525 Houk RdDelaware, OH 43015

Property Details for 525 Houk Rd

Year built

2008

Lot size

0.98 AC

Property size (Sq ft)

6,805 SF

Property type

Retail properties

Property subtype

Retail space

APN

519-320-22-006-000

APU

51932022006000

Description

This exceptional investment opportunity presents a 7,000 square foot Advance Auto Parts store located at 525 North Houk Road, Delaware, Ohio, 43015. The property sits on a 0.98-acre lot and boasts a strong 7.55% cap rate, generating a net operating income (NOI) of $137,344. The property features a triple-net (NNN) lease with a corporate guarantee from Advance Auto Parts, a publicly traded company (NYSE: AAP) with an investment-grade credit rating (BBB- S&P, Baa2 Moody's) and over $11.3 billion in annual sales (2023). The lease commenced February 27, 2008, and has a remaining term of approximately 3.7 years, expiring July 31, 2028, with two 5-year renewal options at a 5% rent increase. Built in 2008, this single-tenant property enjoys 100% occupancy and benefits from its high-traffic location directly off W Central Ave, experiencing over 15,000 vehicles daily. The surrounding area is thriving, with a population exceeding 107,195 residents within a 10-mile radius and an average household income of $158,910. The property's location near other national brands like Kroger, Planet Fitness, and others further enhances its appeal. This is a secure, recession-resistant investment in a vital sector of the automotive aftermarket parts industry. The asking price is $1,819,126, translating to $259.88 per square foot.

• CAP approach

  CAP return

  Valuation

  6%

  $1,385,350

  6.5%

  $1,278,784

  7%

  $1,187,443

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,604,080

  Geo Method

  $1,604,080

• Alternative Use

  Use

  Valuation

  Residential

  $1,078,703

  Hospitality

  $988,086

  Educational

  $822,076

  Medical

  $850,348

  Retail

  $1,278,784

Location Insight

City

Delaware

County

Delaware

State

Ohio

Latitude

40.311

Longitude

-83.1099

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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