NNN Advance Auto Parts
For Sale
Contact for pricing
2230 GARFIELD AVENUE, Lincoln Park, MI 48146
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 Market75
Property Features for 2230 GARFIELD AVENUE
General Information
Standard status
Active
Size
6,157 SF
Property subtype
RETAIL
Building Details
Tenancy
Single
Listing Agency:
SRS Real Estate Partners | Detroit
(248) 688-0630
Listed By:
Michael Carter · License #6501369793
(586) 549-4260
Source:
Moodyscre
Added: Jul 1
Changed: Aug 14
Last Checked: Sep 12 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 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
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
$58,339
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
3.39%
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%
$1,166,780
$1.2M
Cap Rate 7%
$833,414
$833.4K
Cap Rate 9%
$648,211
$648.2K
Market Conditions
NOI Build-Up for 6,157 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
$88.7K $14.40/SF
− Vacancy
−$5.3K −$0.86/SF
EGI
$83.3K $13.54/SF
− OpEx
−$25.0K −$4.06/SF
NOI
$58.3K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /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%
$1,166,780
Cap Rate 7%
$833,414
Cap Rate 9%
$648,211
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
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
252k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Groceries 23%
Shops & Services 23%
Electronics 5%
Kroger
Groceries
58,067 visits/mo
0.1 miles
McDonald's
Dining
29,094 visits/mo
0.1 miles
Dollar Tree
Shops & Services
25,054 visits/mo
0.2 miles
Starbucks
Dining
22,220 visits/mo
0.3 miles
Wendy's
Dining
22,080 visits/mo
0.2 miles
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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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
