AutoZone
5.70% Cap Rate | New 10-Year Lease | Rent Increase Every 5 Years | Four 5-Year Renewal Options
Marketing description
Marcus & Millichap is pleased to offer for sale the fee simple interest in a newly renovated 11,400-square-foot single-tenant auto-parts store (the Property) in Buffalo, NY, in which AutoZone has nearly 10 years remaining on their newly signed corporately guaranteed double-net lease, with an 8 percent rent increase in 2030. The lease features four 5-year renewal options with an 8 percent rent increase in the first three options and a 2.7 percent increase in the fourth option to offset inflation.
Formerly a pharmacy, the Property sits on a 1.03-acre parcel at a 13,600+ AADT signalized intersection, with frontage on three streets and four curb cuts. The daytime population within a five-mile radius is 311,337. The Property is located 1.7 miles from Canada via the Peace Bridge over the Niagara River.
At the western edge of New York State along Lake Erie and the Niagara River, Buffalo acts as a gateway for $90 billion in annual trade between the U.S. and Canada and as a multimodal logistics crossroads. Niagara Falls generates tourism and over 2.5 GW of hydroelectric power.
Ranked No. 236 on the Fortune 500 list, AutoZone reported $18.5 billion in revenue in FY2024 and a 2.1 percent in net sales in 1Q 2025. The company operates 7,387 stores globally and opened 132 net new stores in the U.S. in FY2024, expanding its retail footprint through both new construction and renovations.
This exclusive net-lease opportunity provides an investor with the security of a newly signed corporately guaranteed lease backed by a publicly traded company as well as a freshly renovated hard-corner retail property in the 274,678-person city of Buffalo.
Investment highlights
Nearly 10 Years Remaining on Newly Signed Lease, With 8 Percent Rent Increase in February 2030
Four 5-Year Renewal Options, With 8 Percent Rent Increases in the First Three Options and 2.7 Percent Increase in the Fourth Option
Sits on Signalized Hard Corner With Frontage and Curb Cuts on Three Streets
Located 1.7 Miles From Canada via the Peace Bridge, Which Sees Over 4 Million Annual Crossings
In the 1,155,604-Person Buffalo-Cheektowaga, NY, Metro Area
AutoZone Is the Leading Retailer and Distributor of Automotive Replacement Parts and Accessories in the Americas
Retail Neighbors Include McDonald’s, True Value Hardware, Rent-A-Center, Family Dollar, Aaron’s, Dollar General, Metro by T-Mobile, KeyBank, Rainbow Shops, Save A Lot and 7-Eleven
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