Auto Shop Portfolio with Absolute NNN
For Sale
$1,977,600
3901 Williamsburg Rd, Richmond, VA 23231
Multi-property auto parts portfolio leased to Genuine Parts Company with extended NNN terms and limited landlord responsibilities.
Property Size7,920 SF
Price / SF$249.70
Days on Market12
Property Features for 3901 Williamsburg Rd
General Information
Standard status
Active
Size
7,920 SF
Property subtype
Auto Parts
Lease Type
Triple Net (NNN)
Financials
Cap Rate
6.75%
Gross Income
$938,088
Amenities
FORTUNE 500 PARENT COMPANY
INVESTMENT-GRADE TENANT CREDIT
NEW 5-YEAR LEASE EXTENSIONS
Building Details
Building Size
7,920 SF
Buildings
9
Listing Agency:
Miami Office
(786) 522-7056
Listed By:
Alex Zylberglait · License #License(s): FL: BK3015211
(786) 522-7056
Source:
Marcusmillichap
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 9 at 4:29AM
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 auto shop portfolio is leased to Genuine Parts Company (NYSE: GPC) and its subsidiary. The offering includes a structured set of NNN lease arrangements designed to reduce owner involvement, including eight master lease renewals under an Absolute NNN framework and one additional direct lease for the Florida location.
The tenant recently executed five-year lease extensions across the portfolio. All extended terms commence on November 1, 2027, and run through October 31, 2032, supporting long-dated occupancy. The eight master-leased properties include rent escalations in Year 4 of the renewal term, and the Absolute NNN structure is described as having absolute zero landlord responsibilities.
The Florida direct lease operates under a standard NNN structure, with ownership responsibilities identified as the roof, exterior walls, structural supports, foundations, underground utility lines, and parking areas. The portfolio spans multiple states, providing geographic diversification within the automotive aftermarket demand cycle. The offering is described with a 6.75% cap rate.
The tenant recently executed five-year lease extensions across the portfolio. All extended terms commence on November 1, 2027, and run through October 31, 2032, supporting long-dated occupancy. The eight master-leased properties include rent escalations in Year 4 of the renewal term, and the Absolute NNN structure is described as having absolute zero landlord responsibilities.
The Florida direct lease operates under a standard NNN structure, with ownership responsibilities identified as the roof, exterior walls, structural supports, foundations, underground utility lines, and parking areas. The portfolio spans multiple states, providing geographic diversification within the automotive aftermarket demand cycle. The offering is described with a 6.75% cap rate.
Key Highlights
- Leased to Genuine Parts Company (NYSE: GPC) and its subsidiary
- Eight master lease renewals under Absolute NNN with zero landlord responsibilities
- Florida direct lease under standard NNN with ownership covering roof, exterior walls, and structural elements
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
$86,440
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
4.37%
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%
$1,728,800
$1.7M
Cap Rate 7%
$1,234,857
$1.2M
Cap Rate 9%
$960,444
$960.4K
Market Conditions
NOI Build-Up for 7,920 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
$135.0K $17.04/SF
− Vacancy
−$11.5K −$1.45/SF
EGI
$123.5K $15.59/SF
− OpEx
−$37.0K −$4.68/SF
NOI
$86.4K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /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%
$1,728,800
Cap Rate 7%
$1,234,857
Cap Rate 9%
$960,444
Alternative Uses
Best Use
Retail
$1.23M
$1.08M – $1.44M
NOI $86,440 @ 7.0% cap · market cap 4.37%
Second Best
Industrial
$717.4K
$627.7K – $836.9K
NOI $50,215 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $128,085 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23231, VA
37,455
Population
17,028
Households
2.2
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
88.2 sq mi
ZIP Area
425
Density / Sq Mi
$74,245
Median Household Income
$43,315
Median Earnings
$1,272
Median Rent
$270,400
Median Home Value
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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- EFI Performance LLC — 4104 Eubank Rd, Richmond, VA 23231
- Burkhead Performance — 4204 Eubank Rd, Henrico, VA 23231
Frequently Asked Questions
What type of property is this?
Auto shop - Multi-property auto parts portfolio leased to Genuine Parts Company with extended NNN terms and limited landlord responsibilities.
Where is this auto shop located?
The property is located at 3901 Williamsburg Rd Richmond, VA.
What is the asking price?
The asking price for this property is $1,977,600.
What are key features of this property?
This property features: Leased to Genuine Parts Company (NYSE: GPC) and its subsidiary; Eight master lease renewals under Absolute NNN with zero landlord responsibilities; Florida direct lease under standard NNN with ownership covering roof, exterior walls, and structural elements
