Investment-grade, recession-resistant auto parts retail at accessible price points, from a buyer’s broker with 6 AutoZone closings in 5 states.
An AutoZone NNN property is a freestanding auto parts store, typically about 7,400 square feet on roughly an acre, leased to AutoZone on a long-term net lease. AutoZone is one of the largest auto parts retailers in the country, with more than 8,000 stores and investment-grade credit (S&P BBB / Moody’s Baa1). Most newer AutoZones are sold as absolute NNN ground leases: you own the land, AutoZone builds and owns the store, and you have essentially no landlord responsibilities. A smaller number are fee-simple build-to-suits. With price points mostly between $1 million and $3 million and a business that holds up well in downturns, AutoZone is a popular fit for 1031 exchange buyers.
Solid Investments FL has represented buyers on 6 AutoZone transactions across 5 states, including ground leases in Clearwater, Florida and Cathedral City, California. See them in our track record. Our buyer representation is always free to you.
| Tenant | AutoZone, Inc. (NYSE: AZO) or a subsidiary; confirm the tenant and any guarantor on each lease |
|---|---|
| Headquarters | Memphis, Tennessee |
| Credit rating | S&P BBB / Moody’s Baa1 / Fitch BBB (investment grade, stable) |
| Stores | 8,000+: about 6,860 in the U.S., plus Mexico and Brazil |
| Typical lease term | 15–20 years on new construction |
| Lease type | Mostly absolute NNN ground leases on newer stores; occasional fee-simple build-to-suits |
| Rent increases | Varies: commonly 10% every 5 years, or increases only in the option periods |
| Renewal options | Multiple 5-year options |
| Typical cap rate (2026) | New ground leases start around 4.5% (about 4.5%–5.5%); shorter-term leases trade higher |
| Typical price range | About $1M–$3M, up to about $4M |
| Typical site | About 7,400 SF on roughly an acre |
Credit ratings and store counts as of 2026. Cap rates and pricing reflect current market conditions and vary by deal.
Newer AutoZone deals are typically absolute NNN ground leases: you own the land and AutoZone owns the building, with essentially zero landlord responsibilities. That passive structure is why new AutoZone ground leases start around a 4.5% cap rate.
With a ground lease, the land is your long-term protection. AutoZones sit on roughly an acre along busy retail corridors, so the underlying land value and access matter as much as the store itself.
AutoZone leases vary: some have 10% increases every five years, while others stay flat until the option periods. Scheduled bumps during the base term are worth paying for.
AutoZone has grown its store base every year, opening about 300 net new stores in fiscal 2025, and its BBB / Baa1 ratings have been stable. It is one of the more consistent credits in retail.
Americans are keeping cars longer than ever, and drivers repair rather than replace when money is tight. That need-based demand from both do-it-yourself customers and repair shops supports store sales in good times and bad.
Occasionally AutoZone builds to suit on a fee-simple basis, where you own the building too. Because AutoZones are lower price points, these typically trade at cap rates similar to ground leases, and the owner also gets depreciation on the building. Confirm who covers roof and structure.
We’ve helped buyers close 6 AutoZone transactions in 5 states, mostly ground leases plus a rare fee-simple deal:
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Solid Investments FL is a NNN buyer's brokerage based in Lakewood Ranch (Sarasota), FL, that has represented buyers on 6 AutoZone transactions across 5 states. We help investors and 1031 exchange buyers find, underwrite and close AutoZone properties nationwide, and our buyer representation is free.
As of 2026, new AutoZone leases generally start around a 4.5% cap rate, with most new deals priced between about 4.5% and 5.5%. Fee-simple build-to-suits typically price similarly, while NN leases and properties with shorter remaining terms trade at higher cap rates.
As of October 2026, AutoZone is rated BBB by S&P, Baa1 by Moody's and BBB by Fitch, all investment grade with stable outlooks.
New AutoZone leases typically run 15 to 20 years with multiple 5-year renewal options. Rent increases vary: many leases have 10% increases every five years, while others increase only in the option periods.
Most newer AutoZone deals are absolute NNN ground leases, where you own the land and AutoZone owns the building, with essentially no landlord responsibilities. A smaller number are fee-simple build-to-suits, where you own both the land and building, which typically prices similarly to a ground lease but also gives the owner depreciation on the building; confirm who is responsible for the roof and structure on those.
For many investors, yes. AutoZone offers investment-grade credit, need-based demand that holds up in recessions, long net leases and price points mostly between $1 million and $3 million, which makes it easy to match a smaller exchange or combine with other properties.
Not with a ground lease, which is how most newer AutoZones are sold: you own only the land, which is not depreciable. On the occasional fee-simple build-to-suit, you own the building too, so it can be depreciated over 39 years, and a cost segregation study can accelerate part of that. Confirm with your CPA.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ve closed AutoZone deals across five states. Tell us your budget and timeline; our buyer representation is completely free.
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