For Sale
$1,683,853

1600 New Circle RdLexington, KY 40509

High-return NNN lease, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 6,895 square foot Advance Auto Parts retail building situated on a 0.52-acre lot at 1600 East New Circle Road, Lexington, KY 40509. The property boasts a corporate-guaranteed triple-net (NNN) lease with Advance Auto Parts, a publicly traded company (NYSE: AAP) with an investment-grade credit rating (BBB- from S&P and Baa2 from Moody's) and over $11.3 billion in annual sales (2023). The lease commenced June 30, 2006, and has a remaining term of approximately 4.4 years, expiring April 30, 2029, with three 5-year renewal options, each including a 5% rent increase. The current asking price is $1,683,853, representing a price per square foot of $244.21 and a 7.50% cap rate based on a net operating income (NOI) of $126,289. The property enjoys excellent visibility and accessibility on East New Circle Road, a major thoroughfare with over 23,000 vehicles passing daily. Its proximity to the University of Kentucky (less than five miles) and numerous national retailers, including Home Depot, Lowe's, Kroger, and several fast-food chains, ensures strong commercial synergy and high customer traffic. The property's 100% occupancy and the recession-resistant nature of the automotive parts retail sector make this a compelling investment.

Highlights

  • Corporate guaranteed lease with over four years remaining.
  • High-traffic location on E New Circle Rd, exceeding 23,000 vehicles daily.
  • Less than five miles from the University of Kentucky (30,000+ students).
  • Investment-grade tenant (Advance Auto Parts) with BBB-/Baa2 credit rating and $11.3B in 2023 sales.
  • Advance Auto Parts operates over 4,700 stores nationwide.
  • NYSE-listed company (AAP) with a long history (founded 1932) and 65,000+ employees.

Property Details for 1600 New Circle Rd

Property type
Retail properties, Retail space
Square Feet
6,895 SF
Lot Size (sq. ft)
22,651 SF

Location Insight

City
Lexington
County
Fayette
State
Kentucky
Latitude
38.0174903
Longitude
-84.4573429
1600 New Circle Rd, Lexington, Kentucky

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1600 New Circle Rd
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