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Take 5 Oil Change Ground Lease, San Marcos, TX

Take 5 Oil Change Ground Lease

TX, United States

Price $1,296,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type NNN Ground Lease
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017 Renovation
Building Size 1,444 SF
Lot Size 0.47 Acres (20,342 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 15-year NNN lease with no landlord responsibilities
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation

HIGH-TRAFFIC, CENTRAL LOCATION
» Immediate access to Interstate 35, the major route between the Austin and San Antonio metro areas, with 139,414 vehicles per day
» Close proximity to the San Marcos Outlet Malls, one of the top tourist attractions in Texas, with 11 million visitors annually
» Near the Texas State University campus, with 38,808 students and 4,754 employees

PRIME LOCATION IN RAPIDLY GROWING AREA
» Excellent location in the San Antonio-Austin corridor, a growth corridor that is expanding more rapidly than any other in the nation
» In 2012 and 2013, San Marcos was the fastest growing city in the nation
» In 2017, Hays County was listed as one of the nation’s fastest growing large counties
» Austin’s population has grown 60% since 2000, the fastest rate among U.S. metro areas with populations above one million

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. (2,000+ units and over $2.1 billion in annual sales)
» Poised for explosive growth

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is conveniently located on Texas Highway 80, with excellent access and visibility to 35,148 vehicles per day. The property benefits from immediate access to Interstate 35, the major route between the Austin and San Antonio metro areas, with a high traffic count of 139,414 vehicles per day. The property is directly across from San Mar Plaza, anchored by Hobby Lobby and Tractor Supply and tenanted by Dollar General, Verizon, Payless, Supercuts, and others. Other major tenants located nearby include Walmart Supercenter, Half Price Books, H-E-B, Walgreens, Office Depot, and CVS. The San Marcos Outlet Malls, comprised of the adjacent San Marcos Premium Outlets and the Tanger Factory Outlet Center, are located just over five miles from the property down Interstate 35. The San Marcos Outlet Malls are one of the top tourist attractions in Texas and have been named one of the best places to shop in the world. The malls are visited by approximately 11 million people annually, creating a huge customer base for other retail stores in San Marcos. During peak seasons, shoppers at the malls can reach numbers that effectively triple the population of San Marcos.

The property is located just over a mile from downtown San Marcos and the Texas State University campus. Texas State University is the largest institution in the Texas State University System and the fourth largest university in Texas, with an enrollment of 38,808 students for the 2016 fall semester. Additionally, the university is the sixth largest employer in the Austin metropolitan area, with 4,754 employees.

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