O’Reilly Auto Parts

3082 Henry St - Norton Shores MI 49441

LTV (Loan to Value)	65.00%	Current NOI	$84,240.00
Interest Rate	4.250%	Capital Rate	5.750%
Fixed Term	10 Years	Land Area	1.06 Acre
Amortization	25 Years	Lease Type	NN
Loan Amount	$952,250.00	Property Type	Retail
Payment	$5,158.70	Property Lease	Automotive
Bulding Size	6,000 SF	Remaining Terms	11 Years

Location Description

NNN Lenders is pleased to offer for sale to qualified investors a fee simple interest in an O’Reilly Auto Parts located in Norton Shores, Michigan.The property is 100% leased to O’Reilly Automotive Stores, Inc., a wholly-owned sub of O’Reilly Automotive, Inc. As of March 31, 2015, the company operated 4,433 stores in 43 states.There are over 11 years of primary term remaining on the lease with 8.00% rent increases every 5 years. The next rent increase will occur in year 11. The full-masonry building measures 6,000 SF and had a new roof, covered by a 15-year warranty, and HVAC installed in 2011. Tenant is responsible for HVAC, insurance, utilities and taxes, while Landlord is responsible for only capital repair to roof, structure and parking.The O’Reilly is located on Henry Street (>19,000 VPD) a key commercial corridor which runs parallel to Seaway Drive/Business 31 (>27,000 VPD). Other national retailers along the same corridor include Walmart, Meijer, Wendy’s, McDonald’s, Subway, Arby’s and Taco Bell plus Jeep, Chrysler, GMC, Chevy and Honda dealerships.

Highlights

Long-term Lease – Approximately eleven (11) years remain in the primary term, plus a series of four (4), five (5)…

Property Description

Norton Shores is a city in Muskegon County in the U.S. state of Michigan. The population was 23,994 at the 2010 census.The largest employers in Muskegon County are Mercy Health Partners (3,657 employees), Alcoa Howmet (2,060 employees), County of Muskegon (1,028 employees), Muskegon Public Schools (941 employees) and Meijer (866 employees).The industrial section in Norton Shores, which has been robust, has seen at least four expansions this year representing $5.6 million in new investment as well as the retention of 140 and creation of 30 full-time jobs.