AutoZone

597 Spring Street, Elizabeth, NJ
Deal Type:
Net Lease
Ownership Type:
Ground Lease
Price:
$3,132,000
Cap Rate:
5.00%
Current Rent:
$156,600
Lease Type:
Triple Net
Landlord Responsibilities:
None
Lease Expiration Date:
Approx. 11 years
Renewal Options:
Four, 5-year options
Building Sq. Ft.:
7,370
Rent Increases:
8% increase in 2021 and 2026
Site Size:
0.79 acres
  • autozone stream capital partners
  • autozone stream capital partners

Investment Highlights

  • Absolute NNN ground leased AutoZone asset with over 11 years remaining
  • Two 8% rental increases remaining in base term
  • Located on Spring Street with over 52,000 vehicles per day
  • Dense retail trade area with national retailers such as Speedway, Wawa, Sonic, Burger King, and Dunkin’ Donuts, among others
  • Situated in a densely-populated area with over 214,300 people living in a three-mile radius with average household incomes exceeding $79,360
  • Proximity to Newark Airport (46 million annual passengers) and Port of Newark (#3 in US port volume)
  • Lease corporately guaranteed by AutoZone

Listing Agents

Phil DiGennaro

Managing Director
203 610 1541
Phil@stream-cp.com

Connor Shell

Managing Director
407 913 9009
Connor@stream-cp.com

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