NNN Advance Auto Parts
2230 GARFIELD AVENUE Lincoln Park, MI 48146
For Sale
Contact for pricing
Fee simple NNN retail property leased to Advance Auto Parts with corporate guarantee and remaining term plus extension options.
Property Size6,157 SF
Price / SF$279.84
Days on Market29
Property Features for 2230 GARFIELD AVENUE
General Information
Standard status
Active
Size
6,157 SF
Property subtype
RETAIL
Listing Agency:
SRS Real Estate Partners | Detroit
(586) 549-4260
Listed By:
Michael Carter · License #6501369793
(586) 549-4260
Source:
Moodyscre
Added: Jul 1
Changed: Jul 28
Last Checked: Jul 29 at 1:06PM
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 | Detroit
Investment Insights
Based on property information with market context.
SRS National Net Lease is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a NNN, corporate guaranteed Advance Auto Parts investment property.
The property is leased to Advance Auto Parts, Inc. (NYSE: AAP), with more than 7 years remaining on the lease and 3 (5-year) options to extend. The lease structure includes 7% rental increases at the beginning of each option period. The NNN arrangement is described as providing minimal landlord responsibilities.
Advance Auto Parts has operated at the location for more than 17 years, and the tenant is an automotive parts retailer with over 4,300 stores. The property is located at 2230 Garfield Avenue in Lincoln Park, Michigan (Detroit MSA).
The property is leased to Advance Auto Parts, Inc. (NYSE: AAP), with more than 7 years remaining on the lease and 3 (5-year) options to extend. The lease structure includes 7% rental increases at the beginning of each option period. The NNN arrangement is described as providing minimal landlord responsibilities.
Advance Auto Parts has operated at the location for more than 17 years, and the tenant is an automotive parts retailer with over 4,300 stores. The property is located at 2230 Garfield Avenue in Lincoln Park, Michigan (Detroit MSA).
Key Highlights
- Fee simple interest (land and building) in a NNN, corporate‑guaranteed Advance Auto Parts investment property
- Tenant: Advance Auto Parts, Inc. (NYSE: AAP) with over 7 years remaining on the lease term
- Lease includes 3 (5‑year) extension options to extend tenancy
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 | $88.7k | $14.40 |
| − Vacancy | −$5.3k | −$0.86 |
| EGI | $83.3k | $13.54 |
| − OpEx | −$25.0k | −$4.06 |
| NOI | $58.3k | $9.48 |
6,157 SF · lease $14.40/SF/yr · vacancy 6.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$833.4K
$729.2K – $972.3K
NOI $58,339 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.14M
$997.4K – $1.33M
NOI $79,795 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
NNN property - Fee simple NNN retail property leased to Advance Auto Parts with corporate guarantee and remaining term plus extension options.
Where is this nnn property located?
The property is located at 2230 GARFIELD AVENUE Lincoln Park, MI.
What is the asking price?
The asking price for this property is $1,723,000.
What are key features of this property?
This property features: Fee simple interest (land and building) in a NNN, corporate‑guaranteed Advance Auto Parts investment property; Tenant: Advance Auto Parts, Inc. (NYSE: AAP) with over 7 years remaining on the lease term; Lease includes 3 (5‑year) extension options to extend tenancy
