AutoZone

AutoZone

3002 Clark Ave
Cleveland, OH

Price: $1,060,000
Cap: 5.50%
NOI: $58,300
Building Size: 6,840 SF
Lot Size: 0.19 AC

Investment Highlights

INVESTMENT GRADE TENANT
• 
AutoZone is a publicly traded (NYSE: AZO) Fortune 500 company and currently holds an investment grade credit rating of BBB with S&P.
• #2 auto parts retailer with 6,000+ locations in the United States and 40 new locations expected in 2019.
• AutoZone has been in business for 39 years and has a current net worth of over $22.9B.

CORPORATE NNN GROUND LEASE WITH INCREASES
• 20-year NNN Ground Lease with 7 years remaining and 10% rent increases in lease and each of the four, 5-year options.
• Tenant is 100% responsible for all expenses, which include taxes, CAM, insurance, roof and structure.

CLEVELAND
• Cleveland is the 2nd largest city in Ohio (pop. 388,072).

• Cleveland is a manufacturing hub, and other economic drivers include financial services, healthcare and biomedicals.

PRIME METRO LOCATION
• Subject property is within a half mile of I-490 (144,695 VPD) and I-71 (118,569 VPD).

• 2M square feet of retail within a 2-mile radius, which includes Walmart, Home Depot, Target, McDonald's, Walgreens and more.
• Subject property is less than 1 mile from the MetroHealth System, which recently began a $2M renovation that includes redevelopment of surrounding properties.
• 3-mile population is 132,399 and 5-mile population is 305,757.

DESIGNATED OPPORTUNITY ZONE
• Opportunity Zone Program is an exciting new investment incentive program designated to provide investors with significant tax benefits for investing capital gains in a Qualified Opportunity Fund (QOF).

• Investors can defer tax on capital gains invested in a QOF until the earlier of the date when the investment is sold or exchanged, or December 31, 2026.
• If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%.
• After holding the QOF investment for 10 years, taxpayers may sell the investment in the QOF at any time before 2048 and exclude the gain resulting from the sale. 

Don McMinn
OFFERING MEMORANDUM

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