AutoZone

  • $3,300,000
3455 S Decatur Blvd - Las Vegas, NV 89102
Under Contract
AutoZone
3455 S Decatur Blvd - Las Vegas, NV 89102
  • $3,300,000

Property Highlights

  • 3455 S Decatur Blvd is on an absolute triple net lease to Autozone, Inc.
  • 3455 Autozone ranks in the top 98% of all Autozones nationally and runs at an extremely low rent to sales ratio (Ask Agent for 2023 sales data)
  • Autozone site is ideally situated at the hard corner and signalized intersection of Dectaur Blvd and Spring Mountain Road in Chinatown (Spring Valley)
  • 3455 was constructed in 1974 and had three(3) additions put on over the years in 1980, 1994 and 2008, respectively demonstrating the strength of the location
  • AZO’s current rent is roughly 38.5% below market, so exercising their remaining two (2) five (5) year options is highly likely
  • Retail Rent Growth Outperforming: The Las Vegas retail market has showcased impressive stability and control, maintaining low vacancy rates and consistent rent growth. Year over Year retail rents have grown by 6.6% outperforming the national average (3.6%) for the ninth straight year | CoStar 2024 forecast calls for Las Vegas to outperform for a 10th consecutive year. 
  • Vacancy at 15-Year Low: The vacancy rate is near 5%, a 15-year low, and has remained below the all-time average of 7.3% since 2018. Demand has been positive for the past 10 years and leasing trends suggest this trend will continue in the near term. Minimal retail development has been completed in Las Vegas since the Great Recession and less than 1 million square feet is under construction, which would only increase inventory by 0.7% which will assist in driving retail rent growth.
  • Diverse and Growing Demand: The demand within the Las Vegas industrial real estate market is strong and diverse, driven by various factors including its strategic location to major MSA’s, growing population, and expanding logistics and e-commerce sectors. This demand has led to the rapid absorption of new developments and the pre-leasing of space, highlighting the market’s resilience and potential for growth.
  • Autozone has exposure to over 32,000 VPD on Spring Mountain Road and over 37,500 VPD on Decatur Boulevard
  • Nevada is 1 of 9 states with significant tax advantages

Details

  • Price: $3,300,000
  • Year Built: 1974/2017
  • Property Type: Single Tenant
  • Property Status: Under Contract

Additional Details

  • Price/SF: $507.38
  • Cap Rate: 4.36%
  • Rentable Area: 6,504 SF
  • Lot Size: 0.45 AC
  • Zoning: CG (Commercial General)
  • Address 3455 S Decatur Blvd
  • City Las Vegas
  • State/county Nevada
  • Zip/Postal Code 89102

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