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t r a n s l a t e

Advance Auto Parts Net Lease Investment | 7.1% Cap Rate

420 Chesterfield Hwy
Cheraw, SC 29520
PRICE : $525,000
CAP RATE: 7.1%
PROPERTY TYPE: Retail
SITE SIZE: 0.73 Acres
BUILDING SIZE: 6,000 SF
YEAR BUILT: 1990

Highlights

  • Bite size opportunistic investment with under market rents
  • Established location in main retail corridor with other national retailers with traffic counts over 12,500 VPD
  • Recently extended NN lease through December 2025 with two 5-year options
  • Well maintained with new roof installed in 2019 with a 10-year warranty and new HVAC compressor for one unit in 2017
  • Corporate guaranteed by Advance Auto Parts with worldwide headquarters in Raleigh, NC
  • Nancy Miller, SC License #65151

Description

This corporate guaranteed Advance Auto Parts in Cheraw, SC has been in operation for almost 30 years. The purpose-built, ±6,000 SF building is on a ±0.73-acre parcel on the town’s main thoroughfare with traffic counts of over 12,500 VPD. The NN lease was recently extended for an additional 5 years, with two 5-year options, showing a strong commitment to the location. The site is surrounded by other national retail establishments including Walmart, Badcock Furniture, KFC, McDonald’s, Wendy’s, Bojangles, Pizza Hut, AutoZone, CVS, Sonic and more. Other nearby non-retail traffic generators include Cheraw Intermediate School, Cheraw High School, Highland Industries (a textile company), Schaeffler Group (a global automotive and industrial supplier) and McLeod Health Cheraw Emergency Room. Landlord maintenance responsibilities are limited to roof, structure, parking lot and half the cost of major HVAC repairs. AAP reimburses the Landlord for real estate taxes over the base year amount of $1,054.

Due to the low rent per SF and ease of re-purposing in an active commercial corridor, this is a desirable and opportunistic long-term investment.

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