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146 Eastern Ave 6,564 SF Retail Building Gloucester, MA 01930 $2,355,880 CAD ($358.91 CAD/SF) 6.58% Cap Rate
Investment Highlights
- Corporate guaranty by Advance Auto Company, Inc
- Proven successful location with 8 year operating history
- Strong tenant commitment to property
- 10% rent increases in first and second option periods
Executive Summary
Sovereign Realty Advisors is pleased to exclusively offer for sale a single-tenant net-leased Advance Auto Parts property located in Gloucester, Massachusetts. Constructed in 2011, the property consists of a 6,564 square foot, single-story commercial building situated on 0.72 acres and is fully occupied by Advance Auto Parts.
The lease includes three (3) five-year renewal options, with rent increases of 10% in Options One and Two, and 7% in Option Three. Annual rent is scheduled to increase to $122,747 in February 2028, representing a 7.24% cap rate based on the offering price. The property benefits from excellent visibility along Route 127, with approximately 300 feet of frontage on Eastern Avenue, over 30 parking spaces, and convenient access to Route 128 — the primary corridor connecting the North Shore to Greater Boston. The tenant is responsible for real estate taxes, insurance, utilities, and maintenance, providing a stable, passive income stream.
The lease includes three (3) five-year renewal options, with rent increases of 10% in Options One and Two, and 7% in Option Three. Annual rent is scheduled to increase to $122,747 in February 2028, representing a 7.24% cap rate based on the offering price. The property benefits from excellent visibility along Route 127, with approximately 300 feet of frontage on Eastern Avenue, over 30 parking spaces, and convenient access to Route 128 — the primary corridor connecting the North Shore to Greater Boston. The tenant is responsible for real estate taxes, insurance, utilities, and maintenance, providing a stable, passive income stream.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,564 SF
Building Class
C
Year Built
2011
Price
$2,355,880 CAD
Price Per SF
$358.91 CAD
Cap Rate
6.58%
NOI
$155,096 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
0.72 AC
Zoning
EB- Extensive Business
Frontage
297’ on Eastern Ave
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
Advance Auto Parts, Inc. est l'un des principaux fournisseurs de pièces de rechange automobiles qui sert à la fois les installateurs professionnels et les clients de bricoleurs. Au 5 octobre 2024, Advance exploitait 4 781 magasins principalement aux États-Unis, et d'autres au Canada, à Porto Rico et aux îles Vierges américaines. L'entreprise a également desservi 1 125 magasins indépendants de marque Carquest dans ces endroits, en plus du Mexique et de diverses îles des Caraïbes.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | GLOU-000160-000039 | Improvements Assessment | $916,083 CAD |
| Land Assessment | $496,194 CAD | Total Assessment | $1,412,277 CAD |
Property Taxes
Parcel Number
GLOU-000160-000039
Land Assessment
$496,194 CAD
Improvements Assessment
$916,083 CAD
Total Assessment
$1,412,277 CAD
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