AutoZone NNN Ground Lease | Very Low Rent | $106K Avg HH Income

575 New Rd, Somers Point, NJ 08244, USA
$1,807,228

Description

Marcus & Millichap is pleased to present for sale this Absolute Triple Net AutoZone Ground Lease located at 575 New Road in Somers Point, New Jersey. The freestanding single-tenant property consists of a 6,000 Square Foot building situated on a .93 Acre parcel of land.
The property is located on Route 9, a major North-South thoroughfare which provides great visibility to over 17,000 vehicles daily. The subject property is also a quick drive from Atlantic City, the seaside gaming and resort capital of the East Coast which sees over 27 million visitors a year, making it one of the most popular tourist destinations in the United States. Additionally, the property is located just minutes from the Garden State Parkway, New Jersey’s largest highway system, and Stainton Memorial Causeway. Stainton Memorial Causeway is a major East- West throughfare which allows commuters to travel to Ocean City, the home to New Jersey’s famous boardwalks and beaches. The immediate trade area is home to Walgreens, McDonalds, West Marine, PetSmart,
Verizon, Dunkin, TD Bank, Big Lots and many others. Somers Point is also home to Shore Medical Center – the largest employer in Somers Point, with 1,500 Employees, 370 Physicians and 296 Beds; Atlantic Cape Community with 6,000+ Students; and Richard Stockton College of Education with 8,893 Students.
AutoZone executed a 15 Year Absolute NNN Ground Lease in 2015 and has just under 10 years remaining in its initial term with three five-year options to extend. The lease is a corporate guaranteed lease backed by AutoZone (NYSE:AZO).
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.

  • Credit Tenant | NYSE: AZO $33B+ Market Cap
  • Absolute NNN Ground Lease | No Landlord Responsibility
  • Priced Below Replacement Cost | Large 6,000 SF Building on .93 Acres of Land
  • Average Household Income Exceeds $106,000 in a 3 Mile Radius
  • Very Low Effective Rent of $12.50 Per Sf | Rents Well Below Market
  • Tenant Prohibited From Demolishing the Building at The End of the Lease
  • Quick 20 Minute Drive from Atlantic City, the Seaside Gaming and Resort Capital of the East Coast Which Sees Over 27 Million Visitors a Year
  • AutoZone is Considered an Essential Tenant

Property Documents

  • Autozone-Somers-Point-NJ-om-ib
  • City: Somers Point
  • State/county: New Jersey
  • Zip/Postal Code: 08244
  • Country: United States

Detail

  • Price: $1,807,228
  • Year Built: 2015

Additional details

  • CAP RATE: 4.15%
  • NOI: $75,000

Features