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Auto Parts

AutoZone NNN Ground Lease Very Low Rent

575 New Rd, Somers Point, NJ 08244

Listing Price: $1,807,228

Cap Rate
4.15%
Tenant Name
Commercial
Years Remaining On Lease
9.2
Gross SF
6,000
Guarantor
Corporate Guarantee
Rentable SF
6,000
Price/Gross SF
$301.20
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$12.50

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Triple
Net AutoZone Ground Lease located at 575 New Road in Somers Point,
New Jersey. The freestanding single-tenant property consists of a 6,000
Square Foot building and is situated on a .93 Acre parcel of land.
The property is located on Route 9, a major North-South thoroughfare
which provides great visibility to over 17,000 vehicles daily. The subject
property is also a quick drive from Atlantic City, the seaside gaming and
resort capital of the East Coast which sees over 27 million visitors a
year, making it one of the most popular tourist destinations in the United
States. Additionally, the property is located just minutes from the Garden
State Parkway, New Jerseys largest highway system, and Stainton
Memorial Causeway. Stainton Memorial Causeway is a major East-West
throughfare which allows commuters to travel to Ocean City, the home
to New Jerseys famous boardwalks and beaches. The immediate trade
area is home to Big Lots, West Marine, PetSmart, Verizon, Dunkin, TD
Bank, McDonalds, and many others. Somers Point is also home to Shore
Medical Center - the largest employer in Somers Point, with 1,500
Employees, 370 Physicians and 296 Beds, Atlantic Cape Community
with 6,000+ Students, and Richard Stockton College of Education with
8,893 Students.
AutoZone executed a 15 Year Absolute NNN Ground Lease in 2015 and
has just under 10 years remaining in its initial term with three five-year
options to extend. The lease is a corporate guaranteed lease backed by
AutoZone (NYSE:AZO).
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

  • Credit Tenant | NYSE: AZO $33B+ Market Cap
  • Absolute NNN Ground Lease | No Landlord Responsibility
  • Priced Below Replacement Cost | Large 6,000 SF Building on .93 Acres of Land
  • Average Household Income Exceeds $106,000 in a 3 Mile Radius
  • Very Low Effective Rent of $12.50 Per Sf | Rents Well Below Market
  • AutoZone is Considered an Essential Tenant

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (201) 742-6100

    License(s) NJ: 1434917

    New Jersey

Auto Parts

AutoZone NNN Ground Lease Very Low Rent

Listing Price: $1,807,228

Cap Rate
4.15%
Tenant Name
Commercial
Years Remaining On Lease
9.2
Gross SF
6,000
Guarantor
Corporate Guarantee
Rentable SF
6,000
Price/Gross SF
$301.20
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$12.50

Investment Highlights

  • Credit Tenant | NYSE: AZO $33B+ Market Cap
  • Absolute NNN Ground Lease | No Landlord Responsibility
  • Priced Below Replacement Cost | Large 6,000 SF Building on .93 Acres of Land
  • Average Household Income Exceeds $106,000 in a 3 Mile Radius
  • Very Low Effective Rent of $12.50 Per Sf | Rents Well Below Market
  • AutoZone is Considered an Essential Tenant

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Triple
Net AutoZone Ground Lease located at 575 New Road in Somers Point,
New Jersey. The freestanding single-tenant property consists of a 6,000
Square Foot building and is situated on a .93 Acre parcel of land.
The property is located on Route 9, a major North-South thoroughfare
which provides great visibility to over 17,000 vehicles daily. The subject
property is also a quick drive from Atlantic City, the seaside gaming and
resort capital of the East Coast which sees over 27 million visitors a
year, making it one of the most popular tourist destinations in the United
States. Additionally, the property is located just minutes from the Garden
State Parkway, New Jerseys largest highway system, and Stainton
Memorial Causeway. Stainton Memorial Causeway is a major East-West
throughfare which allows commuters to travel to Ocean City, the home
to New Jerseys famous boardwalks and beaches. The immediate trade
area is home to Big Lots, West Marine, PetSmart, Verizon, Dunkin, TD
Bank, McDonalds, and many others. Somers Point is also home to Shore
Medical Center - the largest employer in Somers Point, with 1,500
Employees, 370 Physicians and 296 Beds, Atlantic Cape Community
with 6,000+ Students, and Richard Stockton College of Education with
8,893 Students.
AutoZone executed a 15 Year Absolute NNN Ground Lease in 2015 and
has just under 10 years remaining in its initial term with three five-year
options to extend. The lease is a corporate guaranteed lease backed by
AutoZone (NYSE:AZO).
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

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (201) 742-6100

    License(s): NJ: 1434917

    New Jersey

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