NAPA Auto Parts NNN
For Sale
$2,613,333
2150 E Thomas Rd, Phoenix, AZ 85016
Leased to Genuine Parts Company across nine properties with extended terms commencing November 1, 2027.
Property Size9,024 SF
Price / SF$289.60
Days on Market18
Property Features for 2150 E Thomas Rd
General Information
Standard status
Active
Size
9,024 SF
Property subtype
Auto Parts
Lease Type
NNN
Additional Details
Cap Rate
6.75%
Amenities
NEW 5-YEAR LEASE EXTENSIONS The tenant executed 5-year lease extensions across the entire portfolio, commencing November 1, 2027, and running through October 31, 2032.
INVESTMENT-GRADE TENANT CREDIT Fully leased to Genuine Parts Company (NYSE: GPC) and its subsidiary.
PASSIVE ABSOLUTE NNN MASTER LEASE
Building Details
Building Size
9,024 SF
Listing Agency:
Miami Office
(786) 522-7056
Listed By:
Alex Zylberglait · License #License(s): FL: BK3015211
(786) 522-7056
Source:
Marcusmillichap
Added: Jul 25
Changed: Aug 8
Last Checked: Aug 11 at 4:41AM
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 Miami Office
Investment Insights
Based on property information with market context.
This offering is a 9-property NAPA Auto Parts portfolio leased to Genuine Parts Company (NYSE: GPC) and its subsidiary. The portfolio includes eight master-leased renewal properties plus one direct lease located in Palmetto, FL. The tenant recently executed 5-year lease extensions across the portfolio, with all extended terms commencing November 1, 2027 and running through October 31, 2032.
The eight master-leased properties operate under an Absolute NNN Master Lease with absolute zero landlord responsibilities, and include rent escalations in Year 4 of the renewal term. The ninth property operates under a standard NNN lease where ownership is responsible for the roof, exterior walls, structural supports, foundations, underground utility lines, and parking areas.
The portfolio totals 56,976 SF and is structured to provide a current annual base rent of $938,088. The properties are located across New York, Virginia, Texas, Minnesota, Mississippi, South Carolina, Arizona, Georgia, and Florida.
The eight master-leased properties operate under an Absolute NNN Master Lease with absolute zero landlord responsibilities, and include rent escalations in Year 4 of the renewal term. The ninth property operates under a standard NNN lease where ownership is responsible for the roof, exterior walls, structural supports, foundations, underground utility lines, and parking areas.
The portfolio totals 56,976 SF and is structured to provide a current annual base rent of $938,088. The properties are located across New York, Virginia, Texas, Minnesota, Mississippi, South Carolina, Arizona, Georgia, and Florida.
Key Highlights
- 9‑property NAPA Auto Parts portfolio leased to Genuine Parts Company (NYSE: GPC) and its subsidiary
- Total size: 56,976 SF across nine states, including eight master‑leased properties plus one direct lease in Palmetto, FL
- Current annual base rent of $938,088 ($16.47/SF average)
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
$101,991
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
3.90%
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%
$2,039,820
$2.0M
Cap Rate 7%
$1,457,014
$1.5M
Cap Rate 9%
$1,133,233
$1.1M
Market Conditions
NOI Build-Up for 9,024 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
$162.4K $18.00/SF
− Vacancy
−$16.7K −$1.85/SF
EGI
$145.7K $16.15/SF
− OpEx
−$43.7K −$4.84/SF
NOI
$102.0K $11.30/SF
Area
Phoenix, AZ
Vacancy
10.30%
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%
$2,039,820
Cap Rate 7%
$1,457,014
Cap Rate 9%
$1,133,233
Alternative Uses
Best Use
Retail
$1.46M
$1.27M – $1.70M
NOI $101,991 @ 7.0% cap · market cap 3.90%
Second Best
Industrial
$810.9K
$709.6K – $946.1K
NOI $56,764 @ 7.0% cap · market cap 2.17%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,341 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,227
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85016, AZ
37,326
Population
21,363
Households
1.7
Avg Household Size
38
Median Age
50%
College-Educated
94%
High-School Grad
8.2 sq mi
ZIP Area
4,552
Density / Sq Mi
$85,085
Median Household Income
$53,781
Median Earnings
$1,575
Median Rent
$508,400
Median Home Value
Market
Vacancy Rate% for Retail in Phoenix, AZ
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Leased to Genuine Parts Company across nine properties with extended terms commencing November 1, 2027.
Where is this auto shop located?
The property is located at 2150 E Thomas Rd Phoenix, AZ.
What is the asking price?
The asking price for this property is $2,613,333.
What are key features of this property?
This property features: 9‑property NAPA Auto Parts portfolio leased to Genuine Parts Company (NYSE: GPC) and its subsidiary; Total size: 56,976 SF across nine states, including eight master‑leased properties plus one direct lease in Palmetto, FL; Current annual base rent of $938,088 ($16.47/SF average)
