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Take 5 Oil Change Ground Lease, Houston, TX

Take 5 Oil Change Ground Lease

Houston, TX

Price $1,390,000
Cap Rate 5.75%
NOI $79,900
Lease Term 10 Years
Lease Type NNN, Ground Lease, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 1,484 SF
Lot Size 0.33 Acres (14,471 SF)
Status Available
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 10-year NNN lease with no landlord responsibilities
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» Tenant is responsible for maintaining the entire property, including the roof, structure, foundation, parking lot, and landscaped areas
» Leased to 400+ Unit Corporate Entity

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Hard corner location just past the signalized intersection of Westview Drive and Wirt Road, which experiences a combined traffic count of 35,927 vehicles per day
» Convenient access to Interstate 10 (355,642 AADT) and Interstate 610 (283,157 AADT)
» Directly adjacent to Kroger-anchored shopping center
» Minutes from several prominent retail centers, including Memorial City Mall, one of Houston’s more popular malls, and the Houston Galleria, the largest mall in Texas and seventh largest in the United States

IRREPLACEABLE INFILL LOCATION WITH ROBUST DEMOGRAPHICS
» Near several of Houston’s largest employers and major business districts, including the Memorial Hermann Memorial City Medical Center and the Energy Corridor
» 410,424 residents live and 353,932 daytime employees work within five miles of the property
» Affluent customer base, with average household incomes exceeding $100,000 within one-, three-, and five-mile radii

DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service
» Poised for explosive growth

Click Here to Download Offering Memorandum


Property Description

The property is located at the hard corner of Glenmore Forest Street and Westview Drive, with excellent visibility and access to 10,861 vehicles per day. The property is located just past the signalized intersection of Westview Drive and Wirt Road (25,066 AADT); both roads serve as major thoroughfares within the Interstate 10 Corridor submarket. Convenient access to two of Houston’s primary highways—Interstate 10 (355,642 AADT) and Interstate 610 (283,157 AADT)—is also available nearby.

The property is located within a dense retail, residential, and commercial corridor. The property is directly adjacent to a large Kroger-anchored shopping center featuring major national tenants, including Walgreens, Petco, Cato, and Sally Beauty. Several prominent retail centers are located minutes from the property, including Memorial City Mall, one of the city’s more popular malls, and the Houston Galleria, the largest mall in Texas and seventh largest in the United States. Additionally, the property is near several of Houston’s largest employers and major business districts, including the Memorial Hermann Memorial City Medical Center and the Energy Corridor, home to many energy corporations. In total, 353,932 daytime employees work within a five-mile radius of the property. The property is also surrounded by affluent, densely populated residential neighborhoods; 410,424 residents live within five miles of the property, and average household incomes exceed $100,000 within one-, three-, and five-mile radii.

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