San Antonio, TX - AutoZone
$1,600,000
NWC N Loop 1604 E & I-10, Converse, TX 78109
4.38
Cap Rate
70,000
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased AutoZone investment property located in San Antonio, Texas. The tenant, AutoZone Parts, Inc., will operate under a brand new 15-year lease with 4 (5-year) options to extend, demonstrating a long-term commitment to the site. The lease is corporately guaranteed by AutoZone, Inc. (NYSE: AZO) and features 8% rental increases every 5 years throughout the initial term, followed by 10% rental increases at the beginning of each option period, steadily growing NOI and providing a hedge against inflation. The absolute NNN ground lease structure requires the tenant to maintain the premises and improvements and pay the operating expenses associated with the property, providing investors with a passive, management-free investment opportunity. The property is currently under development, with rent scheduled to commence in November 2026 and the new store anticipated to open in Q1 2027.
The subject property is strategically positioned along N. Loop 1604 E, near the intersection with Interstate 10/U.S. Highway 90, exposing the site to approximately 30,200 vehicles per day along Loop 1604 and 54,500 vehicles per day along Interstate 10. The property is part of a growing mixed-use retail development that will also feature Quick Quack Car Wash and Take 5 Oil Change, with additional retail space planned within the project. Directly across Loop 1604, H-E-B is currently developing a new grocery store, further strengthening the intersection as an emerging retail destination. The surrounding area also includes national retailers and restaurants such as Walmart Supercenter, McDonald’s, Whataburger, Shell, Dollar General, Tractor Supply Co. and others. The site benefits from significant surrounding residential and commercial growth, including numerous planned and existing communities as well as the approximately 1 million square foot Core 5 Logistics Center nearby. The 5-mile trade area is supported by an estimated population of 143,525 residents with an average household income of approximately $106,588.
Location
Gallery
