advance auto parts corporate lease Free Standing Build-To-Suit Location Investment Grade Tenant 204 WGL Smith St, Morgantown, KY 42261 Click for Map Click to view similar properties portfolio [ www.capitalpacific.com ]
investment highlights The subject property is a free standing Build-to-Suit corporate Advance Auto Parts located at the hard corner of WGL Smith St and North Tyler St in Morgantown, KY. The lease calls for CPI increases in the base term and options. PRICE: $1,465,626 CAP: 6.15% Rentable SF...6,895 SF Land area...0.67 AC Price per SF...$213 Current Rent... $13.07/SF Listing Team Contact Info RICK SANNER rsanner@capitalpacific.com (415) 274-2709 CA BRE# 01792433 aaron susman asusman@capitalpacific.com (415) 481-0377 CA BRE# 01961568 Kentucky Cooperating Broker: Steven Shaffer sshaffer@formgcompanies.com (502) 338-4216 License# 74233 Capital Pacific collaborates. Click Here to meet the rest of our San Francisco team. Advance Auto Parts 2
core characteristics Property Highlights The subject property is located at the hard corner of WGL Smith St. and North Tyler St., which is the principal retail corridor within Morgantown, KY. The property is located directly across the street from Rite Aid. Investment grade tenant Over $9 billion in 2015 sales. Ranked #294 on the Fortune 500. Standard & Poor s BBB- credit rating. Lease highlights 14 years remaining on the initial 15-year term. There are three (3) five (5) year options to renew the lease with 5% rental increases. Tenant is responsible for roof, HVAC, parking lot, and taxes. Landlord is responsible for structure, must carry a general liability insurance policy not less than $2,000,000 in liability coverage. 14 years remaining on corporate lease Advance Auto Parts 3
aerial BENEFITTING FROM TRAFFIC COUNTS IN EXCESS OF 9,493 VPD 231 70 housing Butler County Middle School (6,019 residents within 5 miles) 9007 FARM BOY RESTAURANT Morgantown Elementary DRAKE S FARM SERVICES 231 am illi W BUTLER COUNTY 79 KING DRUG H. y Na a hw 403 tc ig rp he H ns a er ay kw ar t Ve BUTLER COUNTY BUTLER COUNTY 70 231 EL AZTECA S St Ma re in et HILLSIDE CAFE AND STEAKHOUSE FIREHOUSE PIZZA B&M AUTOMOTIVE W GL 9,493 DAILY Sm ith St W G L Smith St. re et 8,722 DAILY S Main St. ury odb Wo BUTLER COUNTY p Loo 70 ad Ro e ch Ro r ste 9007 H&R BLOCK Butler County High School 403 PARKWAY AUTO SALES BOWLING GREEN Advance Auto Parts 231 9007 4
income & expense PRICE $1,465,626 Price Per Square Foot: $212.56 Capitalization Rate: 6.15% Total Rentable Area (SF): 6,895 Lot Size (AC): 0.67 STABILIZED INCOME Per Square Foot Scheduled Rent $13.07 $90,136 Effective Gross Income $13.07 $90,136 LESS Per Square Foot Taxes NNN $0.00 Insurance 1 NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $90,136 1 Landlord must carry a general liability insurance policy not less than $2,000,000 in liability coverage This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Advance Auto Parts 5
rent roll TENANT INFO LEASE TERMS RENT SUMMARY Tenant Name Sq. Ft. Term Current Rent Monthly Rent Yearly Rent Monthly Rent/FT Yearly Rent/FT Advance Auto Parts 6,895 01/29/15 01/28/30 $90,136 $7,511 $90,136 $1.09 $13.07 Option 1 01/29/30 01/28/35 $7,887 $94,643 $1.14 $13.73 Option 2 01/29/35 01/28/40 $8,281 $99,375 $1.20 $14.41 Option 3 01/29/40 01/28/45 $8,695 $104,344 $1.26 $15.13 Totals: 6,895 $90,136 $7,511 $90,136 $1.09 $13.07 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Advance Auto Parts 6
site plan Site Plan Key Parcel outline: Land Area: Building Area: Ingress/Egress: 0.67 AC 6,895 sf N Tyler Street PYLON SIGN 231 403 79 WGL Smith Street 9,493 DAILY This site plan is a rendering that has been created based on sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies. Advance Auto Parts 7
tenant overview about advance auto parts Headquartered in Roanoke, VA., Advance Auto Parts, Inc. (NYSE: AAP) serves both professional installers and do-it-yourself customers. The company operates over 5,300 stores in 49 states and has over 74,000 employees. In October 2013, Advance Auto Parts acquired CARQUEST, creating the largest automotive aftermarket parts provider in North America with annual sales of over $9 billion. Advance Auto Parts premiered on the Fortune 500 list in 2003 and has remained on the list since then, currently ranked #293. www.advanceautoparts.com 2015 GROSS revenue $9.7 Billion 2015 NET income $494 Million INVESTMENT GRADE STANDARD & POOR S BBB- Advance Auto Parts 8
demographics & map Advance auto parts location About Morgantown Morgantown, the seat of Butler County, is widely known for its small town charm. Morgantown is served by Natcher Parkway, which is designated as part of the Interstate 66 corridor and Interstate 67 corridor. 9,493 DAILY WGL Smith St. Butler County s location, at the crossroads of the Natcher Parkway and the rapidly approaching Interstate 66, makes it a regional hub for the U.S. A new industrial park with a fiber optic internet gateway and a large manufacturing complex are ideally situated to host any number of business activities. Butler County provides an ideal location for business, as it s only a half days drive from 75% of the U.S. population. regional map Population 1-Mile 3-Mile 5-Mile 2010 2,290 3,775 5,670 2015 2,401 3,949 6,019 2021 2,494 4,101 6,314 2016 Household incomes 1-Mile 3-Mile 5-Mile Average $42,598 $44,979 $47,806 Median $31,938 $35,225 $37,474 1 hr 43 min 106 MILES louisville morgantown Advance Auto Parts 9
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