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  AutoZone


Average Property & Lease

Average Sale Price$1,698,708
CAP Rate (12mo avg with 10+ lease term)5.42%
NOI$91,735
$/Square Foot$150 - $350
Building Size7,000 +/- sf
Lot Size1 - 2 acres
Lease Term15 Years
Escalations10% Every Five Years & Options
CREDIT RATING
BBB
S&P
Baa1
Moody's
view credit rating chart
View Net Lease Property Listings at CALKAIN.COM Last Updated: January 12, 2017
Net Lease Advisor Overview

Autozone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States.  

Pros

Cons

  • Corporate guaranteed
  • Investment grade tenant
  • Increases in primary term
  • Most leases are NNN, eliminating any landlord responsibilities
  • NN leases make Landlord responsible for roof and structure
  • Usually "B" grade real estate
Tenant Description

On July 4, 1979, Auto Shack opened its first store in Forrest City, Arkansas and now, AutoZone is a Fortune 500 company and the leading auto parts retailer in the United States with more than $8.1 billion in annual sales.

While AutoZone is a retailer, its business seems reasonably well-insulated from the Amazon threat. Usually, people need car parts on short notice and don't know exactly what they need. So, going into the local AutoZone is much more convenient than trying to do it online without much hand-holding. The company,s store count goes up every quarter and same store sales continue to be on an upward trajectory.

AutoZone sells auto and light truck parts, chemicals and accessories through AutoZone stores in 49 U.S. states plus the District of Columbia. As of August 27, 2016, the Company operated through 5,814 locations in the United States and opened 16 new stores in 2016, making them the largest auto parts retailer.

AutoZone's core clients are generally do-it-yourselfers. U.S. population and car production growth makes the business a winner for quite a while.


AUTOZONE TREND
CAP Rate

2015 avg: 6.14%

2016 avg: 5.61%

RECENT SALES

Kissimmee, FL | 4.26%

Jesup, GA | 7.00%

MORE INFO
www.autozone.com
Google Finance: AZO
Google News: AZO