AutoZone Inc – Providence RI

2720 Post Rd, Warwick, RI 02886, USA

$1,735,000 · 5.30% · 14.5 Years · NNN

Offering Memorandum

Exclusively Offered by

Bosko Stankovic

Investment Sales
bosko@agmnetlease.com
646.416.2042

Niko Micin

Investment Analyst
niko@agmnetlease.com
206.210.5208

Zebra Capital is pleased to present for sale, a single-tenant net leased property leased to investment grade tenant, Auto Zone (S&P BBB). AutoZone just signed a 14-year lease extension after being at the property for 18 year! The subject property is located in the city of Warwick, second largest city in Rhode Island and only 9 miles from Downtown Providence, RI. Given its long tenure at the property, AZ is paying rent that is 40-50% below market currently, on an oversized land parcel of 1.30 AC and an asking price far below replacement cost at $218.73/SF.

The property is located in a dense neighborhood with over 58,000 people living in the vicinity of the property, and average incomes of over $87,260. The trade area includes many national tenants, such as CVS Pharmacy, DaVita Diaysis, Santander Bank, Domino,s PIzza, Dollar Three, and Greenwood Credit Union. Located adjecant to the subject property is the office property housing headquarters of Greenwood Credit Union, regional bank serving Rhode Island since 1948.

Investment Highlights

  • Investment Grade Tenant (S&P: BBB+)
  • 14.5 Years Remaining on Base Term w/Rental Increases
  • Absolute NNN Lease, Zero Landlord Responsabilities
  • Below Market Rent – $11/SF
  • Densly Populated Market – +62,000 people with avergae HH Income over $80,000/year
  • Price BELOW REPLACEMENT COST