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Auto Parts

Autozone NNN Ground Lease Very Low Rent

4596 Park Blvd, Pinellas Park, FL 33781

Listing Price: $1,466,667

Cap Rate
4.50%
Tenant Name
AutoZone
Years Remaining On Lease
16.3
Gross SF
7,385
Guarantor
Corporate Guarantee
Rentable SF
7,385
Price/Gross SF
$198.60
Lease Type
Absolute Net
Rent Per Square Feet
$8.94

Investment Overview

Marcus & Millichap is pleased to offer a unique AutoZone ground lease, located
at 4590 Park Boulevard North, in Pinellas Park (Tampa). The property lies in the
heart of a major commercial artery, with Publix across the street, a Home Depot
anchored power center two blocks away, and surrounded by too many national
retailers and restaurants to enumerate. With access to the corner and turn-in lanes
in every direction, the Property offers convenient left-in-left-out access for the
56,000+ cars that pass daily. Newly constructed, the AutoZone boasts beautiful
curb appeal, no deferred maintenance, a class A credit tenant, and a fully triple net,
20 year, NNN ground lease, with sixteen years left to the term.
At $9.83 per square foot, the rent is far below market. The IHOP across the Street,
is paying over $26 per square foot; the Take 5 ground lease one block away is on
a lot 1/3 the size, with a building 1/4 the size, but its occupancy cost is roughly
the same as this AutoZone; the Popeyes 1.5 miles down Park is paying $110,000,
for a 2,000 square foot building on the same size lot; the Buffalo Wild Wings a few
blocks east is paying $16 per square foot, for a larger building.
The incredibly low rent and extremely rare 20-year lease, allows an investor to get
into one of the most secure net leased investments you’ll find, with an unparalleled
low basis, and a tenant you almost wish would leave so you can double the rent!
Location:
• Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily
• Across from Publix, two blocks from Home Depot anchored power center
• Excellent access
• Surrounded by major retailers – this is a core commercial corridor
Rent Roll:
• Rent less than 50% below market
• 20 Year, absolute NNN ground lease (virtually zero management; only
administrative items)
Demos:
• Pinellas County is the most densely populated county in Florida. Commercial
land is a premium here
• 1/3/5 mile populations: 14K / 112K / 287K
• 1/3/5 mile populations: 14K / 112K / 287K
Opportunity:
• Ideal 1031 Option
• A clean, new construction, virtually zero management net leased investment with an excellent tenant in an outstanding location

Investment Highlights

  • Top Tier Location
  • 16 Year Remaining on NNN Ground Lease
  • 10% Rent Increases Every 5 Years
  • Easy Access, Tremendous Traffic and Visibility
  • Credit Tenant | NYSE: AZO | +/- $47B Market Cap
  • Florida Is a No Income Tax State

Exclusively Listed By

Financing By

Auto Parts

Autozone NNN Ground Lease Very Low Rent

Listing Price: $1,466,667

Cap Rate
4.50%
Tenant Name
AutoZone
Years Remaining On Lease
16.3
Gross SF
7,385
Guarantor
Corporate Guarantee
Rentable SF
7,385
Price/Gross SF
$198.60
Lease Type
Absolute Net
Rent Per Square Feet
$8.94

Investment Highlights

  • Top Tier Location
  • 16 Year Remaining on NNN Ground Lease
  • 10% Rent Increases Every 5 Years
  • Easy Access, Tremendous Traffic and Visibility
  • Credit Tenant | NYSE: AZO | +/- $47B Market Cap
  • Florida Is a No Income Tax State

Investment Overview

Marcus & Millichap is pleased to offer a unique AutoZone ground lease, located at 4590 Park Boulevard North, in Pinellas Park (Tampa). The property lies in the heart of a major commercial artery, with Publix across the street, a Home Depot anchored power center two blocks away, and surrounded by too many national retailers and restaurants to enumerate. With access to the corner and turn-in lanes in every direction, the Property offers convenient left-in-left-out access for the 56,000+ cars that pass daily. Newly constructed, the AutoZone boasts beautiful curb appeal, no deferred maintenance, a class A credit tenant, and a fully triple net, 20 year, NNN ground lease, with sixteen years left to the term. At $9.83 per square foot, the rent is far below market. The IHOP across the Street, is paying over $26 per square foot; the Take 5 ground lease one block away is on a lot 1/3 the size, with a building 1/4 the size, but its occupancy cost is roughly the same as this AutoZone; the Popeyes 1.5 miles down Park is paying $110,000, for a 2,000 square foot building on the same size lot; the Buffalo Wild Wings a few blocks east is paying $16 per square foot, for a larger building. The incredibly low rent and extremely rare 20-year lease, allows an investor to get into one of the most secure net leased investments you’ll find, with an unparalleled low basis, and a tenant you almost wish would leave so you can double the rent! Location: • Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily • Across from Publix, two blocks from Home Depot anchored power center • Excellent access • Surrounded by major retailers – this is a core commercial corridor Rent Roll: • Rent less than 50% below market • 20 Year, absolute NNN ground lease (virtually zero management; only administrative items) Demos: • Pinellas County is the most densely populated county in Florida. Commercial land is a premium here • 1/3/5 mile populations: 14K / 112K / 287K • 1/3/5 mile populations: 14K / 112K / 287K Opportunity: • Ideal 1031 Option • A clean, new construction, virtually zero management net leased investment with an excellent tenant in an outstanding location

Exclusively Listed By

Financing By

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