5071 Rt-23
Oneonta, NY 13820
AutoZone | NNN GL · Retail Property For Sale

Below Market Lease Rate – The Tenant, AutoZone, Inc., recently executed a 15-year NNN Ground Lease that commenced in February 2025. AutoZone is paying an inexpensive rental rate of approximately $9 PSF, meanwhile nearby Southside Mall is quoting $30 PSF for comparable space. The lease features rental increases of eight percent (8%) every five years during the base term and in each of the three, five-year option periods, offering a nice hedge against inflation. The lease is corporately guaranteed by AutoZone, Inc. (NYSE: AZO), which is rated “BBB” by Standard & Poor’s and “Baa1” by Moody’s.
Regional Retail Corridor; By Walmart Supercenter with 3.1M Annual Visits – The AutoZone site is located along the Susquehanna River on Route 23, which averages 15,554 VPD, directly across from a very high traffic Walmart Supercenter. The Walmart achieves 3.1M customer visits annually, per Placer.ai, which ranks in the top 8% of the entire U.S. chain and top 15% in the state of New York. It is the only Walmart Supercenter in a 25-mile radius making it a retail destination in a dominant commercial corridor in the region. In addition, the Walmart site is adjacent to the Southside Mall on the same side of Route 23, which contains retailers such as Dick’s Sporting Goods, T.J. Maxx, Petco, Michael’s, and Harbor Freight. Other notable retailers include a high performing Aldi, the 9th best Buffalo Wild Wings in the U.S., per Placer.ai, and a BJ’s Wholesale Club, in addition to McDonald’s, Panera Bread, Dollar Tree, and other various retailers and restaurants.
Regional Accessibility off I-88 & NY-23 Interchange – AutoZone occupies a 1.42-acre site ideally positioned off Interstate-88 (17,453 VPD) and NY Route 23 (15,634 VPD). Interstate-88 extends for 117 miles in a northeast–southwest direction, from an interchange with I-81 north of the city of Binghamton to an interchange with the New York State Thruway (I-90) west of Schenectady. The freeway serves as an important connector route from the Capital District to Binghamton, Elmira, and Scranton, Pennsylvania (via I-81). Interstate-88 closely parallels NY 7, which was once the main route through the area. NY Route 23 extends from Cortland County all the way to the Berkshire Mountains in Massachusetts, passing through many communities including Oneonta. The AutoZone site is roughly one-half-mile from where these 2 major corridors intersect along the Susquehanna River.
Industry Leading Auto Parts Retailer – AutoZone, Inc. is the nation’s leading retailer and distributor of automotive replacement parts and accessories with more than 7,200 stores across the US, Mexico, and Brazil. The Company generated $18.49 Billion in sales in 2024, an increase of 5.92% over 2023, topping both O’Reilly Auto Parts and Advance Auto Parts, who reported year-end sales of $16.7B and $9.09B respectively. The retailer’s stock price has also increased by 27.10% over the last five years, which is nearly double the 14.05% increase for the industry over the same period.