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$271.07
Days on Market120
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: Oct 25
Last Checked: Oct 28 at 10:37AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$58,339
Cap Rate
3.50%
Suggested Prices Based on Cap Rates
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
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 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 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.14M
$997.4K – $1.33M
NOI $79,795 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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
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 $1,669,000.
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
