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Take 5 Oil Change Ground Lease, Cypress, TX

Take 5 Oil Change Ground Lease

TX, United States

Price $1,372,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type NNN Ground Lease
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 1,310 SF
Lot Size 0.49 Acres (21,470 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

ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 10-year NNN lease with no landlord responsibilities
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation

HARD CORNER LOCATION WITH LARGE CUSTOMER BASE
» Located at signalized hard corner with excellent access and visibility to 22,405 vehicles per day
» Directly across from Cypress Springs High School and Hopper Middle School, with a combined enrollment of over 4,500 students
» Two miles from Lone Star College–CyFair – 16,000+ students
» Approximately 26,500 students attend school within a two-mile radius

RAPIDLY GROWING COMMUNITY WITH ROBUST DEMOGRAPHICS
» The Cypress area is one of the highest-income urban areas in the United States
» Average household incomes well over $90,000 within one-, three-, and five-mile radii
» Significant residential development in the area, with several planned communities under construction near 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
» 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 just off the signalized intersection of Fry Road and Rustic Lake Lane, with excellent visibility and access to 22,405 vehicles per day. Fry Road is a major thoroughfare, and the surrounding area features a mix of retail, residential, and civic developments. Major national tenants in the nearby area include Walmart Supercenter, Kroger, CVS, McDonald’s, Walgreens, Jack in the Box, Verizon, O’Reilly Auto Parts, and many others. Additionally, a number of new retail centers are under construction in the area, including Cypress Springs Plaza, which is directly adjacent to the property and is expected to be completed in Q2 2017.

The property is strategically located directly across from Cypress Springs High School and Hopper Middle School, allowing the property to benefit from the tremendous amount of traffic from parents and kids driving to school. Ten schools are within a two-mile radius of the property, including Lone Star College–CyFair and the newly constructed Cypress Park High School. Approximately 26,500 students attend school within a two-mile radius of the property, providing a large customer base for Take 5 Oil Change.

Significant residential development is happening in the area, with several planned communities being built around the property. These new housing developments continue the trend of rapid growth that has been happening in the Cypress area; the Cypress community has seen a 267.38% growth in population since 2000. With this population growth comes a rise in home prices; home values have appreciated 37.09% in the last year.

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