ 1,277,300
Bay St. Louis, Mississippi
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Newly Listed

Address: 1145 US. Highway 90 W, Bay St. Louis, Mississippi, United States 39520

Type: Auto Parts Retailer

Cap Rate: 5.95%

Lease Type: Triple Net (NNN)

Annual Rent: $75,999

Net Operating Income: $75,999

Lease Term Remaining: 13.5 Years

Rental Increases: 10% on 8/31/2028

Options: 10% In Each Option

Rentable Sq/Ft: 6,712 SF

Rent Sq/Ft: $11.32

Price Sq/Ft: $190

Lot Size: +/- 1.10 Acres

The property consists of a 6,712 square-foot building sitting atop a 1.10-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$75,999, 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 Advance Auto Parts investment property is situated along US-90, experiencing average daily traffic counts of approximately 19,500, intersecting the ever active Washington Street, which experiences average daily traffic counts upwards of 17,000. There are more than 16,600 individuals residing within a three-mile radius of the property and more than 22,400 individuals within a five-mile radius.

The subject property benefits from being well-positioned in a highly dense retail corridor just outside of downtown Orlando. Major national tenants in the surrounding area include: McDonald’s, Ford, USPS, Waffle House, AT&T, Wendy’s, Burger King, Popeyes, Pizza Hut, Domino’s and many more. The subject property also benefits from being situated within a 3-mile radius of the renown, 291-room, Hollywood Casino Gulf Coast. The Las Vegas-style gaming action is around the clock, featuring slots, table games and live poker. There are over 10 hospitality facilities within the close proximity of 3 miles of the subject property, including Super 8 by Wyndham, Motel 6 Bay St. Louis, Hollywood Casino Gulf Coast, Economy Inn, Bay Town Inn, Silver Slipper Casino Hotel, Econo-Lodge Inn & Suites, Carroll House Bed & Breakfast, Diamondhead Inn & Suites, The Trust Bed & Breakfast, among many more in the surrounding area. Premiere tourist attractions in the immediate area include: the Silver Slipper Casino, as well as the Hollywood Casino Gulf Coast, mentioned above.

Bay St. Louis is a city in and the county seat of Hancock County, Mississippi. The city of Bay St. Louis is situated along the coast of the Gulfport-Biloxi Metropolitan Statistical Area (MSA). The Bay St. Louis Coast Metro consists of three other major cities. All three cities lie at the base of the narrow Gulf extension of the state of Mississippi. Biloxi is known as the commercial hub of the area, while Gulfport better known for its residential beach community, and Pascagoula serves as industrial hub with shipyards, oil refineries and other heavier industries. Much of this coastal area has developed as a second-class beach resort for many Southerners and Midwesterners looking for an alternative to Florida. Biloxi is also a center for the shrimping and fishing industries and has many popular restaurants, activities, and museums related to the seafood trade. Compared to the rest of the country, Bay St. Louis’s cost of living is 6.1% lower than the U.S. average, with the median cost of a home in Bay St. Louis being $136,800. Additionally, home appreciation the last 10 years has been a staggering 10.1%. Thanks to all of these highly attractive factors, Bay St. Louis continues to be one of the most popular cities along Mississippi’s picaresque gulf coast.

 

BROKER OF RECORD: Mickey Davis: Lic.# B-11586

 

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Glen Kunofsky

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(212) 430-5115

Read Ziegler

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(646) 805-1490