Single-Tenant Auto Parts
For Sale
Contact for pricing
1215 N Detroit St, Warsaw, IN 46580
Corporate-guaranteed Advance Auto Parts lease on a modified NNN structure-only basis through December 2034.
Property Size7,000 SF
Price / SF$147.71
Days on Market252
Property Features for 1215 N Detroit St
General Information
Standard status
Active
Size
7,000 SF
Property subtype
RETAIL
Occupancy
100%
Building Details
Tenancy
Single
Listing Agency:
Lee & Associates | North San Diego County
(760) 929-9700
Listed By:
Ryan Bennett · License #01826517
(760) 519-0240
Source:
Moodyscre
Added: Feb 18
Changed: Oct 25
Last Checked: Oct 28 at 11:17AM
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 Lee & Associates | North San Diego County
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Investment Insights
Based on property information with market context.
Single-tenant auto parts building leased to Advance Stores Company, Inc. (NYSE: AAP) on a corporate guaranteed lease. The property size is 7,000 square feet and the lease is structured as modified NNN with landlord responsibilities limited to structure only.
The tenant has operated at this location since 2005. In 2024, an early 10-year lease extension was executed, extending the lease term through December 2034, with three additional five-year options remaining.
The asset is located in Warsaw, Indiana, in the Elkhart-Goshen MSA, about 41 miles from Fort Wayne. Warsaw is anchored by Zimmer Biomet, DePuy Synthes, and Paragon Medical, supporting over 13,000 jobs. Within a five-mile radius, the area includes over 37,500 residents and a market with an average household income exceeding $98,000.
The tenant has operated at this location since 2005. In 2024, an early 10-year lease extension was executed, extending the lease term through December 2034, with three additional five-year options remaining.
The asset is located in Warsaw, Indiana, in the Elkhart-Goshen MSA, about 41 miles from Fort Wayne. Warsaw is anchored by Zimmer Biomet, DePuy Synthes, and Paragon Medical, supporting over 13,000 jobs. Within a five-mile radius, the area includes over 37,500 residents and a market with an average household income exceeding $98,000.
Key Highlights
- 7,000 SF single‑tenant auto parts building
- Advance Stores Company, Inc. (NYSE: AAP) corporate‑guaranteed lease
- Modified NNN with landlord responsibilities limited to structure only
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,976
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,419,520
$1.4M
Cap Rate 7%
$1,013,943
$1.0M
Cap Rate 9%
$788,622
$788.6K
Market Conditions
NOI Build-Up for 7,000 SF
Gross rent
$105.8K $15.12/SF
− Vacancy
−$4.4K −$0.64/SF
EGI
$101.4K $14.48/SF
− OpEx
−$30.4K −$4.35/SF
NOI
$71.0K $10.14/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$15.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,419,520
Cap Rate 7%
$1,013,943
Cap Rate 9%
$788,622
Alternative Uses
Best Use
Retail
$1.01M
$887.2K – $1.18M
NOI $70,976 @ 7.0% cap · market cap 6.86%
Second Best
Industrial
$438.9K
$384.0K – $512.1K
NOI $30,723 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,366 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
40k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 28%
Home Improvements & Furnishings 2%
Electronics 2%
Arby's
Dining
12,634 visits/mo
0.5 miles
KFC
Dining
7,547 visits/mo
0.5 miles
Pizza Hut
Dining
6,857 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
2,867 visits/mo
0.1 miles
Cash America Pawn
Shops & Services
2,353 visits/mo
0.3 miles
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- A&A Auto Sales — 251 N Indiana St, Warsaw, IN 46580
- Steve's Auto Care — 318 N Detroit St, Warsaw, IN 46580
- Jiffy Lube — 314 N Detroit St, Warsaw, IN 46580
- Totally Hitched RV Repair LLC — 619 E Main St, Warsaw, IN 46580
- Monteith tire — IN-15, Warsaw, IN 46580
Frequently Asked Questions
What type of property is this?
Auto shop - Corporate-guaranteed Advance Auto Parts lease on a modified NNN structure-only basis through December 2034.
Where is this auto shop located?
The property is located at 1215 N Detroit St Warsaw, IN.
What is the asking price?
The asking price for this property is $1,034,000.
What are key features of this property?
This property features: 7,000 SF single‑tenant auto parts building; Advance Stores Company, Inc. (NYSE: AAP) corporate‑guaranteed lease; Modified NNN with landlord responsibilities limited to structure only
