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Take 5 Oil Change Ground Lease, Spring, TX

Take 5 Oil Change Ground Lease

TX, United States

Price $1,507,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type
Rental Increases 10% Rental Increases in Year 6 and at the Beginning of Each Option Period
Year Built Renovated 2016
Building Size 2,074 sq. ft.
Lot Size 0.4863 Acres (21,185 sq. ft.)
Status Sold
Lead Broker Information Scott Crowle
Senior Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Executive Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

SINGLE TENANT, ABSOLUTE NNN LEASE WITH FIXED RENTAL INCREASES
» 10-year NNN lease with no landlord responsibilities
» 10% fixed rental increases every five years in primary term and extension periods, offering hedge against inflation

HIGH TRAFFIC COUNT LOCATION AND ROBUST DEMOGRAPHICS IN RAPIDLY GROWING AREA
» Great access and visibility to over 69,205 vehicles per day on Louetta Road and Stuebner Airline Road
» Over 50% of households estimated to own two or more vehicles
» Harris County has gained over 90,000 residents during the past two years

ECONOMICALLY DIVERSE GREATER HOUSTON MSA MARKET
» Houston, the 4th largest city in the U.S., is located only 25 miles from the site is ranked 10th in Forbes’ jobs growth list
» Population of over 262,400 within a five-mile radius of the property
» Texas is an income tax free state

DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than 5 minutes, with the customer remaining in their vehicle during service
» Subsidiary of Driven Brands, Inc. ($2.1 billion in sales)
» Poised for explosive growth

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located along Louetta Road, approximately 25 miles from downtown Houston. The site is strategically located in a high traffic area. Louetta Road and Stuebner Airline Road experience a combined traffic count of 69,205 vehicles per day in front of the property. The site also benefits from its location in a densely populated area, with a population of 262,418 within a five-mile radius.

The site is additionally advantaged by its proximity to major retailers. Multiple retail centers are close to the property. Klein Square is located directly adjacent from the property; its tenants include Family Dollar, Aaron’s, and Food Town. Other notable tenants in the area are Walgreens, H.E.B., and LA Fitness. The site is also close to Klein Collins High School, Kleb Intermediate School, Klein Annex, and Mittelstadt Elementary School; these schools have a combined enrollment of approximately 6,000 students.

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