AutoZone NNN Properties for Sale in Florida
AutoZone (NYSE: AZO) is the largest auto parts retailer in America with approximately 6,500 US stores. AutoZone NNN properties are favored by investors for their combination of investment-grade credit (BBB), stable recession-resistant business model (auto parts demand grows when consumers delay new car purchases), and prime real estate locations with high traffic visibility.
Typical Cap Rate
5.25% - 6.00%
Lease Term
15 - 20 years
Price Range
$1.8M - $3.5M
Building Size
6,500 - 8,000 SF
Lot Size
0.75 - 1.25 acres
Credit Rating
S&P: BBB
Investment Highlights
- Investment-grade corporate credit (S&P BBB)
- Recession-resistant business model
- Prime high-traffic, freestanding real estate
- 15-20 year initial lease terms
- Absolute NNN lease structure on most newer deals
- Strong company financials — consistent stock buybacks
Lease Structure
Most AutoZone leases are Absolute NNN with 15-20 year initial terms and 4 × 5-year renewal options. Rent increases vary by lease vintage — some have flat rent with option period bumps; newer leases increasingly include 5-10% rent increases every 5 years. Corporate guarantee from AutoZone, Inc.
AutoZone Tenant Profile
AutoZone is one of the best-performing retail stocks in history — the company has executed over $30 billion in stock buybacks since 1998 and grown revenue consistently. The business model (auto parts + DIY tools + commercial sales to auto shops) benefits from the aging US vehicle fleet. Credit: S&P BBB, Moody's Baa1 (solid investment grade). Annual revenue $17B+.
AutoZone in Florida
Florida has 400+ AutoZone locations, with continued expansion in growth markets. Central Florida AutoZone properties in good locations with 15+ years remaining trade at 5.25-5.75% cap rates. Properties with shorter remaining terms or in secondary markets trade wider (5.75-6.25%). AutoZone is typically willing to execute long-term BTS commitments.
Why Buy AutoZone
- +One of the best-managed public companies in retail
- +Strong investment-grade credit profile
- +Counter-cyclical business model (strong in recessions)
- +Premium real estate locations with long-term commitments
- +Active BTS program creates continuous new inventory
Considerations
- •Cap rates are tight due to institutional demand
- •Some older leases have flat rent structures (no bumps in primary term)
- •Verify building size fits tenant requirements (AutoZone has multiple prototype sizes)
- •Auto parts industry faces long-term EV transition questions
Related Auto Parts Tenants
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