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Advance Auto Parts - New 10 Year Lease Term 643 E Washington St

8,052 SF Retail Building New Castle, PA 16101 £604,912 (£75/SF) 7.48% Net Initial Yield

Investment Highlights

  • New Lease Extension - 10 Year Term - Expiration 12/31/2034
  • 26 Years of Tenancy - Proven Location
  • Very Low Rent - Only $7.07/Foot Annual
  • 7.25% Cap Rate at List Price
  • Corporate Lease with NYSE Company - AAP
  • Close to 50,000 residents within 5 miles.

Executive Summary

Price Reduced! Marcus & Millichap is proud to present this Newly Extended Corporate Advance Auto Parts in a proven location. The tenant has already occupied this location for 26 years and recently extended their lease creating a firm 10 year term with new expiration date of 12/31/2034. The property was built in 1993 and features 8,173 Square feet on a large lot of over 31,000 square feet. The site is located at the corner of Spruce Street and East Washington Street. East Washington Street is also known as "Route 65" or alternatively as "65th Infantry Division Memorial Highway." This major thoroughfare starts in New Castle and runs over 50 miles to the heart of Pittsburgh. The city of New Castle is located in the very Western quadrant of Pennsylvania and is very close to the Border with Ohio. Youngstown Ohio is a mere 18 miles away. The population within a 5 mile radius of the subject exceeds 46,000 residents and projected to be stable in years to come.

Attachments

AAP New Castle PA 9-4-24

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
8,052 SF
Building Class
C
Year Built
1993
Price
£604,912
Price Per SF
£75
Net Initial Yield
7.48%
NOI
£45,247
Tenancy
Single
Number of Floors
1
Building FAR
0.25
Land Acres
0.75 AC
Opportunity Zone
Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning
C1 - a zoning classification that allows for a variety of businesses to serve a local neighborhood
Parking
31 Spaces (3.97 Spaces per 1,000 SF Leased)
Frontage
147 ft on U.S. 422 Business

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease End
  • Wholesaler
  • -
  • -
  • -

In 1960 , O. Temple Sloan Jr. began General Parts Inc. with a vision to grow his auto parts business through acquisitions. His first purchase was General Parts Warehouse in Sanford, NC and over the next several years, his company grew through numerous acquisitions and native growth. But despite his progress, Sloan knew he needed another play to compete with the larger auto parts store, specifically the purchasing and marketing power of a large network. With that strategy in mind, he began reaching out to other auto parts stores to see if they wanted to create a distribution and marketing cooperative to negotiate better pricing and to market all their stores under one name. And with that, the initial Carquest concept was born with the first physical Carquest store being City Auto Parts in Sanford, NC.

Tenant Industry SF OCCUPIED RENT/SF Lease End
Wholesaler - - -
1 of 1
643 E Washington St, New Castle, PA - aerial map view

PROPERTY TAXES

Parcel Number 04-029700 Improvements Assessment £284,734
Land Assessment £62,205 Total Assessment £346,938

PROPERTY TAXES

Parcel Number
04-029700
Land Assessment
£62,205
Improvements Assessment
£284,734
Total Assessment
£346,938
(310) 408-4364

  • Listing ID: 32161909

  • Date on Market: 17/06/2024

  • Last Updated:

  • Address: 643 E Washington St, New Castle, PA 16101

The Retail Property at 643 E Washington St, New Castle, PA 16101 is currently available For Sale. Contact Marcus & Millichap for more information.

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© 2024 CoStar Group

Advance Auto Parts - New 10 Year Lease Term | 643 E Washington St
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Advance Auto Parts - New 10 Year Lease Term | 643 E Washington St

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Joseph Linkogle

(310) 408-4364

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Timothy Stephenson

(331) 228-9188

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