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NNN AutoZone for Sale
AutoZone is a publicly traded auto parts retailer (NYSE: AZO) that The Boulder Group lists with an S&P rating of BBB. It ended fiscal 2026 with 8,031 stores, 6,863 of them in the U.S. (AutoZone, September 22, 2026). Boulder shows typical new leases at 15 years with flat rent during the initial term, so the price you pay for the property matters more than rent growth (The Boulder Group, September 2026).
BBB
S&P credit rating
6,863
U.S. stores
15 Years
Typical lease term
Flat
Rent during initial term
6,500 SF
Typical building size
Fee Simple or Ground Lease
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; AutoZone fiscal 2026 results, September 22, 2026 (U.S. store count as of August 29, 2026).
Key Takeaways
Investment-Grade Credit, Public Company
AutoZone (NYSE: AZO) is rated BBB by S&P, according to The Boulder Group (September 2026), and had 8,031 stores at the end of fiscal 2026, 6,863 of them in the U.S. (AutoZone, September 22, 2026).
15-Year Leases With Flat Rent
Boulder shows typical new leases running 15 years with flat rent during the initial term, so there are no scheduled increases. It lists the typical structure as fee simple or ground lease, so confirm which applies and who handles roof and structure on any property you review.
Lower Cap Rates for Higher Credit
AutoZone properties currently show asking cap rates of 5.40% – 5.70% with 10 years remaining and 5.00% – 5.30% for a new 15-year lease (The Boulder Group, September 2026), well below Dollar General’s 7.20% – 7.50% at 10 years in the same report.
A Store Base Still Growing
AutoZone opened 374 stores in fiscal 2026, its highest annual total, and plans about 400 more in fiscal 2027, roughly 300 of them in the U.S. (AutoZone earnings call, September 22, 2026).
AutoZone NNN Cap Rates and Lease Data
If you’re weighing an AutoZone property, three things shape what you’ll earn: who the tenant is, how the lease and ownership are structured, and what yield you’re paying for. Here’s how they fit together.
On the tenant, the picture is reassuring. AutoZone is rated BBB, which is investment grade, and new stores typically come with a 15-year lease and flat rent during the initial term.1 Flat rent means the income doesn’t grow, so nearly all of your return comes from the yield you buy in at. Boulder also lists the typical structure as fee simple or ground lease. In a ground lease you own the land and AutoZone owns the building, so confirm which one you’re buying, and who handles the roof and structure, before you rely on the lease.
That’s where cap rates come in. Boulder shows asking cap rates of 5.00% – 5.30% on a new 15-year lease, 5.40% – 5.70% with 10 years left, and 5.80% – 6.10% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up, because you’re taking on the question of whether AutoZone renews. Even the 5-year range sits below Dollar General’s 10-year range (7.20% – 7.50%) in the same report. Matthews, which tracks closed sales, doesn’t cover AutoZone, so these are asking rates rather than closed-sale averages.
In dollars, Boulder puts the average sale price at about $2.1 million with average rent of about $110,000 a year. On a typical 6,500 SF store, that works out to roughly $323 per square foot, and $110,000 on $2.1 million is a yield of about 5.2%, inside the 15-year range above.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 10. Credit rating is S&P, as reported by Boulder; lease terms are typical for new construction. Boulder defines a ground lease as one where the landlord owns the ground and a third party owns the improvements, and fee simple as the landlord owning both. It defines a double net lease as one where the landlord is generally responsible for roof and structure. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 10. Asking cap rates as of September 2026. The Dollar General comparison is from the same report, p. 32. AutoZone is not covered in the Matthews 2026 Net Lease Tenant Report. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 10. Average sale price and average rent as reported by Boulder; the per-square-foot figure and the yield are our calculations ($2,100,000 and $110,000 for a typical 6,500 SF store). ↩
AutoZone as a Tenant
How AutoZone operates
AutoZone describes itself as a leading retailer and distributor of automotive replacement parts and accessories in the Americas. Its stores serve do-it-yourself customers as well as professional customers such as repair shops, dealerships and fleets, and the company does not earn revenue from repair or installation services (AutoZone, September 22, 2026).
Larger, distribution-oriented stores called Mega Hubs support the commercial side. AutoZone opened 39 Mega Hubs in fiscal 2026, ended the year with 172 and is targeting about 300 over the next three years (earnings call).
Boulder lists a typical AutoZone building at about 6,500 SF. The company estimates that a new store generates roughly $1.7 million in first-year sales, rising to about $2.7 million by year six, which gives you a sense of the volume it expects from each location (earnings call).
Financial strength and growth
AutoZone is rated BBB by S&P (The Boulder Group, September 2026). For fiscal 2026, which ended August 29, 2026, net sales rose 7.4% to $20.3 billion and net income was $2.6 billion (AutoZone, September 22, 2026). Review its current credit ratings from the major agencies as part of your due diligence.
The store base keeps growing. AutoZone had 8,031 stores at the end of fiscal 2026: 6,863 in the U.S., 1,001 in Mexico and 167 in Brazil. It opened 374 stores during the year, its highest annual total, and expects about 400 openings in fiscal 2027, roughly 300 in the U.S., about 120 in Mexico and about 20 in Brazil (AutoZone; earnings call).
Growth isn’t a straight line. Domestic same-store sales rose 1.6% in the fourth quarter, and management expects flat to low-single-digit domestic growth in fiscal 2027. It also lowered its fiscal 2028 store-opening target to about 430 from about 500, mostly by slowing expansion in Brazil (earnings call).
Why Investors Buy AutoZone Properties
AutoZone pairs an investment-grade rating with a long lease. Boulder rates it BBB and shows typical new leases at 15 years, a combination that suits buyers who want credit first and yield second (The Boulder Group, September 2026).
The trade-off is rent growth. Boulder lists rent as flat during the initial term, while Dollar General’s typical lease adds 5% every five years and McDonald’s adds 10% every five years. With flat rent, most of your return comes from the cap rate at purchase and from what the property is worth when the lease ends.
AutoZone also trades at lower yields than Dollar General or Burger King. With 10 years remaining, The Boulder Group’s September 2026 asking range of 5.40% – 5.70% compares with 7.20% – 7.50% for Dollar General and 6.30% – 6.60% for Burger King. You’re paying for the credit and the store growth described above, so decide whether the lower yield fits your goals.
Risks and Market Conditions
A lower yield with flat rent leaves less cushion if conditions change. AutoZone’s own results show how the market can shift: management described a difficult selling environment during the first eight weeks of its fourth quarter (AutoZone, September 22, 2026) and said higher fuel prices likely dampened traffic for most of the quarter (earnings call transcript).
Two structure questions matter as much as the tenant. Boulder lists the typical AutoZone as fee simple or ground lease; under a ground lease you own the land, not the building, which changes what you hold when the lease ends. And Boulder defines a double net lease as one where the landlord is generally responsible for roof and structure, so confirm who handles both on the specific property. Finally, check the remaining term: asking cap rates rise as the term shortens.
Build a Diversified NNN Portfolio
Pairing an AutoZone with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
AutoZone NNN FAQs
What cap rates do AutoZone NNN properties trade at?
Asking cap rates for AutoZone properties currently run 5.80% – 6.10% with 5 years remaining, 5.40% – 5.70% with 10 years remaining and 5.00% – 5.30% for a new 15-year lease (The Boulder Group, September 2026). Actual cap rates vary by location, remaining lease term, guarantor and rent history. Contact us for current cap rates on specific AutoZone opportunities.
How long are AutoZone leases?
The Boulder Group lists a typical new AutoZone lease at 15 years with flat rent during the initial term (September 2026). Confirm the renewal options and the remaining term on any specific property.
Why is AutoZone considered a strong tenant?
AutoZone is publicly traded (NYSE: AZO) and is rated BBB by S&P, according to The Boulder Group. It had 8,031 stores at the end of fiscal 2026 and reported net sales of $20.3 billion for the year (AutoZone, September 22, 2026).
What due diligence should I do before buying?
Review lease documents for terms, escalations, and tenant obligations; confirm zoning compliance and permits; identify competitors within a 5-mile radius; inspect the structure; and perform title and environmental assessments.
Questions about NNN AutoZone Properties for Sale?
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Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.