Listed by Matthews
$1,776,835
AutoZone
Details
Property Type Retail
Sub Type Auto Shop, Auto Service
Square Footage 7,817
Net Rentable (SqFt) 7,817
Cap Rate 5.75%
NOI $102,168
Occupancy 100%
Tenancy Single
Brand/Tenant AutoZone
Lease Type NN
Lease Term 15
Lease Expiration 04/30/2039
Remaining Term 12.8
Rent Bumps Yes
Lease Options 4,5 Year Options
Price per SqFt $227
Broker Co-Op Yes
Year Built 2004
Buildings 1
Stories 1
Acreage 0.940
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 05/01/2004
Ground Lease No
Ownership Fee Simple
Early Renewal Execution | Close to AutoZone HQ
Investment highlights
- Early Renewal Execution – AutoZone just exercised its first renewal option despite having 9 years still remaining on the base term, demonstrating strong commitment to this location. The lease now runs through 2039, providing one of the longest remaining terms available for a fee-simple AutoZone property.
- Close to AutoZone HQ - The subject AutoZone is located within a 25-minute drive of AutoZone’s global headquarters in downtown Memphis, placing it squarely within the company’s most closely monitored and strategically important home market. Stores in close proximity to corporate headquarters tend to benefit from stronger oversight, sustained investment, and long-term market commitment, supporting the durability of this location within AutoZone’s broader Memphis-area footprint
- Strong Rent Growth - The renewed lease now includes two 10% rent increases in 2029 and 2034, providing predictable income growth over the remaining term.
- Memphis MSA - Although located just across the Mississippi–Tennessee border, Horn Lake is fully integrated into the Memphis MSA, benefiting from access to a metro population exceeding 600,000 residents.
- Walmart and Kroger Anchored – The trade area is anchored by a Kroger center directly adjacent to the property and a Walmart Supercenter one parcel to the west, driving consistent traffic and daily consumer demand.
- Robust Trade Area - The Horn Lake Rd & Goodman Rd intersection (38,000 VPD) is a proven retail node anchored by Walmart, Kroger, and ALDI, with other national brands including Walgreens, Circle K, Whataburger, Taco Bell, and Tidal Wave Carwash, and recently added Chick-fil-A and Chipotle developments—highlighting strong, ongoing retail demand in the immediate trade area.
- Essential, Recession-Resistant Use – AutoZone serves everyday vehicle repair needs that people can’t put off, even during economic downturns. This makes auto parts retail especially reliable in commuter markets like Horn Lake, where residents depend on their cars for daily life.
- Established Retail Corridor & Strong Area Commercial Base – The property sits on Goodman Road (MS-302), Horn Lake’s main commercial corridor, offering excellent visibility and traffic. The surrounding area features major retailers like Walmart and Sam’s Club, grocery centers, restaurants, auto services, and strong employment driven by the nearby I-55 corridor (63,000 VPD) and the Greater Memphis market.
- Recent Capital Improvements - New roof membrane installed in 2023 with transferable warranty through 2038, plus new HVAC units installed in 2026, helping minimize landlord maintenance responsibilities throughout the lease term.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$102,168.00
$8,514.00/mo
Valuation Metrics
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DSCR
5.75%
Cap Rate
5.75%
ROI
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Zoning
PUD PlannedPlanned Unit Development
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View all 72 uses Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics
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