AutoZone 20-Year NNN Lease | 2020 Construction

4596 Park Boulevard Pinellas Park, Florida 33781
$1,600,000

Description

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 you’ll 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!

Location:
• Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily.
• Across from Publix, two blocks from Home Depot anchored power cener
• Excellent access
• Surrounded by major retailers – this is a core commercial corridor

Rent Roll:
• Rent substantially below market.
• 20 Year, absolute NNN ground lease – zero management

Demos:
• Pinellas County is the most densely populated county in Florida. Commercial land is a premium here.
• 1/3/5 mile populations: 14K / 112K / 287K
• 1/3/5 mile AAHI: $63K / $64K / $68K

Opportunity:
• Ideal 1031 Option
• A clean, new construction, virtually zero management net leased investment with an excellent tenant in an outstanding location.

Portfolio Opportunity: 4 properties on Park Blvd and one on Ulmerton – all new construction, long-term leases, and same seller:
• 4049 Park Blvd N: Spectrum (5yr) / Jollibee (10yr) / Red Ribbon Bakery (10yr)
• 4590 Park Blvd N: Huey Magoo’s (10yr) / Paris Bakery (10yr)
• 4596 Park Blvd N: Auto Zone (20yr ground lease)
• 4671 Park Blvd N: IHOP Publix Shadow Center
• 9050 Ulmerton Rd: AFC Urgent Care (10yr) / Willie Jewell’s (10yr)

  • Top Tier Location
  • Credit Tenant | NYSE: AZO $26B + Market Cap
  • Rare Twenty Year NNN Ground Lease
  • 10% Rent Increases Every 5 Years
  • Easy Access, Tremendous Traffic and Visibility
  • Outstanding Demos – Most Dense County in Florida
  • Portfolio Opportunity – 4 Properties
  • City: Pinellas Park
  • State/county: Florida
  • Zip/Postal Code: 33781
  • Country: United States

Detail

  • Price: $1,600,000
  • Year Built: 2021

Additional details

  • CAP RATE: 3.75%
  • NOI: $60,000

Features

Video

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