Take 5 Oil Change
Durham, North Carolina
| Price | $1,457,000 |
| Cap Rate | 5.15% |
| NOI | $75,000 |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2021 |
| Building Size | 1,936 SF |
| Lot Size | ±0.306 Acres (13,329.36 SF) |
| Status | Available |
| Lead Broker Information | Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Jack Hinson Brokerage 704.572.9921 jack.hinson@cushwake.com CA RE License #02059267 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR GUARANTEED ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» 10% rental increases in initial term and options, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance
» No landlord management, providing an ideal investment opportunity for an out-of-area investor
HIGH-VISIBILITY LOCATION IN A DENSELY POPULATED AND AFFLUENT AREA
» 35,000 AADT in front of the property on North Duke Street/Roxboro Street and just off Holt School Road with an additional 1,410 AADT
» Convenient access to Interstate 85 (106,000 AADT)
» Average annual household income of $78,032 within a three-mile radius of the location, with a projected 13 percent annual household increase in the next five years
» 132,033 residents live within a five-mile radius of the site with a projected nine percent increase within the next five years, poising Take 5 and Durham for significant concurrent growth
CENTRAL LOCATION NEAR MAJOR SCHOOLS, EMPLOYERS, AND COMMUNITY HUBS
» Walking distance to Stonewood Apartments (100 units) and Holt Elementary (673 students), increasing traffic to the location
» 1.4 miles from Duke Regional Hospital (388 beds, 3,500 employees) and Magnolia Pointe Apartment Homes (266 units)
» Surrounded by a strong mix of national including Lowe’s Home Improvement, Firestone Complete Auto Care, Advance Auto Parts, AutoZone Auto Parts, Jiffy Lube, McDonald’s,
Wendy’s, Taco Bell, Hardee’s, and many more
DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service
» Property features two bays, which historically increases profit margin
» Subsidiary of Driven Brands, Inc. (4,100+ units with over $3.1 billion in annual sales)
» Take 5 is experiencing explosive growth and recently announced franchising plans
Property Description
The property is strategically located on North Duke Street/Roxboro Street and Holt School Road with a combined 36,410 vehicles per day by the property. The site offers convenient access to Interstate 85 (106,000 AADT), which brings additional traffic to the location. The surrounding area is affluent and densely populated with an average household income of $78,032 within three miles of the property. 132,033 residents live within a five-mile radius of the site with a projected nine percent increase within the next five years, poising Take 5 and Durham for significant concurrent growth.
The subject property is located near schools, large employers, and community hubs. The property is located in a dense retail area and surrounded by single and multi-family units. The site is also surrounded by a strong mix of national including Lowe’s Home Improvement, Firestone Complete Auto Care, Advance Auto Parts, AutoZone Auto Parts, Jiffy Lube, McDonald’s, Wendy’s, Taco Bell, Hardee’s, and many more. Duke Regional Hospital (388 beds, 3,500 employees) is 1.4 miles from the site, increasing traffic to the location.
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