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STNL AutoZone/BBB Credit/Below Market Rent 1102 E Church St 6,786 SF Retail Building Cherryville, NC 28021 $1,287,000 ($189.66/SF) 6% Cap Rate
Investment Highlights
- Auto Zone (NYSE: ATO) publicly traded / Investment grade BBB (S&P)
- Below Market Rent & Growing income stream - 10% Increase in rent every 5 years
- 26 Years at this location with 20 years of potential option term remaining
- STNL ease of management as tenant responsible for property taxes, liability insurance, and recurring operating expenses
- Land & building ownership provide tax benefits - Ideal for 1031 exchange
- Located in high growth suburb of Charlotte, NC
Executive Summary
North Carolina Broker of Record: DARREN WOOD License No. 9359
Faris Lee Investments is pleased to present the unique opportunity to acquire a Single Tenant Net Lease property occupied by AutoZone, the dominant force in the automotive aftermarket industry. This asset represents an exceptional passive investment, secured by a corporate lease with an investment-grade tenant in the high-growth Charlotte, NC MSA. The property offers fee-simple building ownership at 1102 E Church Street, providing excellent tax benefits through cost segregation and accelerated depreciation.
The investment is backed by an exceptionally strong corporate guarantee. AutoZone (NYSE:AZO) is the largest auto parts retailer in the U.S. and carries a ‘BBB Stable’ investment-grade credit rating from S&P. Operating since 1979, the company demonstrates massive financial strength with a $58 Billion market capitalization (as of May 2026), fiscal year 2025 revenues exceeding $18.9 Billion, and a footprint of over 7,100 stores across the U.S., Mexico, and Brazil. A key feature of this asset is the ease of management provided by the corporate lease structure. The tenant handles property taxes, insurance, utilities, landscaping, HVAC, and dayto-day maintenance. Landlord responsibilities are limited strictly to the roof, structure, and major parking lot replacement, requiring no management overhead. This hands-off structure creates a secure vehicle perfect for a passive investor or 1031 exchange buyer looking for immediate corporate cash flow.
Faris Lee Investments is pleased to present the unique opportunity to acquire a Single Tenant Net Lease property occupied by AutoZone, the dominant force in the automotive aftermarket industry. This asset represents an exceptional passive investment, secured by a corporate lease with an investment-grade tenant in the high-growth Charlotte, NC MSA. The property offers fee-simple building ownership at 1102 E Church Street, providing excellent tax benefits through cost segregation and accelerated depreciation.
The investment is backed by an exceptionally strong corporate guarantee. AutoZone (NYSE:AZO) is the largest auto parts retailer in the U.S. and carries a ‘BBB Stable’ investment-grade credit rating from S&P. Operating since 1979, the company demonstrates massive financial strength with a $58 Billion market capitalization (as of May 2026), fiscal year 2025 revenues exceeding $18.9 Billion, and a footprint of over 7,100 stores across the U.S., Mexico, and Brazil. A key feature of this asset is the ease of management provided by the corporate lease structure. The tenant handles property taxes, insurance, utilities, landscaping, HVAC, and dayto-day maintenance. Landlord responsibilities are limited strictly to the roof, structure, and major parking lot replacement, requiring no management overhead. This hands-off structure creates a secure vehicle perfect for a passive investor or 1031 exchange buyer looking for immediate corporate cash flow.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
6,786 SF
Building Class
B
Year Built
2007
Price
$1,287,000
Price Per SF
$189.66
Cap Rate
6%
NOI
$77,220
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
1.60 AC
Opportunity Zone
Yes
Zoning
RET03 - Per the city of Cherryville the location is zoned B-3 (General Business)
Parking
42 Spaces (5.75 Spaces per 1,000 SF Leased)
Frontage
95’ on Church St
Amenities
- Freeway Visibility
- Pylon Sign
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
AutoZone began operations in 1979 as Auto Shack in Arkansas and grew into a retailer and distributor of automotive replacement parts and accessories. AutoZone serves do-it-yourself customers and commercial customers through store locations and digital channels, with product lines that include new and remanufactured hard parts, maintenance items, accessories, and non-automotive products for cars, sport utility vehicles, vans, and light-duty trucks. AutoZone also maintains a market presence across the Americas, including operations in the United States, Mexico, and Brazil.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $9.99 | Lorem Ipsum | Jan 0000 |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 212598 | Improvements Assessment | $542,010 (2025) |
| Land Assessment | $195,500 (2025) | Total Assessment | $737,510 (2025) |
Property Taxes
Parcel Number
212598
Land Assessment
$195,500 (2025)
Improvements Assessment
$542,010 (2025)
Total Assessment
$737,510 (2025)
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