Advance Auto Parts
Sub-investment grade: S&P cut Advance to BB in July 2025 after it sold Worldpac and closed ~500 company stores in a turnaround; outlook was later revised to stable. Expect landlord diligence on store-level sales and closure risk, and higher cap rates than AutoZone/O'Reilly.
- US units
- 4,311
- Q2 2026 (plus 786 independent Carquest)
- 3Y net growth
- −9.9%
- vs. FY2022
- Credit rating
- BB
- Sub-investment grade
- Typical term
- 10-15 yr
- NN / NNN
- Model
- Corporate
- Public
Unit count
Advance Auto Parts in the news
All news →No tagged headlines in the last three weeks.
Advance Auto Parts net lease FAQ
What is Advance Auto Parts's credit rating?
Advance Auto Parts is rated BB, which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Advance Auto Parts locations are there in the US?
Advance Auto Parts reported about 4,311 US locations as of Q2 2026 (plus 786 independent Carquest). That is −9.9% versus 4,786 in FY2022.
What does a typical Advance Auto Parts net lease look like?
Lease type: NN / NNN. Initial term: 10-15 yr. Rent increases: 5-10% at options. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Advance Auto Parts corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.