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Auto Parts

AutoZone, Pinellas Park

4596 Park Blvd N, Pinellas Park, FL 33781

Listing Price: $1,600,000

Cap Rate
3.75%
Tenant Name
AutoZone
Years Remaining On Lease
19.0
Gross SF
7,385
Guarantor
Corporate Guarantee
Rentable SF
7,385
Price/Gross SF
$216.66
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$8.12

Investment Overview

Marcus & Millichap is pleased to offer a unique AutoZone ground lease, located at
4590 Park Boulevar 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 zero management, 20
year, NNN ground lease.
What is particularly unique about this asset is the rent - $8.12 per square foot,
which is about as low as youll find in any STNL in Florida. The IHOP across the
street (also for sale by the same seller), is paying $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,
and is paying 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 an incredibly secure investment with an unparalleled low basis, and a tenant
you almost wish would leave so you can double the rent!

Investment Highlights

  • Top Tier Location
  • Credit Tenant | NYSE: AZO $26B + Market Cap
  • Rare Twenty Year NNN Ground Lease
  • Rare Twenty Year NNN Ground Lease
  • 10% Rent Increases Every 5 Years
  • Portfolio Opportunity - 4 Properties on Park Blvd, One a Few Blocks Away on Ulmerton

Exclusively Listed By

Listing Price: $1,600,000

Cap Rate
3.75%
Tenant Name
AutoZone
Years Remaining On Lease
19.0
Gross SF
7,385
Guarantor
Corporate Guarantee
Rentable SF
7,385
Price/Gross SF
$216.66
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$8.12

Investment Highlights

  • Top Tier Location
  • Credit Tenant | NYSE: AZO $26B + Market Cap
  • Rare Twenty Year NNN Ground Lease
  • Rare Twenty Year NNN Ground Lease
  • 10% Rent Increases Every 5 Years
  • Portfolio Opportunity - 4 Properties on Park Blvd, One a Few Blocks Away on Ulmerton

Investment Overview

Marcus & Millichap is pleased to offer a unique AutoZone ground lease, located at
4590 Park Boulevar 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 zero management, 20
year, NNN ground lease.
What is particularly unique about this asset is the rent - $8.12 per square foot,
which is about as low as youll find in any STNL in Florida. The IHOP across the
street (also for sale by the same seller), is paying $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,
and is paying 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 an incredibly secure investment with an unparalleled low basis, and a tenant
you almost wish would leave so you can double the rent!

Exclusively Listed By

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