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Views: 82 Updated: 12.04.23 Posted: 10.27.23 Status: Inactive

Summary

Price $827,000
Built/Renov 1973
Tenant AutoZone
Cap Rate 5.50%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 7,536
Lease Start 08-01-2005
#Units 6,943
Price/SF $109.74
Expiration 07-31-2034
Tenant Type Automotive
NOI $45,500
R. Term 10.0
Ownership Fee Simple
Rent/SF $6.04
Increases 10.0%/6/yrs
Pop 5Mi 24,940
Lot/AC 1.20
Options 3/5yrs/10%
AHHI 5Mi $62,943

Lease Highlights

  • AutoZone has a 17+ year operating history in this location
  • Tenant recently extended its lease early by 10 years, bringing the total remaining base term to 11 years
  • The lease features 10% rental increases in 2029 and in each option period
  • Cheap rent and small price point | Tenant is currently paying only $6/SF
  • Corporate guaranteed lease (S&P: BBB)

Location Description

AutoZone's location offers excellent accessibility and high visibility along Main St, which averages a daily traffic count of 25,700 vehicles. The subject property is positioned just over a mile from a Walmart Distribution Center, within a one-mile radius of Mississinewa High School. Additionally, it is approximately three miles from the VA Northern Indiana Health Care System and less than...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: AutoZone
  • Guarantor:Corp T and Rated
  • Company:AutoZone, Inc.
  • # Units:6,943
  • Tenant S&P: BBB
  • Moody’s: Baa1
  • Stock: NYSE: AZO

About Tenant

AutoZone, Inc. is an American retailer of aftermarket automotive parts and accessories, the largest in the U.S. Founded in 1979, the chain now has 6,168 stores in 50 states in the U.S., 703 stores...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,507 10,009 24,376
2023 Total Population : 5,604 10,211 24,726
2023 Employed Civilian Pop : 2,524 4,462 10,539
2023 Total Businesses : 135 246 622
2023 Average Household Income : $ 65,331 $ 65,047 $ 63,360
2023 Total Consumer Spending : $ 138 M $ 246 M $ 533 M
2023 Median Age : 42 43 39
2023 Total Households : 2,371 4,229 9,465
2023 Pop Age 25+: Bachelor's Degree : 631 938 1,967
2023 Average Home Value : $ 142,155 $ 141,250 $ 140,311
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
East Main Street Jones Rd 2021 11,890 0.06 mi
East Main Street S 7th St 2021 11,890 0.15 mi
South 7th Street E South B St 2018 1,816 0.16 mi
South 7th Street E South H St 2021 1,773 0.16 mi
North 10th Street E Main St 2021 3,403 0.26 mi
East Main Street N 6th St 2018 13,588 0.26 mi
South 6th Street E South D St 2021 367 0.33 mi
South 5th Street S 5th St 2021 565 0.38 mi
East Main Street Olynger Rd 2021 11,079 0.44 mi
East North D Street N 6th St 2021 428 0.44 mi

Listing Broker

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