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Advance Auto Parts

$ 2,185,276
Kenner, Louisiana
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Newly Listed

Address: 2406 Airline Hwy, Kenner, Louisiana, United States 70062

Type: Auto Parts Retailer

Cap Rate: 5.35%

Lease Type: Triple Net (NNN)

Annual Rent: $116,912

Net Operating Income: $116,912

Lease Term Remaining: 13.5

Rental Increases: 10 Percent in Each Option

Options: Four , Five- Year Options

Rentable Sq/Ft: 9,951 SF

Rent Sq/Ft: $11.75

Price Sq/Ft: $220

Lot Size: +/- 1.02 Acres

Marcus & Millichap is pleased to present the exclusive listing for the Advance Auto Parts located at 2406 Airline Hwy in Kenner, LA. The property consists of a 9,951 square-foot building sitting atop a 1.02-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 $116,912, 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 E Airline Highway, which boasts average daily traffic counts of approximately 30,000 vehicles and also serves as an access route to Louis Armstrong New Orleans International Airport. E Airline Highway intersects with Williams Boulevard which brings an additional 23,000 vehicles into the immediate area. There are more than 34,500 individuals residing within a five-mile radius of the property and nearly 80,000 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, shopping centers, and academic institutions all within close proximity. Major national tenants include: McDonald’s, Waffle House, Popeyes Louisiana Kitchen, Burger King, Subaru, Sherwin-Williams Paint Store, as well as several others. The subject property is located right next to Louis Armstrong New Orleans International Airport which serviced more than 13 million passengers in 2018. Louis Armstrong New Orleans International Airport is set to open its new 35-gate, $1 billion airport terminal in November 2019. The subject property benefits from being within a five-mile radius of several academic institutions. Most notable of these being East Jefferson High School, located just under three-miles from the subject property with a total enrollment exceeding 1,225 students.

Kenner is the seventh-largest city in Louisiana following New Orleans, Baton Rouge, Shreveport, Lafayette, Lake Charles and Bossier City. It is the largest city in Jefferson Parish and the largest incorporated city of New Orleans. New Orleans is world-renowned for its distinct music, Creole cuisine, unique dialect, and its annual celebrations and festivals, most notably Mardi Gras. The historic heart of the city is the French Quarter, known for its French and Spanish Creole architecture and vibrant nightlife along Bourbon Street. The city has been described as the “most unique” in the United States, thanks in large part to its cross-cultural and multilingual heritage. According to current travel guides, New Orleans is one of the top ten most-visited cities in the United States. New Orleans is also a center for higher learning, with over 50,000 students enrolled in region’s eleven two- and four-year degree learning institutions. Tulane University, a top-50 research university, is located in Uptown. Metropolitan New Orleans is a major regional hub for the health care industry and boasts a small, globally competitive manufacturing sector. The center city possesses a rapidly growing, entrepreneurial creative industries sectors. Greater New Orleans, Inc.(GNO, Inc.) acts as the first point-of-contact for regional economic development, coordinating between Louisiana’s Department of Economic Development and the various business development agencies.

 

Broker of Record: Chris Shaheen License # BROK.0095692662-ACT

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