Advance Auto Parts - New 10 Year Lease Term
8,052 SF | Retail Building | New Castle, PA 16101 | $773,100 ($96/SF) | 7.48% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $773,100
- Property Type
-
Retail
- Square Feet
- 8,052 SF
- Price / Square Foot
- $96
Listing Contacts
Joseph Linkogle
Verified Profile
Timothy Stephenson
Verified Profile
- Property Info
Property Overview
Price Reduced! Marcus & Millichap is proud to present this Newly Extended Corporate Advance Auto Parts in a proven location. The tenant has already occupied this location for 26 years and recently extended their lease creating a firm 10 year term with new expiration date of 12/31/2034. The property was built in 1993 and features 8,173 Square feet on a large lot of over 31,000 square feet. The site is located at the corner of Spruce Street and East Washington Street. East Washington Street is also known as "Route 65" or alternatively as "65th Infantry Division Memorial Highway." This major thoroughfare starts in New Castle and runs over 50 miles to the heart of Pittsburgh. The city of New Castle is located in the very Western quadrant of Pennsylvania and is very close to the Border with Ohio. Youngstown Ohio is a mere 18 miles away. The population within a 5 mile radius of the subject exceeds 46,000 residents and projected to be stable in years to come.
Property Details
- Class
- C
- Year Built
- 1993
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 32,670 SF
Highlights
- New Lease Extension - 10 Year Term - Expiration 12/31/2034
- 7.25% Cap Rate at List Price
- 26 Years of Tenancy - Proven Location
- Corporate Lease with NYSE Company - AAP
- Very Low Rent - Only $7.07/Foot Annual
- Close to 50,000 residents within 5 miles.
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