Just Listed! AutoZone NNN Ground Lease in Largo (Tampa), Florida

Just Listed! AutoZone NNN Ground Lease in Largo (Tampa), Florida

Investment Highlights:

■ Newer Construction 20 Year Absolute NNN Ground Lease
■ Excellent Intrinsic Value: Low Rent of $9.47 Per Square Foot.
Priced Below Replacement Cost
■ Located on Busy Ulmerton Road with Traffic Counts Exceeding
57,000 Vehicles Per Day
■ Credit Tenant | NYSE: AZO | $26B+ Market Cap
■ Situated in Front of a Brand New Hilton Home 2 Suites Hotel
and Shares Parking with a Busy Strip Center with Five Guys
and Wing Stop, Excellent Co Tenants for AutoZone
■ Located down the street from a very busy Publix Supermarket
and Home Depot and Across the Street from Largo Mall which
has Another Publix Supermarket, Target, Marshalls, Olive
Garden, Med Express Urgent Care and many Other Retailers

Investment Overview:

Marcus & Millichap Is pleased to present for sale this AutoZone
Ground Lease located on busy Ulmerton Road in Largo, Florida. Built
in 2020, the lease has 19 years remaining on the base term with 10%
increases every 5 years in rent during the base term and options. This
property experiences traffic counts in excess of 57,000 Vehicles Per
Day. AutoZone is paying a very low rent of $69,999 per year which
equates to a very low below market rent of $9.47 per square foot. This
AutoZone is located next to a very busy Publix Supermarket and Home
Depot and Across the Street from Largo Mall which has another Publix
Supermarket, Target, Marshalls, Olive Garden, Med Express Urgent Care
and many other retailers.
Largo is the third largest city in Pinellas County Florida. With a population
of over 77,648, it is the fourth largest city in the Tampa Bay Area and
its population has grown steadily since the year 2000. Major employers
in Largo include Pinellas County Sheriff’s Office with 2,862 employees,
Tech Data with 2,012 employees, Largo Medical Center with 1,500
employees, Florida Suncoast Hospice with 1,100 employees, Palms of
Largo with 770 employees, and Soft Computer Inc. with 800 employees.
Largo also has several beautiful beaches only minutes away including
Indian Shores Beach, Clearwater Beach, North Redington Beach, Madeira
Beach and Treasure Island Beach.
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.

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