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Take 5 Oil Change Ground Lease, Largo, FL

Take 5 Oil Change Ground Lease

Largo, FL

Price $1,250,000
Cap Rate 6.00%
NOI $75,000
Lease Term 10 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 1,676 SF
Lot Size 0.25 Acres (11,099 SF)
Status Available
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

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

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

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENT INCREASES
» New 10-year NNN ground 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
» Lease guaranteed by Driven Systems, LLC (net worth over $400 million)

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located just off of the signalized intersection of Missouri Avenue North and Rosery Road, which experiences a high traffic volume of 44,395 vehicles per day
» Directly across from the recently redeveloped Midway Plaza, tenanted by LA Fitness, T.J. Maxx, Ross, Dollar Tree, and Mattress Firm
» Adjacent to Walmart Supercenter

CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Within walking distance of Largo High School, which has a total enrollment of 1,724 students
» Close to Largo Medical Center, a 425-bed hospital with approximately 1,800 employees
» Just over a mile from downtown Largo and minutes from St. Petersburg–Clearwater International Airport and Tampa International Airport
» 250,561 residents live and 133,464 daytime employees work within a five-mile radius, providing a large customer base

DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service
» Subsidiary of Driven Brands, Inc. (2,500+ units with over $2.1 billion in annual sales)
» Poised for explosive growth

Click Here to Download Offering Memorandum


Property Description

The property is conveniently located just off of the signalized intersection of Missouri Avenue North and Rosery Road, which experiences a high traffic volume of 44,395 vehicles per day. Located in a dense retail corridor, the property is close to several large shopping centers and notable retailers. The property is directly adjacent to Central Park Plaza— featuring Rent-A-Center, Family Dollar, Goodwill, and NAPA Auto Parts—and across from the recently redeveloped Midway Plaza, tenanted by LA Fitness, T.J. Maxx, Ross, and Dollar Tree. The property is also adjacent to Walmart Supercenter and is a short distance from Aldi, Badcock Home Furniture, Verizon, Youfit Health Clubs, Denny’s, Burger King, and more. Several large malls and retail centers are located just minutes away, including Largo Mall, Clearwater Mall, and Clearwater Plaza.

The property is centrally located just over a mile from downtown Largo and within walking distance of Largo High School, which has a total enrollment of 1,724 students. Additionally, the property is close to Largo Medical Center, a 425-bed hospital with approximately 1,800 employees. Recreational areas like Largo Central Park, Belleview Biltmore Golf Club, and Gulf Coast beaches are just minutes from the property. Additionally, the property is supported by a large customer base, with 250,561 residents living and 133,464 daytime employees working within a five-mile radius.

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