Investment Overview

Marcus & Millichap is pleased to present a net leased investment opportunity consisting of a corporate-guaranteed AutoZone, located at 1440 Redfish Point Rd in Gulf Breeze, Florida. This approximately 1-AC parcel is subject to an AutoZone ground lease with about 14 years of term remaining, with (4) 5 Year options to extend. The lease calls for a 5% rental increase in year 11 and at the beginning of each option period. As a leading auto parts retailer, Auto Zone stores features a modern layout with extensive inventory for DIY customers and professional mechanics, including parts, accessories, and diagnostic services. The site benefits from ample parking and easy accessibility, operating extended hours to serve the local community. The site is positioned near the intersection of Redfish Point Rd and Gulf Breeze Parkway (US-98), benefiting from a combined total of over 55,000 Vehicles Per Day across Gulf Breeze Parkway, Redfish Point Rd, and nearby Avalon Blvd. The area features an affluent demographic profile, with over 18,000 residents within a 5-mile radius and an average household income exceeding $121,000. Gulf Breeze Parkway is on the tail end of a road widening and improvements project which has added two more traffic lanes, a raised median, as well as safety and drainage upgrades. This AutoZone benefits from its proximity to ongoing residential growth, including the Azalea Bay Apartments development, which is delivering new residences in the area and supporting an easy commute to Hurlburt Field Air Force Base. Additionally, Santa Rosa County is experiencing significant residential expansion with new projects in Gulf Breeze and surrounding areas like Pace and Milton. AutoZone, Inc. is the largest automotive parts retailer in the United States, with over 7,400 stores across the U.S., Mexico, and Brazil. Backed by a BBB credit rating from S&P and Fitch, and approximately $18.5 billion in annual revenue (fiscal 2024), the company provides institutional-grade investment security. This location underscores AutoZone's commitment to serving high-income coastal communities in Florida.