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Views: 103 DOM: 81 Updated: 12.01.23 Posted: 08.23.23 Status: Sold 11.13.23

Summary

Price $1,477,272 $1,625,000
Built/Renov 2023
Tenant AutoZone (GL)
Cap Rate 4.40% 4.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 7,381
Lease Start 11-15-2023
#Units 6,943
Price/SF $200.15 $220.16
Expiration 11-30-2038
Tenant Type Automotive
NOI $65,000
R. Term 13.11
Ownership Ground Lease
Rent/SF $8.81
Increases 8.0%/5/yrs
Pop 5Mi 22,750
Lot/AC 1.07
Options 4/5yrs/8%
AHHI 5Mi $99,263

Lease Highlights

  • Brand new 2023 construction | Projected opening November
  • Tenant recently signed a brand-new 15-year ground lease with 4 (5-year) options to extend
  • Lease features 8% rental increases every 5 years
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee by AutoZone, Inc. (NYSE: AZO)
  • AutoZone is an investment grade tenant (S&P: BBB)

Location Description

AutoZone is conveniently situated at the intersection of SR 52 and Clinton Ave, where there is a daily traffic count of approximately 31,000 vehicles passing by. This intersection has recently undergone expansion as part of a significant $85 million road improvement project. This area is now a four-lane divided road, providing improved access for residents and visitors. The subject property is...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: AutoZone Stores, LLC
  • Guarantor:Corp T and Rated
  • Company:AutoZone, Inc.
  • # Units:6,943
  • Tenant S&P: BBB
  • Moody’s: Baa1
  • Stock:NYSE: AZO

About Tenant

AutoZone, Inc. is an American retailer of aftermarket automotive parts and accessories, the largest in the U.S. Founded in 1979, the chain now has 6,168 stores in 50 states in the U.S., 703 stores...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 624 13,613 47,848
2023 Total Population : 620 12,540 41,315
2023 Employed Civilian Pop : 180 5,038 18,277
2023 Total Businesses : 82 254 679
2023 Average Household Income : $ 144,972 $ 112,639 $ 112,633
2023 Total Consumer Spending : $ 31 M $ 389 M $ 1411 M
2023 Median Age : 22 38 39
2023 Total Households : 255 3,986 14,422
2023 Pop Age 25+: Bachelor's Degree : 41 1,792 6,119
2023 Average Home Value : $ 460,340 $ 409,619 $ 357,563
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
State Hwy 52 Schambeau Rd 2011 12,900 0.62 mi
Curley Rd Ohio Ave 2010 4,596 0.63 mi
Curley Rd Hwy 579A 2010 4,942 0.72 mi
FL 52 Edward Ct 2021 13,200 0.90 mi
State Hwy 52 Campus Dr 2001 10,000 0.94 mi
Prospect Road Hwy 579A 2021 4,200 1.07 mi
Curley Rd Michigan Ave 2010 3,327 1.14 mi
Curley Road Tyndall Rd 2021 9,700 1.51 mi
Prospect Rd Williams Cemetery Rd 2007 2,988 1.74 mi
Pasco Rd Rinaldi Rd 2009 867 1.80 mi

Listing Broker

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