NN Leased Advance Auto
For Sale
Contact for pricing
10 Putnam Pike, Johnston, RI 02919
NN leased Advance Auto Parts investment property in Johnston, Rhode Island.
Property Size5,920 SF
Price / SF$267.57
Days on Market142
Property Features for 10 Putnam Pike
General Information
Standard status
Active
Size
5,920 SF
Total Parking Spaces
30
Property subtype
Retail
Zoning
B2 - General Business
Occupancy
100%
Lease Type
NNN
Net Operating Income
$118,800
Building Details
Year Built
1992
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
(480) 221-4221
Listed By:
Matthew Mousavi · License #CA 01732226
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 10 at 10:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This property offers the opportunity to acquire the fee simple interest in a NN leased, corporate signed, Advance Auto Parts investment property in Johnston, Rhode Island, within the Providence MSA. The tenant, Advance Stores Company, Inc., has recently extended their lease through December 2036, with options for three additional 5-year extensions. The lease includes a 5% rental increase in July 2031, and 10% rental increases at the beginning of each option period. The lease is guaranteed by the corporate entity (S&P: BBB) and is NN with landlord responsibilities limited to roof and structure. Advance Auto Parts operates 5,750 stores and 266 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The property is located near the signalized intersection of Putnam Pike and George Waterman Rd, which sees a combined traffic volume of 36,000 vehicles per day. It benefits from access to Interstate 295, a major thoroughfare with over 70,000 vehicles per day. Situated in a dense retail corridor, nearby national tenants include Walgreens, CVS Pharmacy, Dollar Tree, Dunkin Donuts, Burger King, and McDonald’s. The property is also located near North Providence High School (1,107 students) and Our Lady of Fatima Hospital (100 beds). The 5-mile trade area is supported by over 275,000 residents and 149,000 employees. The property size is 5,920 square feet. Residents within a 3-mile radius have an average household income of $92,875.
Key Highlights
- Long‑term corporate lease with Advance Auto Parts (extended through Dec. 2036).
- Corporate guaranteed lease (S&P: BBB) providing financial security.
- Rental increases scheduled in July 2031 and at the beginning of each option period.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$66,834
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,336,680
$1.3M
Cap Rate 7%
$954,771
$954.8K
Cap Rate 9%
$742,600
$742.6K
Market Conditions
NOI Build-Up for 5,920 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.6K $18.00/SF
− Vacancy
−$11.1K −$1.87/SF
EGI
$95.5K $16.13/SF
− OpEx
−$28.6K −$4.84/SF
NOI
$66.8K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,336,680
Cap Rate 7%
$954,771
Cap Rate 9%
$742,600
Alternative Uses
Best Use
Retail
$954.8K
$835.4K – $1.11M
NOI $66,834 @ 7.0% cap · market cap 4.22%
Second Best
Industrial
$441.3K
$386.2K – $514.9K
NOI $30,894 @ 7.0% cap · market cap 1.95%
Theoretical Best
Multifamily LT 5
$1.41M
$1.23M – $1.64M
NOI $98,571 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
60k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
Burger King
Dining
12,043 visits/mo
0.1 miles
Dollar Tree
Shops & Services
12,003 visits/mo
0.1 miles
Dunkin' Donuts
Dining
10,505 visits/mo
0.2 miles
Cumberland Farms
Shops & Services
10,111 visits/mo
0.1 miles
Dollar General
Shops & Services
8,506 visits/mo
0.4 miles
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pat's Auto Sales, Auto Body, Inc. — 363 George Waterman Rd, Johnston, RI 02919
- Hillview Auto Body — 107 Railroad Ave, Johnston, RI 02919
- Tommy's — 90b Allendale Ave, Johnston, RI 02919
- Sgambatos Service Inc. — 603 Woonasquatucket Ave, North Providence, RI 02911
- Comella's Auto Body — 429 George Waterman Rd, Johnston, RI 02919
Frequently Asked Questions
What type of property is this?
Auto shop - NN leased Advance Auto Parts investment property in Johnston, Rhode Island.
Where is this auto shop located?
The property is located at 10 Putnam Pike Johnston, RI.
What is the asking price?
The asking price for this property is $1,584,000.
What are key features of this property?
This property features: Long‑term corporate lease with Advance Auto Parts (extended through Dec. 2036).; Corporate guaranteed lease (S&P: BBB) providing financial security.; Rental increases scheduled in July 2031 and at the beginning of each option period.
