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Take 5 Oil Change Ground Lease, Houston, TX

Take 5 Oil Change Ground Lease

Houston, TX

Price $1,075,000
Cap Rate 5.50%
NOI $59,040
Lease Term 11 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 2020
Building Size 1,417 SF
Lot Size ±0.37 Acres (16,117 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

LONG-TERM ABSOLUTE NNN GROUND LEASE
» 11-year absolute NNN ground lease with four (4) five-year option periods
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» Absolute NNN ground lease is an ideal passive investment for an out-of area investor
» 10% rental increases every five years, providing a hedge against inflation
» Leased to corporate entity with more than 450 units

SIGNALIZED HARD-CORNER LOCATION IN DENSELY POPULATED AND AFFLUENT TEXAS MARKET
» Combined 53,525 AADT at the signalized four-way intersection of Jones Road and Cypress North Houston Road
» 266,165 residents within a five-mile radius of the property
» Beneficial proximity to U.S. Highway 290 (226,276 AADT) and State Route 249 (166,890 AADT), increasing traffic to the location
» Supported by an affluent customer base, with an average annual household income of $103,928 within a five-mile radius of the site
» Projected nine percent AAHI increase within five miles of the site in the next five years, poising Houston and Take 5 Oil Change for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Within five miles of 12 major shopping centers featuring 4.8 million SF of retail space and 621 stores, promoting crossover shopping to the location
» Surrounded by several well-established national retailers, including Kroger, CVS Pharmacy, , Walgreens, Family Dollar, Jack in the Box, Walmart Supercenter, and more
» Four miles from Lone Star College – University Park (5,500 students)
» Gateway to Downtown Houston, the fourth most populous city in the U.S.

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 is experiencing explosive growth and recently announced franchising plans
» New 2020 construction located in an income tax free state



Property Description

The property has a signalized hard-corner location at the four-way intersection of Jones Road and Cypress North Houston Road, with visibility and access to 53,525 vehicles per day in front of the site. The property also benefits from its proximity to U.S. Highway 290 (226,276 AADT) and State Route 249 (166,890 AADT), significantly increasing traffic to the site. The location resides in a densely populated area, with 266,165 residents living within a five-mile radius of the property. The location is also supported by an affluent customer base, with an average annual household income of $103,928 within a five-mile radius of the site. The location is primed to grow along with the surrounding area, with a projected nine percent average annual household income increase within five miles of the site in the next five years.

The site maintains a central location near large employers, retailers, and community hubs. The property experiences high visibility with its location within five miles of 12 major shopping centers featuring 4.8 million SF of retail space and 621 stores, promoting crossover shopping to the location. The site is surrounded by several well-established local and national retailers, including Kroger, CVS Pharmacy, Walgreens, Family Dollar, Jack in the Box, Walmart Supercenter, and many more. The location also resides four miles from Lone Star College – University Park (5,500 students). And the site serves as a common gateway to Downtown Houston, the fourth most populous city in the U.S.

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