Property details
AutoZone, Southwest Region
Property Description
Great non-recourse financing already in place and assumable!
NN credit investment currently yielding a whopping 8.84% Cash on Cash Return!
Brand new single tenant AutoZone. This is a confidential, off-market relashionship opportunity being offered to us.
AutoZone is S&P Investment Grade with a rating of “BBB+” as of 5/23/08.
Lease commenced and perm loan closed on December 1, 2007. The first 24 months of the perm loan are interest only at 6.6%. The loan is non-recourse, with fixed 6.6% rate for 20 term (30 year amortization). 1% assumption fee.
Images
Highlights
- Status:
- Available
- Price:
- $2,170,000
- PSF:
- $304
- Cap Rate:
- 6.75%
- Annual Rent:
- $146,400
- Rent Increases:
- 4 (5 year) options with 10% bumps at each option year
Property Information
- Building Size:
- 7,147 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Auto Parts - Repair
- Units/Spaces:
- 1
- Year Built:
- 2007
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- AutoZone
- Lease Type:
- NN
- Lease Commencement:
- 12/1/2007
- Lease Expiration:
- 12/1/2027
- Lease Term:
- 20 years
- Years Remaining:
- 18 years
- Landlord Responsibilities:
- Roof & Structure
- Options:
- 4 (5 year) options with 10% bumps at each option year
Existing financing information
- Original loan amount:
- $1,600,000
- Interest rate:
- 6.6%
- Amortized over:
- 30 years
- Due in:
- 20 years
- Annual Debt Service Pmts:
- $96,000
- Annual Cash Flow:
- $50,400
- Cash on Cash Return:
- 8.84%
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.