O'Reilly Auto Parts NNN Properties for Sale in Florida
O'Reilly Auto Parts (NASDAQ: ORLY) is the second-largest auto parts retailer in the US with approximately 6,000 stores. Like AutoZone, O'Reilly benefits from the aging US vehicle fleet and growing DIY market. O'Reilly NNN properties typically trade in line with AutoZone on cap rates, with similar location criteria and lease structures.
Typical Cap Rate
5.25% - 6.00%
Lease Term
15 - 20 years
Price Range
$1.8M - $3M
Building Size
6,800 - 7,225 SF
Lot Size
0.70 - 0.80 acres
Credit Rating
S&P: BBB
Investment Highlights
- Investment-grade corporate credit (S&P BBB)
- Active NNN BTS program
- Prime retail real estate with high road frontage
- 15-20 year initial lease terms
- Absolute NNN on newer leases
- Strong company growth and financial performance
Lease Structure
Most O'Reilly leases are Absolute NNN with 15-20 year initial terms and 4 × 5-year renewal options. Rent bumps vary — newer leases commonly have 5-10% increases every 5 years. Corporate guarantee from O'Reilly Auto Parts (OKC Reliable Automotive Parts, Inc.).
O'Reilly Auto Parts Tenant Profile
O'Reilly Auto Parts has grown from a single Missouri store in 1957 to 6,000+ stores across 48 states. The company has consistently outpaced the broader auto parts sector in same-store sales growth. Strong commercial (professional) and DIY segments. Credit: S&P BBB, Moody's Baa1. Annual revenue $17B+, similar in size to AutoZone.
O'Reilly Auto Parts in Florida
O'Reilly has expanded significantly in Florida over the past decade with 250+ locations. Strong Central Florida presence in Orange, Seminole, Lake, Volusia counties. Cap rates in line with AutoZone (5.25-6%). O'Reilly BTS program remains active with new location openings across the state.
Why Buy O'Reilly Auto Parts
- +Second-largest US auto parts chain with investment-grade credit
- +Recession-resistant business model
- +Long-term lease commitments with corporate guarantees
- +Strong company financial performance
- +Active BTS program with continuous new inventory
Considerations
- •Similar cap rate profile to AutoZone — shop both tenants
- •Verify lease vintage (older leases may have flat rent)
- •Road frontage and visibility critical to tenant requirements
- •Long-term EV transition question applies industry-wide
Related Auto Parts Tenants
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