Corporate-backed auto parts stores at accessible prices, after a major store cleanup, and what to check before you buy, from a NNN buyer’s broker with 225+ transactions.
An Advance Auto Parts NNN property is a freestanding auto parts store, averaging roughly 6,500 to 8,000 square feet, leased to the company itself. Advance does not franchise, so the lease is corporate. Advance Auto Parts (NYSE: AAP) is based in Raleigh, North Carolina and operates 4,311 stores under the Advance and Carquest names. Many leases are NN, where the landlord keeps the roof and structure, so read the lease closely.
Advance has been through a turnaround. Its credit fell below investment grade in 2023, and in late 2024 it announced plans to close about 500 stores and agreed to sell its Worldpac wholesale business to Carlyle for $1.5 billion. Today the store base is smaller and leverage is lower, and the company says its goal is to regain an investment-grade rating. For buyers, that makes the individual store and the lease terms the focus of any Advance purchase on a 1031 exchange. Solid Investments FL helps buyers check both, and our buyer representation is always free to you.
| Tenant | Advance Auto Parts or an operating subsidiary (corporate; no franchising). Confirm the tenant entity and any parent guarantee |
|---|---|
| Company | Advance Auto Parts, Inc. (NYSE: AAP), Raleigh, North Carolina |
| Credit | Below investment grade; S&P cut it to BB+ in 2023. The company aims to regain investment grade |
| Stores | 4,311 (July 2026): 4,072 Advance and 239 Carquest, plus 786 independent Carquest stores it supplies |
| Recent performance | Same-store sales down 0.5% in Q2 2026; full-year 2026 guidance of +1% to +2% |
| Store closures | Plan announced in November 2024 to close about 500 stores; 2026 openings guided at 30–35 |
| Building size | Advance stores average about 8,100 SF; Carquest about 6,600 SF |
| Lease type | NNN and NN (landlord keeps roof and structure) both common; some absolute NNN |
| Lease term | Varies; check the remaining term, renewal options and any rent increases |
| Typical cap rate (2026) | About 6%–7%+, depending on the lease type, term and store |
| Typical price range | About $1M–$4.5M |
Store counts and results from Advance Auto Parts reports as of Q2 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Advance leases are corporate, but the tenant can be a subsidiary. Confirm the tenant entity and whether the parent company guarantees the lease.
Many Advance leases are NN, leaving the roof, structure and sometimes parking lot to the landlord. Get a property inspection, check the roof’s age and warranty, and price those costs into your offer.
Advance closed hundreds of stores after its 2024 review. A store that stayed open has passed that test, but ask about its sales history and how it compares nearby.
Check the remaining lease term, renewal options and any rent increases. Short terms and flat rent mean more re-leasing risk.
Compare the rent per square foot to nearby retail rents. Rent at or below market makes the building easier to re-lease if Advance ever leaves.
A freestanding box of about 6,500–8,000 SF with good parking and visibility can appeal to many retail and service users. Strong road frontage and access protect your investment.
We’ve represented a buyer on an Advance Auto Parts in Fremont, Ohio:
Auto Parts / Service
Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, with 225+ NNN transactions, including an Advance Auto Parts in Ohio. We help investors and 1031 exchange buyers find, underwrite and close Advance Auto Parts and other NNN properties nationwide, and our buyer representation is free.
As of 2026, Advance Auto Parts NNN properties generally trade around 6% to 7% or higher cap rates. Absolute NNN leases with long remaining terms trade at the lower end, while NN leases and short terms trade higher.
Advance Auto Parts is rated below investment grade. S&P cut it from BBB- to BB+ in September 2023, and Moody's has also downgraded it. The company has lowered its leverage and says its goal is to re-establish an investment-grade rating.
Advance announced a plan in November 2024 to close about 500 stores as part of a turnaround and agreed to sell its Worldpac business. In 2026 it is opening new stores again, with 30 to 35 openings planned, and had 4,311 stores as of July 2026.
Both are common. Many Advance leases are NN, where the landlord is responsible for the roof and structure, while others are NNN or absolute NNN. Read the lease carefully and inspect the building before you buy.
Yes. Advance does not franchise its stores, so leases are signed by the company or one of its subsidiaries. Confirm the exact tenant entity and whether the parent company guarantees the lease.
Confirm the tenant entity and any guarantee, check who pays for the roof and structure, review the remaining term and options, and compare rent per square foot to the local market. Also ask about the store's sales history, since the company recently closed many weaker stores.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ll help you read the lease and price in any landlord costs. Tell us your budget and timeline; our buyer representation is completely free.
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