AutoZone
Investment-grade (BBB) parts retailer with steady sales and ongoing growth into commercial/hub stores. Ground leases and absolute NNN deals are common and trade at low cap rates; long renewal options with modest bumps.
- US units
- 6,863
- FY2026 (Aug 2026)
- 3Y net growth
- +11.3%
- vs. FY2022
- Credit rating
- BBB
- Investment grade
- Typical term
- 15-20 yr
- Absolute NNN (often ground lease)
- Model
- Corporate
- Public
Unit count
AutoZone in the news
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AutoZone net lease FAQ
What is AutoZone's credit rating?
AutoZone is rated BBB, which is investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many AutoZone locations are there in the US?
AutoZone reported about 6,863 US locations as of FY2026 (Aug 2026). That is +11.3% versus 6,168 in FY2022.
What does a typical AutoZone net lease look like?
Lease type: Absolute NNN (often ground lease). Initial term: 15-20 yr. Rent increases: 6-10% every 5 yr / at options. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is AutoZone corporate or franchised?
Operating model: Corporate. For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.