Year Build: 2002
Building Size: 0 SqFt.
No of Stories: 1
Total Lot Area: 0.00 Acre
No of Parking: 0
No of Total Units: 1
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Heating and Cooling
Building Class: Not Specified
Property on Ground Lease?: No
Net Lease Investment?: No
Business Price Included?: No
Roofing: Metal
Occupancy: 100%
Full Description
Fortis Net Lease is proud to present this single tenant, investment property offering for an Advance Auto Parts location in Cheboygan, Michigan. The subject property was constructed in 2002 upon the completion of which Advance Auto Parts began operating under a 10 year, NN lease. However, in 2011 the land-lord and tenant came to an agreement to extend the lease term by 10 additional years. This resulted in a new 10 year term that commenced on April 1, 2011 and runs through March 31st, 2021. After the expiration of this extended term, the tenant will have two, five year options to extend the lease. The rental rate for this property, as of April 1st, is $68,250 annually and features rent bumps every five years, including the option periods. The NN nature of the lease requires minimal landlord responsibility with the ownership only responsible for repair/maintenance of the roof and structure. Advance Auto Parts cur-rently features an S&P credit rating of BBB– making this a very stable asset for any investment portfolio with added stability arising from the approximately 90% renewal rate that Advance Auto is known for. While Cheboygan is not a large market, this property is ideally located within a strong retail corridor that features major tenants Wal-Mart, Dunham’s, Sears Home Store, McDonald’s, Walgreen’s and many other national, and local establishments.