AutoZone Net Lease Market Report Summary
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Every sale and listing, plus the numbers behind each chart.
Closed AutoZone net leases traded at a 4.60% median cap rate across 35 sales, Dec 2022 to Oct 2026; listings ask 5.13%, about 53 bps wider than trades.
Market report · Data through · Updated · The Finem Group
- Average sold cap rate, 2026
- 4.57%
- 9 sales
- Median asking cap rate
- 5.13%
- 8 listings
- Median sold cap rate
- 4.60%
- 35 sales, all years
- Average rent per site
- $70K
- 35 sales, reported NOI
At a glance
Credit
- Parent
- AutoZone, Inc. (NYSE: AZO)
- FY2026 sales
- $20.3 billion, up 7.4%
- Ratings
- Baa1 / BBB / BBB on its July 2026 senior notes, as printed on the SEC term sheet
- Fitch
- BBB, stable outlook (affirmed Sep 2026, as reported)
- Guarantor
- AutoZone, Inc. is named as guarantor on 7 of the 13 offering memoranda we read; subsidiaries such as AutoZone Development LLC appear as tenant. Confirm the entity in each lease.
Ratings as printed on AutoZone's July 2026 note offering (SEC term sheet); Fitch's September 2026 affirmation as reported in the financial press. Guarantor from 13 broker offering memoranda.
A typical lease
- Structure
- Net lease; 24 of the 35 sales reported as ground leases
- Term
- 15 of 32 at 15 yrs, 10 at 20
- Price range
- $660K to $3.0M on closed sales
Company overview
AutoZone closed fiscal 2026 with 8,031 stores: 6,863 in the U.S., 1,001 in Mexico and 167 in Brazil, after opening 374 during the year.
Fiscal 2026 sales rose 7.4% to $20.3 billion, and domestic same-store sales rose 3.3% (SEC Form 8-K, Sept 22, 2026).
The short version
In 2026, 9 AutoZone net leases sold at an average 4.57% cap rate. Asking cap rates today are a median 5.13%, higher. A lower cap rate means a higher price.
The average closed site pays about $70K a year in rent. Rent is the annual net operating income reported on each sale.
Building age moves the price most. The 25 sales of stores built in 2019 or later had a 4.55% median cap rate; the 10 older stores had a 5.76% median. The 24 sales reported as ground leases had a 4.53% median. The asking figures are for different properties than the closed sales, so the gap between them is not a paired ask-to-close spread.
Want the longer write-up? Read our full AutoZone analysis.
Cap rates over time
SoldAsking
A cap rate is the yearly rent divided by the price. A lower cap rate means a higher price. Each mark is one comp.
Sales December 2022 to October 2026. Years with few sales can swing a lot. Reported, not verified.
Recent sales
The 10 most recent of 35 sales. Yearly rent is the net operating income reported on the sale.
| Location | Sold | Price | Cap rate | Acres | Yearly rent |
|---|---|---|---|---|---|
| Peoria, AZ | Oct 2026 | $1,240,000 | 4.15% | – | $52,500 |
| Murfreesboro, TN | Jul 2026 | $1,705,263 | 4.75% | – | $81,000 |
| Bradenton, FL | Jul 2026 | $1,535,800 | 4.20% | – | $64,500 |
| Mansfield, OH | Jun 2026 | $876,000 | 5.11% | – | $44,720 |
| Parrish, FL | May 2026 | $1,850,000 | 4.38% | – | $81,000 |
| Rio Grande City, TX | May 2026 | $2,975,000 | 4.75% | – | $141,300 |
| Palmetto, FL | Apr 2026 | $1,800,000 | 4.33% | – | $78,000 |
| Honesdale, PA | Mar 2026 | $1,257,500 | 4.77% | – | $59,983 |
| Waukee, IA | Mar 2026 | $1,162,000 | 4.65% | – | $54,000 |
| Gulf Breeze, FL | Dec 2025 | $970,000 | 4.12% | – | $40,000 |
The full report lists every sale with its address and source. Prices and cap rates are as reported by brokers and public sources.
On the market now
All 8 AutoZone net leases listed for sale today. These are asking prices, not closed sales.
| Location | Asking price | Asking cap rate | Acres | Yearly rent |
|---|---|---|---|---|
| Carrollton, TX | $2,588,000 | 4.25% | – | $110,000 |
| San Antonio, TX | $1,600,000 | 4.38% | – | $70,000 |
| Fountain, CO | $2,395,000 | 4.80% | – | $115,000 |
| Tampa, FL | $3,300,000 | 5.00% | – | $165,000 |
| Houston, TX | $2,276,800 | 5.25% | – | $119,532 |
| Gas City, IN | $827,273 | 5.50% | – | $45,500 |
| Colorado Springs, CO | $1,980,000 | 5.50% | – | $108,900 |
| Horn Lake, MS | $1,776,835 | 5.75% | – | $102,168 |
Asking prices can change. Reported, not verified.
Full report
Get the Full Report
The full report has every comp with its source, cap rates by year, building age and region, current listings, and the tenant profile.
Own a AutoZone property? Call us and we will tell you what it would sell or lease for today.
Have land to develop? We bring you the tenant.
Prefer to talk? Call 706.294.1757
Questions investors ask
What cap rate do AutoZone net leases sell at?
Closed AutoZone net leases in this data set traded at a median 4.60% cap rate (35 sales, December 2022 to October 2026), ranging 4.12% to 7.80%.
What are AutoZone net leases asking?
On-market AutoZone net lease listings asked a median 5.13% cap rate across 8 listings as of Nov 12, 2026, against a 4.60% median on closed sales.
How much rent does a AutoZone net lease pay?
The average closed AutoZone site in this data set pays about $70K a year (net operating income reported on the sale, 35 sales, Dec 2022 to Oct 2026).
How current is this AutoZone data?
The newest closed sale here is from October 2026, and the data runs to Nov 12, 2026. The page was last updated Nov 12, 2026.
Do newer AutoZone stores sell at lower cap rates?
Yes. In this sample, the 25 sales of stores built in 2019 or later had a 4.55% median cap rate, against 5.76% for the 10 older stores.
Does AutoZone have a credit rating?
Yes. Its July 2026 senior notes carry investment grade ratings of Baa1, BBB and BBB as printed on the SEC term sheet, and Fitch affirmed its BBB rating with a stable outlook in September 2026, as reported.
How many stores does AutoZone operate?
AutoZone ended fiscal 2026 with 8,031 stores: 6,863 in the U.S., 1,001 in Mexico and 167 in Brazil (SEC Form 8-K, September 22, 2026).
Talk to the team
More from The Finem Group
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Sources
- AutoZone fourth-quarter and fiscal 2026 results (SEC Form 8-K, exhibit 99.1) (opens in a new tab)
- AutoZone 4.950% senior notes due 2031, final term sheet with ratings (SEC, July 7, 2026) (opens in a new tab)
Cite this report
Use the figures with a link back to this page. Suggested citation:
Finem Group at Meybohm Commercial. AutoZone Net Lease Market Report Summary. October 2026. https://finemgroup.com/autozonemarketreport-573166
Data: Crexi / CoStar, 35 closed and 8 on-market net lease comps, as of Nov 12, 2026. Closed sales Dec 2022 to Oct 2026. The 8 listings were read from Crexi on Nov 12, 2026 (single tenant, on the market a year or less, 12 or more years of lease left). Rent is the reported NOI, otherwise price times cap rate. Figures are reported, not verified. Information is believed reliable but is not guaranteed. An independent market report; not investment, legal or tax advice. 948 Reynolds Street, Augusta, GA 30901.