Investment Offering
Toledo, OH - Napa Auto Parts
5340 Monroe Street | Toledo, OH 43623
$1,032,000
Price6.35%
Cap Rate$65,540
NOI5,694
± SF Offering GLA0.5
± AC Land AreaDescription
SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding Napa Auto Parts investment property located in Toledo, Ohio. The tenant, Armor Auto and Truck Supply, Inc., recently signed a brand new 10.5-year lease with 2 (6.5-year) options to extend, demonstrating their long-term commitment to the site. The lease features annual 2.00% rental increases throughout the initial term, steadily growing NOI and hedging against inflation. The lease is personally guaranteed by the franchisee, and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1925, Napa Auto Parts, a subsidiary of the Genuine Parts Company, is the leading distributor of automotive replacement parts, accessories and services items throughout North America.
Location
The Napa Auto Parts is strategically located along Monroe Street (State Highway 51), which averages 25,200 vehicles passing by daily. The property is clearly visible to passersby due to its significant street frontage and large pylon sign. Furthermore, the asset is ideally situated on one of the largest retail thoroughfares between downtown Toledo and the suburbs north of the city. The subject property is across the street from the 125,000 square foot Monroe Street Marketplace and the 75,000 SF Franklin Place. Anchor tenants in these centers include: Hobby Lobby, Target, and Marshall’s/Home Goods. Also, the property is one mile from the Franklin Park Mall, one of the largest malls in Toledo. The mall is over 1.3 million SF with 150 stores. Anchor tenants for the mall include: Dillard’s, Macy’s, JC Penney and Dick’s Sporting Goods. The abundance of nearby retail businesses further increases consumer traffic to the site. The 5-mile trade area is supported by more than 187,000 residents and nearly 91,000 employees, providing a direct consumer base from which to draw. Residents within 1 miles of the site boast a steady average household income of over $100,000.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215