AutoZone is a popular distributor and retail company that sells auto accessories and replacement parts for both commercial and residential customers throughout the U.S.A.

Lowest Cap Rate


Lowest cap rate over past 24 months

Average Cap Rate


12 mo avg with 5+ yr lease term

Average Property & Lease
Average Sale Price $1,250,000 - $3,000,000
Average NOI $70,000 - $140,000
Building SF 6,500
Lease Term 15-20 Years
Escalations Varies
Stock Symbol NYSE:AZO




Tenant Description

Back in 1979, a company called Auto Shack opened its doors for business on July 4th in Forrest City, AK. Now known as AutoZone, they’re listed in the Fortune 500 as the premier auto parts retailer throughout the U.S., topping in at over $8.1 billion in sales revenue annually.

AutoZone is now a household name retailer within the United States, with stores located in 49 of them including Washington D.C. They opened approximately 16 new stores as of August 2016, bringing their total number of stores to 5,814. Selling everything from automotive replacement parts for cars and light trucks, to chemical and various accessories, their core customers are typically the DIY (do it yourself) type.

While there are concerns raised about competition with giant megastores like Amazon, its bricks and mortar stores have been proven to hold up well in the automotive sector. Mainly because the average customer working on a vehicle will often need a part on short notice. So rather than attempting to order or find the requisite help needed with online means, they’ll make a trip to the store. This is proven true since AutoZone retail locations increase quarterly with upward movements in overall company sales.

  • Primary terms increase
  • Typically NNN leasing, releasing landlord accountability
  • Guarantee backed by corporate
  • Tenant is investor grade
  • Real estate tends towards ‘B’ grade
  • NN leasing will make landlord accountable for roofing and building maintenance
Founded 1979
Headquarters Memphis, Tennessee
Number of Locations 6,003
Revenue $12.631 B
Company Website
Key Principal William C. Rhodes III

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