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Auto Parts

AutoZone | 15-Year Ground Lease | Raleigh, NC

2003 Rock Quarry Rd, Raleigh, NC 27610

Listing Price: $1,317,645

Cap Rate
4.25%
Tenant Name
AutoZone
Years Remaining On Lease
15.2
Gross SF
6,816
Guarantor
Corporate Guarantee
Rentable SF
6,816
Price/Gross SF
$193.32
Lease Type
Ground Lease
Rent Per Square Feet
$8.22

Investment Overview

Marcus & Millichap is pleased to exclusively present a new construction AutoZone, with a 15-year ground lease, featuring attractive lease terms. These terms include 10% rental increases every five years throughout the term, all corporately guaranteed by AutoZone Development, LLC, with absolutely no landlord responsibilities. Construction is expected to commence July 2024 and is anticipated to be completed by fall 2024.

There are strong surrounding drivers including the North Carolina state capitol (3.1 miles away), downtown Raleigh (2.6 miles away), many notable retailers, schools with high enrollment, new multi-family developments, and a popular concert venue. Major retailers nearby include Food Lion, Walgreens, Family Dollar, Buddy’s, WingStop, Burger King, Domino’s Pizza, Southeast Raleigh YMCA, and more,

Conveniently, subject property is situated in a heavily traveled corridor, with over 27,500 vehicles per day along Rock Quarry Road. Additionally, it is easily accessible from Interstate 40 (96,500 VPD) and Interstate 440 (98,000 VPD).

This is a heavily populated area with significant growth. 202,000 people live within five miles, with 48% growth since the year 2000, and an additional 7% growth is anticipated by 2027. 304,133 people work within five miles.

Investment Highlights

  • 15-Year Ground Lease on a New Construction AutoZone | Construction to Commence July 2024 | Anticipated Completion by Fall 2024
  • 10 Percent Rental Increases Every Five Years Throughout Term | Corporately Guaranteed by AutoZone Development, LLC
  • 2.6 Miles from Downtown Raleigh and 3.1 Miles from the North Carolina State Capitol
  • 1.8 Miles from Villages of Sunnybrook (384 Units, 2023 Construction) and Rock Quarry Landing (188 Units, Under Construction)
  • 27,500 Vehicles per Day Along Rock Quarry Road | 27,500 Vehicles per Day Along Rock Quarry Road | Near Two Heavily Traveled Interstates
  • 202,011 People Live Within Five Miles | 48 Percent Growth in Population Since the Year 2000 | Anticipated to Grow an Additional Seven Percent by 2027

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s) NC: 303785

    North Carolina

Financing By

Auto Parts

AutoZone | 15-Year Ground Lease | Raleigh, NC

Listing Price: $1,317,645

Cap Rate
4.25%
Tenant Name
AutoZone
Years Remaining On Lease
15.2
Gross SF
6,816
Guarantor
Corporate Guarantee
Rentable SF
6,816
Price/Gross SF
$193.32
Lease Type
Ground Lease
Rent Per Square Feet
$8.22

Investment Highlights

  • 15-Year Ground Lease on a New Construction AutoZone | Construction to Commence July 2024 | Anticipated Completion by Fall 2024
  • 10 Percent Rental Increases Every Five Years Throughout Term | Corporately Guaranteed by AutoZone Development, LLC
  • 2.6 Miles from Downtown Raleigh and 3.1 Miles from the North Carolina State Capitol
  • 1.8 Miles from Villages of Sunnybrook (384 Units, 2023 Construction) and Rock Quarry Landing (188 Units, Under Construction)
  • 27,500 Vehicles per Day Along Rock Quarry Road | 27,500 Vehicles per Day Along Rock Quarry Road | Near Two Heavily Traveled Interstates
  • 202,011 People Live Within Five Miles | 48 Percent Growth in Population Since the Year 2000 | Anticipated to Grow an Additional Seven Percent by 2027

Investment Overview

Marcus & Millichap is pleased to exclusively present a new construction AutoZone, with a 15-year ground lease, featuring attractive lease terms. These terms include 10% rental increases every five years throughout the term, all corporately guaranteed by AutoZone Development, LLC, with absolutely no landlord responsibilities. Construction is expected to commence July 2024 and is anticipated to be completed by fall 2024. There are strong surrounding drivers including the North Carolina state capitol (3.1 miles away), downtown Raleigh (2.6 miles away), many notable retailers, schools with high enrollment, new multi-family developments, and a popular concert venue. Major retailers nearby include Food Lion, Walgreens, Family Dollar, Buddy’s, WingStop, Burger King, Domino’s Pizza, Southeast Raleigh YMCA, and more, Conveniently, subject property is situated in a heavily traveled corridor, with over 27,500 vehicles per day along Rock Quarry Road. Additionally, it is easily accessible from Interstate 40 (96,500 VPD) and Interstate 440 (98,000 VPD). This is a heavily populated area with significant growth. 202,000 people live within five miles, with 48% growth since the year 2000, and an additional 7% growth is anticipated by 2027. 304,133 people work within five miles.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s): NC: 303785

    North Carolina

Financing By

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