AZ – Rainbow City, AL
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.
• 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