Advance Auto Parts

947 Highway 51 S - Covington TN 38019

LTV (Loan to Value)	65.00%	Current NOI	$86,877.00
Interest Rate	4.250%	Capital Rate	8.000%
Fixed Term	10 Years	Land Area	0.67 Acres
Amortization	25 Years	Lease Type	NN
Loan Amount	$705,900.00	Property Type	Retail
Payment	$3,824.13	Property Lease	Automotive
Bulding Size	7,000 SF	Remaining Terms	7 Years 2 months

Location Description

NNN Lenders is pleased to offer for sale to qualified investors a freestanding Advance Auto Parts located in Covington, TN. Covington is approximately 40 miles northwest of Memphis, TN. The Property is located on Highway 51 S with traffic counts of 22,123 VPD. The Property is an attractive asset with Advance Auto Parts operating under a NN lease with seven years and eight months remaining on a 15 year base lease term. The lease features three (3), five (5) year options with a 10% increase in the first option period and 5% increases for the remaining options.

Highlights

Advance Auto Parts - Original 15 year lease with 7 years and 2 months remaining on lease term. Renewal Options…

Property Description

Covington is a city in central Tipton County, Tennessee. Covington is the largest city and county seat of, Tipton County. The city is located in West Tennessee, a few miles from the Mississippi River. The city’s population was 9,038 at the time of the 2010 U.S. Census. The surprising advantages of Covington stand out in the area of retail development. Existing stores range from small, family owned businesses to multi-national chain stores. Every retail category is represented from motor vehicles to electronics, from food and beverages to sporting goods.Covington is approximately 40 miles northwest of Memphis, Tennesse along Highway 51. Memphis is a city in the southwestern corner of the State of Tennessee and the county seat of Shelby County. The city is located on the fourth Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers.