Investment Overview

The location has been operating since 2014 and the tenant recently executed a 15-year lease extension with six (5-year) options to renew, underscoring their long-term commitment to this site. The lease features a 6% rental increase in 2029 and 8% bumps at the commencement of each option period, delivering steadily growing NOI and a built-in inflation hedge. The lease structure is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment for passive capital. The AutoZone is positioned at the signalized, hard-corner intersection of W Patrick Street and Hillcrest Drive, with direct frontage on US Highway 15 averaging over 103,500 vehicles per day. W Patrick Street serves as one of Frederick's primary retail thoroughfares. The property sits within walking distance of Hillcrest Center Shopping Center (90,000+ SF), anchored by Aldi, Dollar Tree, and Planet Fitness, and directly across from Westridge Square Shopping Center (200,000+ SF), home to Burlington, H Mart, and multiple national retailers. The surrounding corridor includes Home Depot, Harbor Freight, Petco, Starbucks, McDonald's, 7-Eleven, and Dunkin', generating exceptional consumer traffic and strong crossover store exposure. The 5-mile trade area is supported by a population exceeding 134,200 residents and an average household income of $131,155.