204 Gl Smith StMorgantown, KY 42261

Property Details for 204 Gl Smith St

Year built

1997

Construction

FRAME

Lot size

0.65 AC

Property size (Sq ft)

2,400 SF

Property type

Retail properties

Property subtype

Gas stations

APN

MT1-00-13-005.00

APU

MT1001300500

Description

This 6,895 square foot Advance Auto Parts store in Morgantown, KY, presents a compelling net lease investment opportunity. Located at a signalized intersection with high visibility (W G L Smith St & N Tyler St), this property boasts a 15-year lease (originally commencing January 24, 2015, expiring January 26, 2030) with approximately 5.4 years remaining. The lease includes three 5-year renewal options, each with a 5% rent increase. The double-net (NN) lease minimizes landlord responsibilities, covering only roof, structure, slab, parking, and HVAC. The property sits on a 0.67-acre lot and generates a strong net operating income (NOI) of $90,136, representing a 6.68% cap rate on the $1,350,000 asking price. The property benefits from its location near other national and regional retailers and enjoys excellent access from Natcher Parkway (Interstate 165). The surrounding area has a population of 5,826 within a 5-mile radius, with an average household income of $57,571. Advance Auto Parts, a leading automotive parts provider, is the tenant, providing a strong and stable income stream. This investment offers a secure, long-term return with built-in rent growth potential. The property features two points of access with curb cuts on both streets. The building was constructed in 2015 and enjoys 100% occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $609,469

  6.5%

  $562,587

  7%

  $522,402

• Comparable approach

  Method

  Valuation

  Relative Method

  $520,612

  Geo Method

  $520,612

• Alternative Use

  Use

  Valuation

  Residential

  $474,563

  Hospitality

  $434,697

  Educational

  $361,663

  Medical

  $374,101

  Retail

  $562,587

Location Insight

City

Morgantown

County

Butler

State

Kentucky

Latitude

37.2264

Longitude

-86.6849

CBSA code

14540

CBSA name

BOWLING GREEN, KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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