AutoZone | 15 Year Absolute NNN Ground Lease
Retail | 4.00% CAP | 7,008 SqFt
Marketing description
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground lease AutoZone investment property located in Orlando, Florida. The tenant, AutoZone Stores LLC, recently executed a 15-year lease extension through June 2041, demonstrating their long-term commitment to the site and the surrounding trade area. The lease features a scheduled 10% rental increase beginning in July 2029 with additional rental increases throughout the six (5-year) option periods, steadily growing NOI and providing a hedge against inflation. The lease is structured as an absolute NNN lease with zero landlord responsibilities, making it an ideal management-free investment opportunity for a passive or out-of-state investor.
Investment highlights
- AutoZone, Inc. (NYSE: AZO), investment grade (S&P: BBB) tenant with ~$60B market cap, corporate guaranteed ground lease
- New 15 year lease extension through June 2041
- 10% rental increase in July 2029 with additional increases throughout each 6 (5-Year) option periods
- Absolute NNN Lease - No landlord responsibilities - Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
- Ideal, management-free investment for an out-of-state, passive investor
- Positioned along S. Goldenrod Rd. with direct frontage and visibility to approximately 50,000 VPD, serving one of Orlando's primary commuter corridors
- Surrounded by a dense concentration of national retailers including Walmart Neighborhood Market, Walgreens, Wendy's, Dunkin', Wawa, Dutch Bros, and more, creating strong crossover consumer activity and long-term retail sustainability for the immediate trade area
- Located in close proximity to the University of Central Florida (UCF), one of the nation's largest universities with approximately 70,600 students enrolled as of 2025
- More than 308,000 residents and 83,254 employees support the trade area
- $104,351 average household income
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