AutoZone Ground Lease
For Sale
Contact for pricing
Pending
16072 N Westwood Dr, Rathdrum, ID 83858
NNN ground lease with investment-grade tenant in fast-growing Rathdrum, Idaho.
Property Size7,000 SF
Lot Size0.83 Acres
Days on Market109
Property Features for 16072 N Westwood Dr
General Information
Standard status
Pending
Size
7,000 SF
Class
A
Lot size
0.83 Acres
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Building Details
Year Built
2024
Tenancy
Single
Listing Agency:
Hawkins Edwards
(206) 475-5578
Listed By:
Christopher Edwards · License #WA 129418
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Jul 24 at 5:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hawkins Edwards
Investment Insights
Based on property information with market context.
The property at 16072 N Westwood Dr, Rathdrum, Idaho, is a ground lease site occupied by AutoZone. The property is offered for sale at $1,080,000, with a 5.00% cap rate. The parcel spans 0.83 acres (36,155 SF) and is situated in a fast-growing community in Kootenai County, Idaho, near Coeur d'Alene and the Idaho-Washington border. The lease is corporately guaranteed by AutoZone Parts, Inc., which holds investment-grade credit ratings of BBB (S&P) and Baa1 (Moody's). Structured as an Absolute NNN ground lease, the investment requires zero landlord management. Rathdrum has grown 19.7% since 2020 within a 3-mile radius, adding residents at 3.9% per year. A 157-acre mixed-use development is underway nearby. The AutoZone sits adjacent to the #1 performing Super 1 Foods in the country.
Key Highlights
- Absolute NNN ground lease requiring zero landlord management, ideal for passive ownership.
- Corporately guaranteed lease by AutoZone Parts, Inc. with investment‑grade credit ratings (BBB by S&P and Baa1 by Moody's).
- Located adjacent to the #1 performing Super 1 Foods in the country, offering strong co‑tenancy.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$70,560
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,411,200
$1.4M
Cap Rate 7%
$1,008,000
$1.0M
Cap Rate 9%
$784,000
$784.0K
Market Conditions
NOI Build-Up for 7,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$105.0K $15.00/SF
− Vacancy
−$4.2K −$0.60/SF
EGI
$100.8K $14.40/SF
− OpEx
−$30.2K −$4.32/SF
NOI
$70.6K $10.08/SF
Area
Kootenai County, ID
Vacancy
4.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,411,200
Cap Rate 7%
$1,008,000
Cap Rate 9%
$784,000
Alternative Uses
Best Use
Retail
$1.01M
$882.0K – $1.18M
NOI $70,560 @ 7.0% cap · market cap 6.53%
Second Best
Industrial
$597.2K
$522.6K – $696.8K
NOI $41,807 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,294 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
109k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Groceries 33%
Dining 23%
Super 1 Foods
Groceries
31,693 visits/mo
0.1 miles
McDonald's
Dining
22,357 visits/mo
0.3 miles
Bi-Mart
Shops & Services
15,281 visits/mo
0.3 miles
Dollar Tree
Shops & Services
10,769 visits/mo
0.3 miles
76
Shops & Services
10,354 visits/mo
0.3 miles
Demographics for 83858, ID
17,113
Population
7,660
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
92%
High-School Grad
112.1 sq mi
ZIP Area
153
Density / Sq Mi
$93,006
Median Household Income
$38,717
Median Earnings
$1,244
Median Rent
$452,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - NNN ground lease with investment-grade tenant in fast-growing Rathdrum, Idaho.
Where is this nnn property located?
The property is located at 16072 N Westwood Dr Rathdrum, ID.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: Absolute NNN ground lease requiring zero landlord management, ideal for passive ownership.; Corporately guaranteed lease by AutoZone Parts, Inc. with investment‑grade credit ratings (BBB by S&P and Baa1 by Moody's).; Located adjacent to the #1 performing Super 1 Foods in the country, offering strong co‑tenancy.
