3701 I-75 Business Spur Sault, Sault Ste. Marie, MI 49783
- Retail properties & Spaces
- 7,000 SF
- 0.64 lot acres
Current Use by Public Records
- Retail properties & Spaces
Property Details for 3701 I-75 Business Spur Sault
- Lot size
- 0.64 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a 7,000-square-foot Advance Auto Parts retail property located at 3701 I-75 Business Spur in Sault Sainte Marie, Michigan, 49783. The property sits on a 0.64-acre lot and boasts a strong net lease with a corporate guarantee from Advance Auto Parts, a publicly traded company (NYSE: AAP) with an investment-grade credit rating. The current lease, commencing October 30, 2003, and expiring March 31, 2031, has approximately 6.4 years remaining, offering significant long-term stability. The lease includes two 5-year options with rent bumps: a substantial 20% increase at the first option and a 3.5% increase at the second. The asking price is $1,066,928, representing a price per square foot of $152.42 and a cap rate of 7.65%. The property currently generates a net operating income (NOI) of $81,620, reflecting 100% occupancy. This prime location is adjacent to a Walmart Supercenter and surrounded by other major national retailers, ensuring consistent high traffic volume. The property's strategic location and the tenant's strong financial standing make this a compelling investment opportunity in a recession-resistant sector. The on-demand nature of auto parts, coupled with high shipping costs, further solidifies the property's long-term viability.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Sault Ste. Marie
- County
- State
- Michigan
- Longitude
- -84.4144
- Latitude
- 46.4607
