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Take 5 Oil Change Ground Lease, Lubbock, TX

Take 5 Oil Change Ground Lease

Price $1,025,000
Cap Rate 5.00%
NOI $51,213
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 Five (5) Years
Year Built Q4 2019
Building Size 1,462 SF
Lot Size 0.56 Acres (24,394 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
Executive Managing Director
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

LONG-TERM ABSOLUTE NNN GROUND LEASE
» 10-year absolute NNN ground lease with 10% rental increases in initial term and options, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management, providing an ideal investment opportunity for an out-ofarea investor
» Leased to corporate entity with more than 450 units

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» 31,417 AADT directly in front of the property along Avenue Q
» Convenient access to U.S. Highway 62 (14,096 AADT), U.S. Highway 82 (37,799 AADT), and Interstate 27 (57,453 AADT)
» Minutes from Caprock Shopping Center (259,000 SF of retail space) and South Plains Mall (1.2 million SF of retail space, 140+ stores, 10 million annual visitors)
» Within walking distance of Downtown Lubbock’s Walmart Supercenter
» Within a two-mile radius of nine hotels

NEAR LARGE SCHOOLS & EMPLOYERS IN HIGHLY-POPULATED AREA
» One mile from Texas Tech University (29,000+ students, 1,788 employees, and $1 billion annual economic impact)
» Minutes from Lubbock High School (2,000+ students) and Lubbock Christian University (1,900+ students)
» Three miles from UMC Health System (412 beds, 4,600 employees)
» 164,953 residents live within a five-mile radius of the property

DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service
» Take 5 Oil Change is experiencing explosive growth



Property Description

The property is conveniently located on Avenue Q, which experiences a high traffic count of 31,417 vehicles per day. The property benefits from nearby access to U.S. Highway 62 (14,096 AADT), U.S. Highway 82 (37,799 AADT), and Interstate 27 (57,453 AADT). The property resides in a growing retail corridor and is within minutes of Caprock Shopping Center (259,000 SF of retail space) and South Plains Mall, which welcomes more than 10 million visitors annually. The mall features 1.2 million SF of retail space, a 16-screen Premiere Cinemas theatre, and 140+ stores, including J.C. Penney, The Home Depot, Barnes & Noble, Dillard’s, Forever 21, Chick-fil-A, LensCrafters, Foot Locker, and more. Benefitting from its centralized location in a major transit hub, the site is strategically placed within a two-mile radius of nine different hotels.

The property is close to several highly attended schools and is supported by a robust customer base in a densely populated residential area; 164,953 residents live within a five-mile radius of the property, providing a sizeable customer base for Take 5 Oil Change. The location is one mile from Texas Tech University, which has 29,000+ students, 1788 employees, and has an annual economic impact of $1 billion. The site is also minutes from Lubbock High School (2,000+ students) and Lubbock Christian University (1,900+ students). Visibility is also increased by the location’s proximity to the UMC Health System, which features 412 beds and 4,600 employees.

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