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3770 Goodman Rd W 7,817 SF Retail Building Horn Lake, MS 38637 $1,776,835 ($227.30/SF) 5.75% Cap Rate
Investment Highlights
- Early Renewal Execution – AutoZone just exercised its first renewal option despite having 9 years still remaining on the base term
- Strong Rent Growth – The renewed lease now includes two 10% rent increases in 2029 and 2034, providing predictable income growth
- Walmart and Kroger Anchored – The trade area is anchored by a Kroger center directly adjacent to the property and a Walmart Supercenter
- Close to AutoZone HQ – The subject AutoZone is located within a 25-minute drive of AutoZone’s global headquarters in downtown Memphis
- Memphis MSA – Although located just across the Mississippi–Tennessee border, Horn Lake is fully integrated into the Memphis MSA
- Robust Trade Area – The Horn Lake Rd & Goodman Rd intersection (38,000 VPD) is a proven retail node anchored by Walmart, Kroger, and ALDI
Executive Summary
Broker of Record
Phillip Carpenter
License # C-11708 (MS)
Carpenter Properties, Inc.
1437 Old Square Road, Suite 104 Jackson, MS 39211
(866) 889-0550
Phillip Carpenter
License # C-11708 (MS)
Carpenter Properties, Inc.
1437 Old Square Road, Suite 104 Jackson, MS 39211
(866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,817 SF
Building Class
B
Year Built
2004
Price
$1,776,835
Price Per SF
$227.30
Cap Rate
5.75%
NOI
$102,168
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
0.94 AC
Zoning
PUD
Parking
47 Spaces (6.01 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- $11.64
- Double Net
- Apr 2024
AutoZone began in 1979 as Auto Shack and grew from a single store into a company focused on automotive replacement parts and accessories. AutoZone sells products through retail stores, commercial programs, a website, and a mobile app, with merchandise that includes hard parts, maintenance items, accessories, and related non-automotive products. AutoZone supports do-it-yourself customers with repair guides, how-to articles, diagnostic help, and free in-store testing services for batteries, alternators, and starters. The company also offers the ALLDATA brand of automotive repair information and software, extending its reach beyond parts retail into repair data and shop tools.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $11.64 | Double Net | Apr 2024 |
Fairly walkable
40/100
Very drivable
80/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1088283000001200 | Improvements Assessment | $77,332 |
| Land Assessment | $42,911 | Total Assessment | $120,243 |
Property Taxes
Parcel Number
1088283000001200
Land Assessment
$42,911
Improvements Assessment
$77,332
Total Assessment
$120,243
Contacts
-
Conrad Sarreal -
Kevin Puder -
Chad Kurz -
Matthews Real Estate Investment Services
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