AZ – Peekskill, NY
Fortis Net Lease is pleased to present this 7,000 SF AutoZone store located in Peekskill, NY. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Four (5) Yr. Options to renew, with a 10% rental rate increase at each option period, starting in the second option. 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 4/1/2017.
This AutoZone is highly visible and is strategically positioned in Peekskill, NY, and actually sits adjacent, and shares a common wall with a Family Dollar Anchored Shopping center. The five mile population from the site exceeds 79,000 while the one mile median household income exceeds $56,000 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 fee simple 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 5.75% cap rate based on NOI of $260,000.
• Brand New Absolute NNN Lease
• Zero Landlord Responsibilities
• 15 Year Term | Four (5 Year) Options
• One Mile Household Income $56,060
• Five Mile Population Exceeds 79,000
• One Mile Median Home Value $318,950
• 40 Miles North of Manhattan
New York Broker of Record Tracy Metzger