3810 State Blvd Fort Wayne, IN 46805-4947

Property Details for 3810 State Blvd

Year built

1998

Construction

TYPE NOT SPECIFIED

Lot size

0.97 lot acres

Property size

6,763 SF

Property type

Retail space

APN

02-08-32-326-003.000-072

APU

20832326003000072

Description

This exceptional investment opportunity presents a 7,000 square foot Advance Auto Parts retail property located at 3810 East State Boulevard, Fort Wayne, Indiana, 46805. The property sits on a one-acre lot and boasts a strong 7.50% cap rate, generating a net operating income (NOI) of $54,500 annually. The current lease, with Advance Auto Parts, a publicly traded company (NYSE: AAP), has a remaining term of approximately 3.6 years, expiring June 30, 2028, and includes one five-year renewal option. The lease commenced December 4, 1998, demonstrating a long-standing presence at this prime location. The tenant is backed by a corporate guarantee, mitigating investment risk. The asking price is $726,667, translating to $103.81 per square foot. Rent increases are built into the lease, with a 50-cent-per-square-foot bump at the option period. The property benefits from its location in a thriving area of Fort Wayne, a city with a population exceeding 265,000 residents, and proximity to other national retailers such as Lowe's, Harbor Freight Tools, McDonald's, and more. This is a rare opportunity to acquire a stable, high-performing retail asset with a long history of success and a secure future. The automotive parts sector is considered recession-proof due to the consistent demand for parts from both local shops and DIY mechanics.

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Longitude

-85.0921

Latitude

41.0972

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments