For Sale
$2,796,000

1203 Shelby DrMemphis, TN 38116

High-Performing AutoZone, NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 32,400 square foot AutoZone ground lease in Memphis, Tennessee. The property boasts a 13.4-year remaining lease term (commencing May 1, 2023, and expiring April 30, 2038) with a credit-rated corporate guarantee from AutoZone, a Fortune 500 company headquartered in Memphis. The absolute NNN lease features built-in rent bumps of 8% every five years, ensuring consistent income growth. Located at 1203 E Shelby Dr, Memphis, TN 38116, this prime retail location benefits from high visibility, situated next to a new Starbucks and Foot Locker, with signalized access. The property's strategic location near Graceland, Memphis International Airport, and Interstate 55 ensures significant traffic and exposure. This AutoZone store is a high-performing mega-hub location, ranked in the top 2% nationwide, and offers a substantial 2.09-acre lot. The asking price is $2,796,000, representing a 5.15% cap rate and a price per square foot of $86.30. The property's strong tenant, prime location, and long-term lease make it an attractive investment with significant upside potential. The lease includes four, five-year renewal options. The current Net Operating Income (NOI) is $144,000. This is a rare opportunity to acquire a high-performing, long-term ground lease with a blue-chip tenant in a thriving Memphis submarket.

Highlights

  • $2,796,000 asking price for a 32,400 SF AutoZone ground lease in Memphis, TN.
  • 13.4 years remaining on a 15-year absolute NNN lease with AutoZone, a Fortune 500 company, at $4.44/SF.
  • High-performing AutoZone location, ranked in the top 2% nationally and #4 in Tennessee.
  • Excellent location near Graceland, Memphis International Airport, and I-55, with high traffic counts.
  • Property is adjacent to a new Starbucks and Foot Locker with signalized access.
  • 8% rent bumps every 5 years; four, 5-year lease options.

Property Details for 1203 Shelby Dr

Property type
Lifestyle centers, Power centers
Square Feet
32,400 SF
Year Built
2023
Lot Size (sq. ft)
91,040 SF

Location Insight

City
Memphis
County
Shelby
State
Tennessee
Latitude
35.0203552
Longitude
-90.0238162
1203 Shelby Dr, Memphis, Tennessee

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1203 Shelby Dr
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