728 Parkway DrSalyersville, KY 41465

Property Details for 728 Parkway Dr

Year built

2021

Lot size

0.99 AC

Property size (Sq ft)

7,225 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple ownership of a 7,225-square-foot O'Reilly Auto Parts store in Salyersville, Kentucky. Built in 2021, the property boasts a prime location at the hard corner intersection of Ward Road and Parkway Drive, a primary retail and commuter thoroughfare. The 15-year net lease, commencing April 30, 2021, and expiring April 30, 2036, has a remaining term of 11.5 years, with four (five-year) renewal options. O'Reilly Auto Parts, an investment-grade tenant (S&P: BBB), provides a corporate-guaranteed lease with a 6% rental increase in year 11 and at the beginning of each option period. The property features a 5.00% cap rate and a net operating income (NOI) of $105,904, with an asking price of $2,118,080 ($293.16/sq ft). Landlord responsibilities are limited to roof, structure, and parking lot; tenant covers CAM, taxes, and insurance. The 0.994-acre lot is situated directly in front of Logan Corporation, a diversified manufacturer, ensuring high visibility and accessibility. The strong local demographics, with over 15,700 residents and 2,500 employees within a 10-mile radius, further enhance the investment potential. This is an ideal, low-management investment for passive investors seeking a stable, high-return property with a credit-rated tenant. The property is suitable for a 1031 exchange.

Location Insight

City

Salyersville

County

Magoffin

State

Kentucky

Latitude

37.7453

Longitude

-83.0578

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