AutoZone | New Roof & Parking Lot
9,120 SF | Retail Building | Lakeland, GA 31635 | $1,114,000 ($122/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,114,000
- Property Type
-
Retail
- Square Feet
- 9,120 SF
- Price / Square Foot
- $122
Listing Contacts
Don McMinn
Verified Profile
Andrew Koriwchak
Verified Profile
- Property Info
Property Overview
LOWER RENT & PRICE POINT
• The tenant is paying a lower rent ($8.55/SF) which equates to a lower price point of $1,114,000.
BRAND NEW ROOF & PARKING LOT | 20 YEAR ROOF WARRANTY
• In 2023, the current owner replaced the Roof and received a 20 year roof warranty.
• The parking lot was replaced in 2022 for $120,000.
8.5 YEAR CORPORATE LEASE WITH AUTOZONE
• AutoZone has been successfully operating at this location since 2018 and extended the lease in January 2023 through the end of September 2032.
• There are 8.5 years remaining on the NN Corporate Guaranteed Lease with AutoZone.
• The Tenant is responsible for Parking Lot Maintenance & Striping, HVAC, Insurance, Taxes, and Utilities.
• The Landlord is responsible for Roof, Structure, and Parking lot Capital Repairs or Replacement.
• There is a 17.89% rent increase in the first option period and 10% rent increases in the remaining option periods.
INVESTMENT GRADE TENANT (S&P: BBB)
• AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the Americas.
• AutoZone is an Investment Grade National Tenant (NYSE: AZO) and has been a Fortune 500 company for the past 21 years.
• They sell auto and light truck parts, chemicals and accessories in over 7,140 AutoZone stores located in 50 states and the District of Columbia in the United States, Puerto Rico, Saint Thomas U.S. Virgin Islands, Mexico and Brazil.
• AutoZone revenue for the twelve months ending February 29, 2024 was $17.831B, a 5.57% increase year-over-year
MOODY AIRFORCE BASE | 11,000 SERVICE MEMBERS
• This AutoZone is located 11 miles away from Moody Airforce Base which has over 11,000 service members and family.
VALDOSTA, MSA
• The subject property is located in Lakeland which is 20 miles north of downtown Valdosta.
• Valdosta is the 16th largest city in Georgia and is the center of the growing four-county Valdosta MSA along the I-75 Corridor.
• Valdosta is a vibrant national retail, industrial, medical, and educational center with a projected job growth to be 35.71% over the next ten years.
• Home to Valdosta State University which is one of the four comprehensive universities in the University System of GA and serves over 13,000 undergraduate and graduate students.
• Valdosta is called the “Naval Stores Capital of the World” and supplies 80% of the worlds demand for naval stores, pine, and turpentine.
• The Valdosta Regional Airport supports over 73,500 aircraft operations per year.
• The tenant is paying a lower rent ($8.55/SF) which equates to a lower price point of $1,114,000.
BRAND NEW ROOF & PARKING LOT | 20 YEAR ROOF WARRANTY
• In 2023, the current owner replaced the Roof and received a 20 year roof warranty.
• The parking lot was replaced in 2022 for $120,000.
8.5 YEAR CORPORATE LEASE WITH AUTOZONE
• AutoZone has been successfully operating at this location since 2018 and extended the lease in January 2023 through the end of September 2032.
• There are 8.5 years remaining on the NN Corporate Guaranteed Lease with AutoZone.
• The Tenant is responsible for Parking Lot Maintenance & Striping, HVAC, Insurance, Taxes, and Utilities.
• The Landlord is responsible for Roof, Structure, and Parking lot Capital Repairs or Replacement.
• There is a 17.89% rent increase in the first option period and 10% rent increases in the remaining option periods.
INVESTMENT GRADE TENANT (S&P: BBB)
• AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the Americas.
• AutoZone is an Investment Grade National Tenant (NYSE: AZO) and has been a Fortune 500 company for the past 21 years.
• They sell auto and light truck parts, chemicals and accessories in over 7,140 AutoZone stores located in 50 states and the District of Columbia in the United States, Puerto Rico, Saint Thomas U.S. Virgin Islands, Mexico and Brazil.
• AutoZone revenue for the twelve months ending February 29, 2024 was $17.831B, a 5.57% increase year-over-year
MOODY AIRFORCE BASE | 11,000 SERVICE MEMBERS
• This AutoZone is located 11 miles away from Moody Airforce Base which has over 11,000 service members and family.
VALDOSTA, MSA
• The subject property is located in Lakeland which is 20 miles north of downtown Valdosta.
• Valdosta is the 16th largest city in Georgia and is the center of the growing four-county Valdosta MSA along the I-75 Corridor.
• Valdosta is a vibrant national retail, industrial, medical, and educational center with a projected job growth to be 35.71% over the next ten years.
• Home to Valdosta State University which is one of the four comprehensive universities in the University System of GA and serves over 13,000 undergraduate and graduate students.
• Valdosta is called the “Naval Stores Capital of the World” and supplies 80% of the worlds demand for naval stores, pine, and turpentine.
• The Valdosta Regional Airport supports over 73,500 aircraft operations per year.
Property Details
- Class
- C
- Year Built
- 1949
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 36,155 SF
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