AutoZone 20 Year NNN Ground Lease | Very Low Rent

10125 Ulmerton Rd, Largo, FL 33771, USA
$2,000,000

Description

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.

  • 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

 

Property Documents

  • City: Largo
  • State/county: Florida
  • Zip/Postal Code: 33771
  • Country: United States

Detail

  • Price: $2,000,000
  • Year Built: 1984

Additional details

  • CAP RATE: 3.50%
  • NOI: $70,000

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