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Take 5 Oil Change Ground Lease (North High Street), Columbus, OH

Take 5 Oil Change Ground Lease (North High Street)

OH, United States

Price $920,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 10% Rental Increases Eveyr 5 Years
Year Built 1996/2017
Building Size 3,505 (Including Basement)
Lot Size 0.30 Acres (13,068 SF)
Status Sold
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

Investment Highlights

NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» Brand new 15-year corporate absolute net lease with no landlord responsibilities, ideal for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Building built at tenant’s expense, demonstrating long-term commitment to the location

HIGH TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» 32,131 vehicles per day directly in front of the property on North High Street
» Just off of signalized intersection of North High Street and Morse Road, with approximately 55,000 vehicles per day at the intersection
» Near Graceland shopping center, anchored by Target, Kroger, Michaels, and L.A. Fitness

CENTRAL COLUMBUS LOCATION WITH ROBUST DEMOGRAPHICS
» Located seven miles from downtown Columbus
» Located four miles from The Ohio State University – over 58,000 students enrolled at Columbus campus
» Population of 353,615 within a five-mile radius of the property, providing a large customer base for Take 5 Oil Change

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

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located on North High Street, with excellent access and visibility to 32,131 vehicles per day. The property is located near Graceland, a large retail center with approximately 50 different stores and services. Graceland is anchored by Target, Kroger, Michaels, and L.A. Fitness, and features a wide range of national tenants, including OfficeMax, Sally Beauty Supply, Avenue, GameStop, and others. Olentangy Plaza is also near the property. The shopping plaza is anchored by Marshalls, Tuesday Morning, and Micro Center and features a number of major retailers, including Chipotle, Plato’s Closet, Five Guys, and Great Clips. Other tenants in the immediate area of the subject property include Walgreens, Verizon, Dollar General, Petco, and Half Price Books.

The property is centrally located near downtown Columbus, which is just seven miles from the property down North High Street. The Ohio State University is conveniently located four miles away from the property. The university is one of the largest in the United States, with an enrollment of over 58,000 students at the Columbus campus. Additionally, the property is located in a densely populated area. Over 353,000 people live within a five-mile radius of the site, providing a large customer base for Take 5 Oil Change.

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