AutoZone
Bremerton, Washington
| Price | $2,240,000 |
| Cap Rate | 3.75% |
| NOI | $84,000 |
| Lease Term | 11+ Years Remaining |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 5% Rental Increases In Option Period |
| Year Built | 2003 |
| Building Size | 5,400 SF |
| Lot Size | 0.66 Acres (28,853 SF) |
| Status | Available |
| Lead Broker Information | Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
LONG TERM ABSOLUTE NNN LEASE TO NATIONAL TENANT
» Long-Term absolute NNN lease to investment-grade national tenant (NYSE: “AZO”)
» Rated “BBB” by S&P and “Baa1” by Moody’s
» Below market rent
» No landlord management, ideal for passive investors
» AutoZone has been a Fortune 500 company for the past 20 years
» Washington state has no personal or corporate income tax
HIGH-TRAFFIC LOCATION NEAR LARGE NAVY BASE
» Located on 6th Street with excellent street visibility and access to 32,034 vehicles per day
» Additional entry points into the property on Roosevelt Avenue and 7th Street, with beneficial proximity to State Route 3 (81,000 AADT)
» Situated near one of the largest Navy installations in the U.S., Naval Base Kitsap (NBK), encompassing more than 12,000 acres with over 31,142 employees
» Major nearby tenants include Safeway, Enterprise Rent-A-Car, Hertz Car Rental, Arco, Gerber Collision, Wells Fargo, U.S. Bank Branch, Pizza Hut, and many others
» Minutes from Olympic College (8,555 students) and Bremerton School District (4,554 students enrolled, 662+ employees)
» Proximity to Fairfield Inn & Suites by Marriott (132 rooms), Hampton Inn & Suites (105 rooms), and Motel 6 (66 rooms)
STRATEGIC LOCATION WITH ROBUST DEMOGRAPHICS NEAR SEATTLE MSA
» 120,794 residents within a five-mile radius of the property
» Average annual household income of $80,797 within five miles and projected to increase 13 percent by 2026, poising AutoZone and Bremerton for concurrent growth
» Convenient location near several regional and international airports including Seattle– Tacoma International Airport, the largest airport in the region serving as a commercial hub for Alaska Airlines and Delta Air Lines
» Near the Ferry Terminal with direct access to Seattle (737,015 residents), the most populous city in Washington and 18th in the U.S.
» Seattle metropolitan area is home to numerous large-scale businesses such as Microsoft, Amazon, REI, Nordstrom, Starbucks, and Costco, all founded and headquartered in the greater Seattle area
Property Description
AutoZone is located on 6th Street with excellent street visibility and access to 32,034 vehicles per day. The subject property has multiple entry points on Naval Avenue (11,176 AADT), Roosevelt Avenue, and 7th Street with beneficial proximity to State Route 3 (81,000 AADT). The site is situated near one of the largest Navy installations in the U.S., Naval Base Kitsap (NBK), encompassing more than 12,000 acres with over 31,142 employees. The property is located near major tenants such as Safeway, Enterprise Rent-A-Car, Hertz Car Rental, Arco, Gerber Collision, Wells Fargo, U.S. Bank Branch, Pizza Hut, and many others. The site is minutes from Olympic College (8,555 students) and the Bremerton School District office (4,554 students enrolled, 662+ employees). The property is near Fairfield Inn & Suites by Marriott Seattle Bremerton (132 rooms), Hampton Inn & Suites Bremerton (105 rooms), and Motel 6 Bremerton, WA (66 rooms).
The site is positioned in a dense residential location with many nearby single-family housing developments and townhouse complexes. 120,794 residents live within a five-mile radius of the property. The average annual household income is $80,797 within five miles and is projected to increase 13 percent by 2026, poising AutoZone and Bremerton for concurrent growth. The location is near the Ferry Terminal with direct access to Seattle (737,015 residents), the most populous city in Washington and 18th in the U.S. The site is adjacent to the Seattle metropolitan area, which is home to numerous large-scale businesses such as Microsoft, Amazon, REI, Nordstrom, Starbucks, and Costco, all founded and have headquarters in the greater Seattle area. The property is conveniently located near several regional and international airports including Seattle–Tacoma International Airport, the largest airport in the region serving as a commercial hub for Alaska Airlines and Delta Air Lines.
