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NNN Advance Auto Parts for Sale
Advance Auto Parts properties are single-tenant auto parts stores leased to a publicly traded retailer that both major net lease reports rate below investment grade. That shows up in the pricing: Boulder’s asking cap rates for 10 years of remaining term run 6.75% – 7.05%. This page walks through what the reports show and what to check before you buy.
BB / BB+
S&P rating (Boulder / Matthews)
4,311
Stores (July 18, 2026)
15 Years
Typical lease term
Flat
Rent in initial term
7,500 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Matthews, 2026 Net Lease Tenant Report, May 2026; Advance Auto Parts second quarter 2026 results (store count as of July 18, 2026). Boulder lists the lease type as double net; Matthews lists NNN / NN.
Key Takeaways
Public Company, Below Investment Grade
Advance Auto Parts (NYSE: AAP) operated 4,311 stores as of July 18, 2026 (Q2 2026 results). Boulder lists its S&P rating at BB and Matthews at BB+, both below investment grade, so check S&P’s current rating before you buy.
Double Net, Flat Rent
Boulder shows a typical 15-year double net lease with flat rent during the initial term. Matthews lists NNN / NN with rent increases in the option periods. With a double net lease the landlord often keeps the roof and structure, so confirm that in the lease.
Higher Cap Rates
Boulder’s September 2026 asking cap rates are 6.75% – 7.05% with 10 years remaining and 6.20% – 6.50% for a new 15-year lease. The yield reflects the credit rating and a store base that has been shrinking.
A Turnaround in Progress
Comparable sales rose 3.5% in the first quarter of 2026, the strongest in five years, then fell 0.5% in the second quarter. The company reaffirmed full-year guidance of 1% – 2% comparable sales growth (Q2 2026 results), with third quarter results due November 5.
Advance Auto Parts NNN Cap Rates and Lease Data
If you’re weighing an Advance Auto Parts property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is more mixed. Boulder lists Advance Auto Parts at BB and Matthews at BB+, both below investment grade, with a typical 15-year lease.1 Boulder shows a double net lease with flat rent during the initial term, while Matthews lists NNN / NN with increases only in the option periods. That leaves little rent growth to lean on, so your return comes almost entirely from the yield you buy in at, and who handles the roof and structure needs checking lease by lease.
That’s where cap rates come in. Boulder shows asking cap rates of 6.20% – 6.50% on a new 15-year lease, 6.75% – 7.05% with 10 years left, and 7.45% – 7.75% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up. You’re being paid more to take on the question of whether Advance Auto Parts renews when the lease ends.
Closed sales have come in a little higher. Matthews reports an average cap rate of 7.35% on 36 closed deals in the first half of 2025 and 7.90% on 62 in the second half. Those deals averaged 7 to 8 years of lease remaining, which Boulder’s ranges would put at roughly 6.75% – 7.75%, so the second half of 2025 landed above them. So far in 2026, the average is 7.45% across 15 deals.3
In dollars, Boulder puts the average sale price at about $1.435 million with average rent of about $91,700 a year. On a typical 7,500 SF store, that works out to roughly $191 per square foot.4
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 3; Matthews, 2026 Net Lease Tenant Report, May 2026, p. 2. Credit rating is S&P, as reported by each report (Boulder BB, Matthews BB+). Lease terms are typical for new construction; Boulder lists the lease type as double net and Matthews as NNN / NN. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 3. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 2. Average cap rate on closed transactions: 7.35% on 36 in the first half of 2025 (8 years of lease remaining on average), 7.90% on 62 in the second half (7 years) and 7.45% on 15 so far in 2026 (8 years). The 6.75% – 7.75% comparison range is our interpolation between Boulder’s 5-year and 10-year asking ranges. Matthews figures are averages of closed sales, while Boulder’s are asking rates, so the two measure different things. ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 3. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation ($1.435 million across a typical 7,500 SF store). Matthews reports average annual rent of $105,000 on about 7,000 SF. ↩
Advance Auto Parts as a Tenant
How Advance Auto Parts operates
Advance Auto Parts is headquartered in Raleigh, North Carolina, and sells aftermarket auto parts to professional installers and do-it-yourself customers. It operated 4,311 stores as of July 18, 2026, mostly in the United States with others in Canada, Puerto Rico and the U.S. Virgin Islands, and it also supplies 786 independently owned Carquest-branded stores (Advance Auto Parts, Q2 2026 results). A lease at a Carquest store is with the independent owner, not with Advance.
Financial position
First quarter 2026 net sales were about $2.6 billion, essentially flat, with comparable store sales up 3.5% (Q1 2026 results). In the second quarter, comparable sales fell 0.5%, but gross margin improved to 46.2% from 43.5% a year earlier and adjusted operating margin expanded by more than 250 basis points, helped by about $0.31 per share of tariff refunds (Q2 2026 results). For the full year, the company expects net sales of $8.485 billion to $8.575 billion and an adjusted operating margin of 3.8% to 4.5%. Third quarter results are due November 5, 2026 (Business Wire), so check them before you make an offer.
A smaller footprint
The store base is smaller than it was. Advance had 4,781 stores as of October 5, 2024 (Retail TouchPoints), then announced plans to close hundreds of stores and four distribution centers; the company says the store optimization program was completed in the first quarter of 2025 (Q1 2026 results). For 2026 it plans 30 to 35 new stores and 15 to 20 market hubs, with the store opening target revised down from 40 to 45 (Q2 2026 results).
Why Investors Buy Advance Auto Parts Properties
The case for Advance Auto Parts is yield. With 10 years remaining, Boulder’s September 2026 asking range of 6.75% – 7.05% sits about 1.45 points above 7-Eleven’s 5.30% – 5.60% and 0.80 points above Arby’s 5.95% – 6.25% (our calculation), and a new 15-year lease asks 6.20% – 6.50% (The Boulder Group, Net Lease Tenant Profiles, September 2026).
You also get a national retailer that serves both professional installers and do-it-yourself customers and is still adding stores and market hubs. The company plans 30 to 35 new stores and 15 to 20 market hubs this year (Q2 2026 results).
There is also a resale market. Matthews counted 98 closed Advance Auto Parts sales in 2025 (36 in the first half and 62 in the second, our sum) and 15 so far in 2026.
Risks and Market Conditions
Credit is the first risk. Both reports put Advance Auto Parts below investment grade (BB in Boulder, BB+ in Matthews), and the two disagree, so check S&P’s current rating. The turnaround is still uneven: comparable sales rose 3.5% in the first quarter and fell 0.5% in the second (Q2 2026 results). Part of the second-quarter margin gain came from tariff refunds rather than sales, so don’t treat it as a run rate.
The lease matters as much as the tenant. A double net lease with flat rent leaves you with little growth and, often, the roof and structure. Closed sales are also happening with only 7 to 8 years left on the lease on average, so you may be buying into a renewal decision soon. With the store count down from 4,781 in October 2024 to 4,311, ask whether a given store is performing and whether the lease is guaranteed by Advance Auto Parts, Inc. or sits with an independent Carquest owner.
Build a Diversified NNN Portfolio
Pairing an Advance Auto Parts with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Advance Auto Parts NNN FAQs
What cap rates do Advance Auto Parts NNN properties offer?
Boulder’s September 2026 asking cap rates are 7.45% – 7.75% with 5 years remaining, 6.75% – 7.05% with 10 years and 6.20% – 6.50% for a new 15-year lease. Matthews reports average closed-sale cap rates of 7.35% in the first half of 2025, 7.90% in the second half and 7.45% so far in 2026. Actual cap rates vary by location, remaining lease term and guarantor.
How long are Advance Auto Parts leases, and are they guaranteed?
Both reports list a typical 15-year initial term. Boulder shows a double net lease with flat rent during the initial term, while Matthews shows NNN / NN with increases in the options. Whether there is a corporate guaranty depends on the lease, so confirm which entity signs it and whether it is Advance Auto Parts, Inc. or an independent Carquest owner.
What risks should I consider?
Credit is below investment grade (BB in Boulder, BB+ in Matthews), the store base has shrunk since 2024, and comparable sales have been uneven. Review store-level sales, remaining lease term, renewal options and who is responsible for the roof and structure before acquisition.
Are Advance Auto Parts properties good for a 1031 exchange?
They can be, if the price, timing and lease fit your exchange. A 1031 exchange requires like-kind real estate and strict identification and closing deadlines, and the yield here comes with below-investment-grade credit. Talk with your qualified intermediary and tax advisor.
Questions about NNN Advance Auto Parts Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.