Cap Rate: 7.10%
Net Operating Income: $111,759
Lot Size: .53 AC
Year Built: 2009
The subject property is a 6,000 square foot Advance Auto Parts located in Houma, Louisiana. Advance Auto Parts has signed a 15 year NNN lease with rent increases between each of the three, five-year options. Located on Grand Caillou Road, Advance Auto Parts is positioned along the area’s dominant retail corridor. The subject property is positioned immediately south of a Wal-Mart Supercenter. Other retailers in the immediate area include Cato, Dollar Tree, Payless, Popeye’s, McDonald’s, Taco Bell, Subway, Rite Aid, Wendy’s and numerous others.
Houma is the largest town in Terrebonne Parish and serves as the county seat. There are more than 32,000 people living in Houma and the surrounding five-mile radius has a population of over 60,000. Terrebonne Parish still accounts for over 20 percent of Louisiana’s seafood production. In addition, the medical industry is creating a stronghold for itself in the parish area. Tourism, too, is a popular source of commerce in and around Houma. The addition of Houma’s new Civic Center promises to bring an influx of entertainment and convention revenue to Houma.