Advance Auto Parts


Advance Auto Parts is a highly desirable in the eyes of investors, trading typically in the range of 1 to 2 million dollars. Although unusual, in a vacancy situation such lots have a broad range of reusability and can be easily repurposed. With a common 7000 square foot retail store size, Advance Auto Parts finds lot size between 3/4 and 1 1/4 acres to be preferable.   With lease agreements varying from five to fifteen years, the most employed general Advance Auto Parts structuring tends to be the fifteen year NN term. While the difference between NN and NNN terms are usually covered by rental price increases, you will find landlord responsibilities are often non-existent on sites leased strictly by NNN terms. Typically, landlords are to maintain the structure for the life of the lease. With NN structuring, rental increase occurs during year eleven, while NNN is based on flat rental fee over life of the lease.

Lowest Cap Rate


Lowest cap rate over past 24 months

Average Cap Rate


12 mo avg with 5+ yr lease term

Average Property & Lease
Average Sale Price $1,250,000 - $2,000,000
Average NOI $90,000 - $140,000
Building SF 6,000 - 7,500
Lease Term 15 Years
Escalations Varies
Stock Symbol NYSE:AAP




Tenant Description

As a leading after-market provider of automotive parts in North America, Advance Auto Parts is based out of Roanoke, VA and began operations in 1929. Serving the commercial industry, independent operators, and professional DITM (Do It for Me) as well as DIY (Do It Yourself) customers, they continue increasing retail store locations while expanding operational strategies for new growth.

With 4102 stores, the majority of them consist of purely free-standing structures that range from 6000 to 8500 sq. ft., with an average building size of 7500 sq. ft. In fact, Advance Auto is actually comprised of Advance Auto Parts, Worldpac, and Carquest. Given the variety of branding, these retail locations have grown rapidly over the past 10 years, from 2872 locations in 2005 to 5135 inside the U.S.A. since 2015.

Advance Auto Parts offer a broad range of items in the automotive aftermarket parts industry, fulfilling the needs of domestic and imported vehicles for their customers. Future plans include the initiative to introduce new retail stores in heavily-populated locations as well as smaller rural areas to serve communities.


  • Lots may be repurposed
  • Leases are corporate backed
  • Flat renter’s fees with variable leasing structure
  • Roofing / structure landlord’s responsibility under NN terms
Founded 1932
Headquarters Raleigh, North Carolina
Number of Locations 5773
Revenue $11.058 B
Company Website
Key Principal Jeffrey C. Smith

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