Fortis Net Lease is pleased to present this 7,000 SF AutoZone store located in Fremont, OH. The property is encumbered with a Ten (10) Year Absolute NNN 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 4/1/2017.
This AutoZone is highly visible and is strategically positioned in Fremont, OH. The five mile population from the site exceeds 28,000 while the one mile median household income exceeds $57,000 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 5.50% cap rate based on NOI of $96,000. Ohio broker of record Michael Fennessy, Dietz Commercial.
Brand New Absolute NNN Lease
Zero Landlord Responsibilities
10 Year Term | Four (5 Year) Options
Three Mile Household Income $57,161
Five Mile Population Exceeds 28,000
Walmart and Lowes Out Parcel
Investment Grade Tenant