AutoZone (Ground Lease)
AutoZone Ground Lease | 2024 Construction
Marketing description
16072 N Westwood Dr is a ground lease site occupied by AutoZone, offered at $1,080,000 at a 5.00% cap rate. The 0.83-acre (36,155 SF) parcel is located in Rathdrum, Idaho, a fast-growing community in Kootenai County, minutes from Coeur d'Alene and the Idaho-Washington border.
The lease is corporately guaranteed by AutoZone Parts, Inc., which holds investment-grade credit ratings of BBB (S&P) and Baa1 (Moody's). Structured as a true Absolute NNN ground lease, the investment requires zero landlord management and is ideal for out-of-state or passive ownership.
Rathdrum has grown 19.7% since 2020 within a 3-mile radius, adding residents at 3.9% per year. A 157-acre mixed-use development is underway nearby. The AutoZone sits adjacent to the #1 performing Super 1 Foods in the country, one of the strongest co-tenancy positions in the market.
Investment highlights
- Absolute NNN Ground Lease
- Tenant responsible for all taxes, insurance, maintenance, and operating expenses
- Zero landlord responsibilities, True passive investment
- Corporate-Guaranteed by AutoZone Parts, Inc.
- Investment-grade credit: BBB (S&P) / Baa1 (Moody's)
- 6,000+ locations across the U.S., Mexico, and Brazil
- Brand-New Lease, Long-Term Lease Security
- 15-year primary lease term, commenced June 2024
- Four (4) additional 5-year options through 2059
- Built-In Rent Growth
- 8% bump after year 10 and through all four option periods
- Starting cap of 5.00% and 6.33% average over the full term
- Adjacent to the #1 Super 1 Foods in the Nation
- Top-performing Super 1 Foods by sales volume nationally
- High-Growth North Idaho Market
- 3-mile population grew 19.7% from 2020-2025
- Idaho ranked #1 fastest-growing state in the U.S. 2020-2025
- 157-acre residential development (436 lots) breaking ground nearby
- 30-acre Kootenai Health / MultiCare medical campus under construction on Hwy 41
- Coeur Terre master-planned community — 2,800 homes under 2 miles away
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