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Auto Parts

Autozone NNN Ground Lease Very Low Rent

10125 Ulmerton Rd, Largo, FL 33771

Listing Price: $1,633,333

Cap Rate
4.50%
Tenant Name
AutoZone
Years Remaining On Lease
15.0
Gross SF
7,385
Guarantor
Corporate Guarantee
Rentable SF
7,385
Price/Gross SF
$221.17
Lease Type
Absolute Net
Rent Per Square Feet
$9.95

Investment Overview

Marcus & Millichap Is pleased to present for sale this AutoZone Ground
Lease located on busy Ulmerton Road in Largo, Florida. Built in 2020,
the lease has 15 years remaining on the base term with 10 percent
increases every five years during the initial term and options.
At $73,500 in annual base rent, this Auto Zone has one of the lowest
occupancy costs of any new Auto Zone in Florida. Its rent of $9.95 per
square foot, is less than half the typical new Auto Zone, and less than
half of market. And the market is fantastic – so good in fact, that there
are two Publixes within five hundred feet of the property. The 57,000
cars that pass this site daily also attract other major retailers such as
Home Depot two blocks away, and the Largo Mall across the street, with
that second Publix, Marshall’s, Target, Olive Garden and others.
Largo is the third largest city in Pinellas County Florida. With a population
of over 77,648, it is the fourth largest city in the Tampa Bay Area and
its population has grown steadily since the year 2000. Major employers
in Largo include Pinellas County Sheriff’s Office with 2,862 employees,
Tech Data with 2,012 employees, Largo Medical Center with 1,500
employees, Florida Suncoast Hospice with 1,100 employees, Palms of
Largo with 770 employees, and Soft Computer Inc. with 800 employees.
Largo also has several beautiful beaches only minutes away including
Indian Shores Beach, Clearwater Beach, North Redington Beach, Madeira
Beach and Treasure Island Beach.
AutoZone, Inc. is an American retailer of aftermarket automotive parts
and accessories, the largest in the United States. Founded in 1979,
AutoZone has over 6,400 stores across the United States, Mexico,
Puerto Rico and Brazil. The company is based in Memphis, Tennessee.

Investment Highlights

  • Newer Construction 20 Year NNN Ground Lease with More than 15 Years Remaining on the Base Term
  • Excellent Intrinsic Value: Low Rent of $9.95 Per Square Foot. Priced Below Replacement Cost
  • Rent is Half the Typical Occupancy cost for Auto Zone and Half of Market Rent
  • Located on Busy Ulmerton Road with Traffic Counts Exceeding 57,000 Vehicles Per Day
  • 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: $1,633,333

Cap Rate
4.50%
Tenant Name
AutoZone
Years Remaining On Lease
15.0
Gross SF
7,385
Guarantor
Corporate Guarantee
Rentable SF
7,385
Price/Gross SF
$221.17
Lease Type
Absolute Net
Rent Per Square Feet
$9.95

Investment Highlights

  • Newer Construction 20 Year NNN Ground Lease with More than 15 Years Remaining on the Base Term
  • Excellent Intrinsic Value: Low Rent of $9.95 Per Square Foot. Priced Below Replacement Cost
  • Rent is Half the Typical Occupancy cost for Auto Zone and Half of Market Rent
  • Located on Busy Ulmerton Road with Traffic Counts Exceeding 57,000 Vehicles Per Day
  • Credit Tenant | NYSE: AZO | +/- $47B Market Cap
  • Florida Is a No Income Tax State

Investment Overview

Marcus & Millichap Is pleased to present for sale this AutoZone Ground Lease located on busy Ulmerton Road in Largo, Florida. Built in 2020, the lease has 15 years remaining on the base term with 10 percent increases every five years during the initial term and options. At $73,500 in annual base rent, this Auto Zone has one of the lowest occupancy costs of any new Auto Zone in Florida. Its rent of $9.95 per square foot, is less than half the typical new Auto Zone, and less than half of market. And the market is fantastic – so good in fact, that there are two Publixes within five hundred feet of the property. The 57,000 cars that pass this site daily also attract other major retailers such as Home Depot two blocks away, and the Largo Mall across the street, with that second Publix, Marshall’s, Target, Olive Garden and others. Largo is the third largest city in Pinellas County Florida. With a population of over 77,648, it is the fourth largest city in the Tampa Bay Area and its population has grown steadily since the year 2000. Major employers in Largo include Pinellas County Sheriff’s Office with 2,862 employees, Tech Data with 2,012 employees, Largo Medical Center with 1,500 employees, Florida Suncoast Hospice with 1,100 employees, Palms of Largo with 770 employees, and Soft Computer Inc. with 800 employees. Largo also has several beautiful beaches only minutes away including Indian Shores Beach, Clearwater Beach, North Redington Beach, Madeira Beach and Treasure Island Beach. AutoZone, Inc. is an American retailer of aftermarket automotive parts and accessories, the largest in the United States. Founded in 1979, AutoZone has over 6,400 stores across the United States, Mexico, Puerto Rico and Brazil. The company is based in Memphis, Tennessee.

Exclusively Listed By

Financing By

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