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 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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