Master-Leased NNN Auto Parts
For Sale
Contact for pricing
7234 Oswego Road, Liverpool, NY 13090
Nine NAPA Auto Parts locations are master-leased to Genuine Parts Company (NYSE: GPC) with extended terms beginning in 2027.
Property Size56,976 SF
Price / SF$277.13
Days on Market53
Property Features for 7234 Oswego Road
General Information
Standard status
Active
Size
56,976 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Additional Details
Gross Income
$938,088
Building Details
Buildings
9
Listing Agency:
Marcus & Millichap - The Zylberglait Group
Listed By:
Alex Zylberglait · License #FL BK3015211
(786) 522-7056
Source:
Crexi
Added: Jul 24
Changed: Sep 11
Last Checked: Sep 14 at 7:14AM
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 Marcus & Millichap - The Zylberglait Group
Investment Insights
Based on property information with market context.
This NNN auto parts portfolio includes nine NAPA Auto Parts locations leased to Genuine Parts Company (NYSE: GPC) and its subsidiary. The portfolio totals 56,976 SF and was recently strengthened through 5-year lease extensions across the entire portfolio. Across the eight master-leased renewal properties and the one direct lease, the extended terms begin November 1, 2027 and run through October 31, 2032.
The eight master-leased properties include rent escalations in Year 4 of the renewal term and are structured as an Absolute NNN Master Lease with absolute zero landlord responsibilities. The ninth property (Palmetto, FL) operates under a standard NNN lease, with ownership responsible for the roof, exterior walls, structural supports, foundations, underground utility lines, and parking areas.
The locations span nine states, providing diversification across New York, Virginia, Texas, Minnesota, Mississippi, South Carolina, Arizona, Georgia, and Florida. Existing tenancy and the extended lease term support a stabilized, long-duration hold strategy.
The eight master-leased properties include rent escalations in Year 4 of the renewal term and are structured as an Absolute NNN Master Lease with absolute zero landlord responsibilities. The ninth property (Palmetto, FL) operates under a standard NNN lease, with ownership responsible for the roof, exterior walls, structural supports, foundations, underground utility lines, and parking areas.
The locations span nine states, providing diversification across New York, Virginia, Texas, Minnesota, Mississippi, South Carolina, Arizona, Georgia, and Florida. Existing tenancy and the extended lease term support a stabilized, long-duration hold strategy.
Key Highlights
- Portfolio totals 56,976 SF across nine NAPA Auto Parts locations
- Leased to Genuine Parts Company (NYSE: GPC) and its subsidiary
- Five‑year lease extensions: Nov 1, 2027 through Oct 31, 2032
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
$687,746
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
4.36%
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%
$13,754,920
$13.8M
Cap Rate 7%
$9,824,943
$9.8M
Cap Rate 9%
$7,641,622
$7.6M
Market Conditions
NOI Build-Up for 56,976 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
$1.03M $18.00/SF
− Vacancy
−$43.1K −$0.76/SF
EGI
$982.5K $17.24/SF
− OpEx
−$294.7K −$5.17/SF
NOI
$687.7K $12.07/SF
Area
Onondaga County, NY
Vacancy
4.20%
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%
$13,754,920
Cap Rate 7%
$9,824,943
Cap Rate 9%
$7,641,622
Alternative Uses
Best Use
Retail
$9.82M
$8.60M – $11.46M
NOI $687,746 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.90M
$8.66M – $11.55M
NOI $693,120 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 38%
Dunkin' Donuts
Dining
11,081 visits/mo
0.2 miles
Kwik Fill
Shops & Services
4,720 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
1,245 visits/mo
0.1 miles
Public Storage
Shops & Services
854 visits/mo
0.5 miles
Demographics for 13090, NY
30,472
Population
12,591
Households
2.4
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
14.6 sq mi
ZIP Area
2,087
Density / Sq Mi
$90,315
Median Household Income
$53,198
Median Earnings
$1,294
Median Rent
$196,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
NNN property - Nine NAPA Auto Parts locations are master-leased to Genuine Parts Company (NYSE: GPC) with extended terms beginning in 2027.
Where is this nnn property located?
The property is located at 7234 Oswego Road Liverpool, NY.
What is the asking price?
The asking price for this property is $15,789,854.
What are key features of this property?
This property features: Portfolio totals 56,976 SF across nine NAPA Auto Parts locations; Leased to Genuine Parts Company (NYSE: GPC) and its subsidiary; Five‑year lease extensions: Nov 1, 2027 through Oct 31, 2032
