AutoZone NNN
For Sale
Contact for pricing
5110 W STATE RD 46, Sanford, FL 32771
Absolute NNN lease structure supports a passive ownership profile with no landlord responsibilities during the lease term.
Property Size7,424 SF
Price / SF$172.62
Days on Market18
Property Features for 5110 W STATE RD 46
General Information
Standard status
Active
Size
7,424 SF
Property subtype
Retail
Occupancy
100%
Site & Location
Traffic Count
28,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2017
Buildings
1
Tenancy
Single
Abandoned
No
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License #02154562
(888) 737-2264
Source:
Crexi
Added: Aug 19
Changed: Sep 4
Last Checked: Sep 4 at 3:05PM
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 Bang Realty
Investment Insights
Based on property information with market context.
This single-tenant AutoZone property occupies 7,424 square feet and has operated at the site since it was built in 2017. The ground lease is structured as absolute NNN, with the primary term extending through May 2032. It includes 10% rent increases every five years, beginning again in June 2027, along with four additional five-year renewal options. A corporate guaranty from AutoZone supports the lease, and the tenant carries an investment-grade BBB rating from S&P.
The property fronts State Road 46, a major east-west route carrying 28,000 VPD, and sits less than two miles from Interstate 4, where traffic reaches 140,000 VPD. Additional connectivity is provided by State Road 417 and State Road 429. The surrounding trade area includes major national retailers and a concentration of automotive dealerships, while Orlando Sanford International Airport served more than 3.1 million passengers in 2025.
The property fronts State Road 46, a major east-west route carrying 28,000 VPD, and sits less than two miles from Interstate 4, where traffic reaches 140,000 VPD. Additional connectivity is provided by State Road 417 and State Road 429. The surrounding trade area includes major national retailers and a concentration of automotive dealerships, while Orlando Sanford International Airport served more than 3.1 million passengers in 2025.
Key Highlights
- 7,424‑square‑foot AutoZone property constructed in 2017
- Absolute NNN ground lease runs through May 2032
- 10% rental escalations every five years; next increase occurs June 2027
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
$41,472
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
3.24%
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%
$829,440
$829.4K
Cap Rate 7%
$592,457
$592.5K
Cap Rate 9%
$460,800
$460.8K
Market Conditions
NOI Build-Up for 7,424 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
$65.0K $8.76/SF
− Vacancy
−$5.8K −$0.78/SF
EGI
$59.2K $7.98/SF
− OpEx
−$17.8K −$2.39/SF
NOI
$41.5K $5.59/SF
Area
Seminole County, FL
Vacancy
8.90%
Lease Rate
$8.76 /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%
$829,440
Cap Rate 7%
$592,457
Cap Rate 9%
$460,800
Alternative Uses
Best Use
Retail
$2.08M
$1.82M – $2.43M
NOI $145,784 @ 7.0% cap · market cap 11.38%
Second Best
Industrial
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,886 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28,000 VPD
Traffic count
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 32771, FL
57,178
Population
24,062
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
91%
High-School Grad
37.5 sq mi
ZIP Area
1,525
Density / Sq Mi
$74,520
Median Household Income
$43,321
Median Earnings
$1,584
Median Rent
$332,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN lease structure supports a passive ownership profile with no landlord responsibilities during the lease term.
Where is this nnn property located?
The property is located at 5110 W STATE RD 46 Sanford, FL.
What is the asking price?
The asking price for this property is $1,281,553.
What are key features of this property?
This property features: 7,424‑square‑foot AutoZone property constructed in 2017; Absolute NNN ground lease runs through May 2032; 10% rental escalations every five years; next increase occurs June 2027
