AutoZone
PRICE
CAP RATE
SQUARE FOOTAGE
LEASE TERM

CONTACT US REGARDING THIS LISTING

Bryan Bender

Partner & Managing Director

Robert Bender

Managing Partner

DOWNLOAD LINKS

Download Property Information

PROPERTY ADDRESS

3340 Rainbow Dr., Rainbow City, AL 35906

PROPERTY INFORMATION

Price:
$1,114,000
Cap Rate:
5.0%
Term Remaining:
15 Years
Year Built:
2017
Status:
Available

INVESTMENT HIGHLIGHTS

  • Brand New 15 Year Ground Lease
  • Zero Landlord Responsibilities
  • 15 Year Term | Four (5 Year) Options
  • One Mile Household Income $47,416
  • Five Mile Population Exceeds 44,500
  • 28,000+ Cars Per Day
  • Investment Grade Tenant

INVESTMENT SUMMARY

Fortis Net Lease is pleased to present this AutoZone ground lease store located in Rainbow City, AL. The property is encumbered with a Fifteen (15) Year Ground Lease, leaving zero landlord responsibilities. The lease contains Four (5) Yr. Options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed
by AutoZone Inc which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is open with rent having commenced on 8/15/2017.

This AutoZone is highly visible and is strategically positioned in Rainbow City, AL. The five mile population from the site exceeds 44,500 while the one mile median household income exceeds $47,000 per year, making this location ideal for an AutoZone. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the ground lease ownership of an AutoZone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, one of the nation’s top auto parts store. List price reflects a 5.00% cap rate based on NOI of $57,000.