Advance Auto Parts NNN Properties for Sale in Florida
Advance Auto Parts (NYSE: AAP) is the third-largest auto parts retailer in America with approximately 4,700 stores. The company has faced operational challenges and a 2024 credit downgrade, which has widened cap rates compared to AutoZone and O'Reilly. Value-oriented investors find compelling opportunities in Advance Auto NNN due to the wider yields.
Typical Cap Rate
5.75% - 6.75%
Lease Term
15 years
Price Range
$1.5M - $2.5M
Building Size
6,000 - 7,000 SF
Lot Size
0.75 - 1.25 acres
Credit Rating
S&P: BB- (recently downgraded)
Investment Highlights
- Third-largest US auto parts retailer
- Wider cap rates than AutoZone/O'Reilly
- 15-year lease terms
- NN lease structure (landlord has roof and structure)
- Long turnaround runway if operational improvements continue
- Value play for yield-focused investors
Lease Structure
Most Advance Auto leases are NN (Double Net) with landlord responsible for roof and structure — not absolute NNN. 15-year initial terms with renewal options and 5-10% rent bumps every 5 years.
Advance Auto Parts Tenant Profile
Advance Auto Parts has 4,700+ US stores. Credit: S&P BB- (downgraded from BB in 2024 following operational challenges). Revenue $11B+. The company is pursuing a turnaround strategy under new management.
Advance Auto Parts in Florida
Florida has 200+ Advance Auto locations. Properties trade at 5.75-6.5% cap rates reflecting the credit downgrade.
Why Buy Advance Auto Parts
- +Wider cap rates create value opportunity
- +Third-largest auto parts chain with established network
- +Turnaround potential if operational improvements continue
- +Category benefits from aging vehicle fleet
- +Lower entry prices than AutoZone/O'Reilly
Considerations
- •Non-investment-grade credit (BB-) creates higher risk
- •NN lease structure means some landlord responsibilities
- •Turnaround execution uncertainty
- •Track underperforming store closures carefully
Related Auto Parts Tenants
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