Single-Tenant Auto Parts
1215 N Detroit St Warsaw, IN 46580
For Sale
Contact for pricing
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 Market162
Property Features for 1215 N Detroit St
General Information
Standard status
Active
Size
7,000 SF
Property subtype
RETAIL
Listing Agency:
Lee & Associates | North San Diego County
(760) 519-0240
Listed By:
Ryan Bennett · License #01826517
(760) 519-0240
Source:
Moodyscre
Added: Feb 18
Changed: Jul 29
Last Checked: Jul 29 at 8:39PM
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
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $105.8k | $15.12 |
| − Vacancy | −$4.4k | −$0.64 |
| EGI | $101.4k | $14.48 |
| − OpEx | −$30.4k | −$4.35 |
| NOI | $71.0k | $10.14 |
7,000 SF · lease $15.12/SF/yr · vacancy 4.20% · expense 30.00%
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.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Steve's Auto Care — 318 N Detroit St, Warsaw, IN 46580
- Jiffy Lube — 314 N Detroit St, Warsaw, IN 46580
- A&A Auto Sales — 251 N Indiana St, Warsaw, IN 46580
- Monteith tire — IN-15, Warsaw, IN 46580
- Totally Hitched RV Repair LLC — 619 E Main St, 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
