Advance Auto Parts · Laurel,, MS

Advance Auto Parts Absolute NNN

132 N 16th Ave · Laurel,, MS 39440 · Auto Parts / Service

Asking price

$1,241,322

Cap rate

6.50%

NOI

$80,686

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Lease

Lease typeAbsolute NNN

Term remaining7.1 yrs

Expiration08/2033

Rent bumps10% Every 5 Years

Options4 x 5 Year Options

Ground lease—

Credit profileCorporate Guarantee

TenancySingle

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Property

Building SF6,704

Price / SF$185

Year built1998

Lot size0.60 ac

TypeAuto Shop, Storefront

Days on market116

Need year-one bonus depreciation

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Investment highlights

Rare Absolute Triple Net (NNN) Lease Structure: This investment features an Absolute Triple Net (NNN) Lease with zero landlord responsibilities. The tenant is directly responsible for all operating expenses, including taxes, insurance, and the maintenance of the roof and structure, providing a truly passive "hands-off" income stream.
Significant Scheduled Rent Growth: Unlike many flat-rent automotive leases, this agreement includes a 10% rent increase scheduled for September 1, 2028, and at each of the four 5-year renewal options. This serves as a powerful hedge against inflation and ensures consistent growth in NOI.
Strong Corporate Tenant Performance: Advance Auto Parts (NYSE: AAP) is a leading automotive aftermarket provider that has seen a significant turnaround in early 2026, with stock prices rising over 50% following successful restructuring and improved operating margins. The company reported positive comparable store sales growth of 1.1% in late 2025 and is projecting further acceleration through 2026.
High-Traffic Regional Artery: The subject property is strategically situated on N 16th Avenue, which sees over 30,770 VPD. It also benefits from its immediate proximity to Interstate 59, a major regional route carrying approximately 42,549 VPD that connects Laurel to larger hubs like Hattiesburg and Jackson.
Recession-Resistant Essential Retail: As an automotive parts provider, the tenant operates in a needs-based retail sector that historically performs well during economic downturns, as consumers prioritize maintaining existing vehicles over purchasing new ones.
Laurel’s Economic Revitalization & Job Growth: Laurel is experiencing a major economic surge, highlighted by the $74.5 million expansion of poultry processor Amick Farms, which is adding approximately 190 new jobs to the local economy by 2026. The city’s profile has also been elevated nationally by the HGTV series Home Town, driving tourism and downtown revitalization.
Dominant Retail Corridor: The asset is surrounded by a "who’s who" of national retailers, including Walmart, Lowe’s, Kroger, Dollar General, and CVS Pharmacy. This concentration of high-volume tenants creates a synergy that draws shoppers from across Jones County into the immediate trade area.
Priced Significantly Below Replacement Cost: Offered at just $185.16 PSF, this asset is priced well below 2026 retail construction costs in the Southeast, which currently range from $245 to $294 PSF. This offers the investor a lower cost basis and excellent long-term residual value.

Property overview

Sands Investment Group is pleased to exclusively offer for sale the 6,704 SF Advance Auto Parts located at 132 N 16th Avenue in Laurel, MS. This investment features a rare Absolute Triple Net (NNN) Lease with Advance Auto Parts, providing a truly passive ownership structure with no landlord responsibilities, as the tenant is responsible for all operating expenses including taxes, insurance, and maintenance. Backed by a nationally recognized automotive retailer, this offering presents a stable, long-term net lease investment opportunity with secure income and minimal management requirements.

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Asking-market observation aggregated from public listing sources, last observed Sep 11, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.