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1215 N Detroit St
Warsaw, IN 46580
Advanced AutoParts · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Corporate Lease Guaranty from Advance Stores Company, Inc. (NYSE: AAP)
- Recent Early 10-year Lease Extension – Long Operating History – Commitment to Site
- Positioned along North Detroit Street (22,600 VPD) – Access to U.S. Highway 30 (30,000 VPD) – Strong Mix of National Retailers
- Consistent 5% Rent-to-Sales Ratio Over the Last 4 Years
- Limited Landlord Responsibility – Modified NNN “Structure Only” Lease – 21% Rent Increase in 1st Option
- Warsaw – Strong Economic Fundamentals & Favorable Demographics
EXECUTIVE SUMMARY
Lee & Associates is pleased to present the exclusive offering of a single-tenant Advance Auto Parts located at 1215 N Detroit Street in Warsaw, Indiana. The tenant, Advance Stores Company, Inc. (NYSE: AAP), operates under a corporate-guaranteed lease and has demonstrated long-term commitment to the site, having operated at this location since 2005. A recent early 10-year lease extension, executed in 2024, extends the term through December 2034, with three additional five-year options remaining. The lease is structured as modified NNN with landlord responsibilities limited to structure only.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
7,000 SF
Building Class
C
Year Built
2005
Price
$1,443,381 CAD
Price Per SF
$206.20 CAD
Cap Rate
7.25%
NOI
$104,645 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
0.83 AC
Zoning
C-2 G
PROPERTY TAXES
| Parcel Number | 43-11-05-300-284.000-032 | Improvements Assessment | $635,562 CAD |
| Land Assessment | $238,982 CAD | Total Assessment | $874,544 CAD |
PROPERTY TAXES
Parcel Number
43-11-05-300-284.000-032
Land Assessment
$238,982 CAD
Improvements Assessment
$635,562 CAD
Total Assessment
$874,544 CAD
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