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Auto Parts

AutoZone

18217 Aurora Ave N, Shoreline, WA 98133

Listing Price: $3,123,000

Cap Rate
5.75%
Tenant Name
AutoZone
Years Remaining On Lease
11.2
Guarantor
Corporate Guarantee
Rentable SF
6,030
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$29.78

Investment Overview

Marcus & Millichap is proud to offer for sale fee simple ownership of the AutoZone located along Aurora Ave in Shoreline, Washington. AutoZone recently executed an early 10-year lease extension through June 30th, 2035, demonstrating their continued commitment to the location and offering an investor a stable long term income stream. The NNN lease provides a passive, hands-off investment with landlord responsibilities limited to only the structure and foundation. AutoZone benefits from their location being an outparcel to Fred Meyer, which logged over 1.3 million visits over the last 12 months according to Placer.ai. AutoZone also has great exposure along Aurora Ave North with over 34,000 vehicles passing daily. According to Placer.ai, AutoZone has logged 79,500 visits over a trailing 12-month period ranking in the 94th percentile in the state of Washington (6th highest), and 96th percentile nationally.

Investment Highlights

  • Early 10 Year Lease Extension Executed, 7% Rent Bump in 2030 and 10% Rent Increases at Each of Three 5-Year Options
  • Fee Simple NNN Lease With Landlord Responsibility Limited to Structure and Foundation Only
  • Placer.ai Ranks Subject Store in 94th Percentile for Washington and 96th Percentile Nationally With 79,500 Visits Over T-12 Months
  • 386 Unit Multifamily Development Planned One Block South - Over 1,600 Multifamily Units Within 2 Miles
  • Outparcel to Fred Meyer Anchored Retail Center (1.3 Million Visits Logged T-12 Months - Placer.ai)

Exclusively Listed By

Listing Price: $3,123,000

Cap Rate
5.75%
Tenant Name
AutoZone
Years Remaining On Lease
11.2
Guarantor
Corporate Guarantee
Rentable SF
6,030
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$29.78

Investment Highlights

  • Early 10 Year Lease Extension Executed, 7% Rent Bump in 2030 and 10% Rent Increases at Each of Three 5-Year Options
  • Fee Simple NNN Lease With Landlord Responsibility Limited to Structure and Foundation Only
  • Placer.ai Ranks Subject Store in 94th Percentile for Washington and 96th Percentile Nationally With 79,500 Visits Over T-12 Months
  • 386 Unit Multifamily Development Planned One Block South - Over 1,600 Multifamily Units Within 2 Miles
  • Outparcel to Fred Meyer Anchored Retail Center (1.3 Million Visits Logged T-12 Months - Placer.ai)

Investment Overview

Marcus & Millichap is proud to offer for sale fee simple ownership of the AutoZone located along Aurora Ave in Shoreline, Washington. AutoZone recently executed an early 10-year lease extension through June 30th, 2035, demonstrating their continued commitment to the location and offering an investor a stable long term income stream. The NNN lease provides a passive, hands-off investment with landlord responsibilities limited to only the structure and foundation. AutoZone benefits from their location being an outparcel to Fred Meyer, which logged over 1.3 million visits over the last 12 months according to Placer.ai. AutoZone also has great exposure along Aurora Ave North with over 34,000 vehicles passing daily. According to Placer.ai, AutoZone has logged 79,500 visits over a trailing 12-month period ranking in the 94th percentile in the state of Washington (6th highest), and 96th percentile nationally.

Exclusively Listed By

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