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 Managing 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 Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 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.
