Express Oil Change,
Cypress, TX Investment Summary
| Price | $2,858,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 7.5% Rental Increases Every Five (5) Years |
| Year Built | 2022 |
| Building Size | 5,645 SF |
| Lot Size | 0.9 Acres (39,139 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN CORPORATE LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG AUTO SERVICE TENANT
» Express Oil, which merged with Mavis, is one of the largest independent automotive service platforms in the United States with over 1,000 locations combined
» New 15-year absolute NNN lease with scheduled rental increases
» 7.5% rental increases every five years
LOCATED IN A POPULOUS AND AFFLUENT AREA
» Access to 36,882 vehicles per day near the signalized hard corner of Fry Road and West Road
» 223,200 residents live within a five-mile radius
» Average annual household income of $162,373 within a one-mile radius of the property
» Projected 13 percent average annual household income increase within five miles of the site in the next five years, poising Express Oil Change and Cypress for significant concurrent growth
» The Cypress area is one of the highest income urban areas in the United States
CENTRAL LOCATION IN GROWING TEXAS SUBMARKET
» Prime location in new Miramesa Town Center retail development, which will be anchored by Walmart Supercenter
» Part of Miramesa master planned community, one of the top-25 master planned communities in the nation based on net home sales
» Proximity to the Bridgeland development, a 11,401-acre community with 20,000 homes and approximately 65,000 residents
» Common gateway to Downtown Houston, the fourth-most populous city in the U.S.
NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» 2022 construction featuring six (6) service bays
» Features latest store designs and concepts
» Located in an income tax free state
Property Description
SOLD
This Express Oil Change has access to 36,882 vehicles per day near the signalized hard corner of Fry Road and West Road. The site serves 223,200 residents living within a five-mile radius of the location. The property is located in an affluent area, with an average annual household income of $162,373 within a one-mile radius of the site. With a projected 13 percent average annual household income increase within five miles of the site in the next five years, Express Oil Change and Cypress are poised for concurrent growth.
The property is centrally located in a rapidly growing Texas submarket. The site features a prime location in the new Miramesa Town Center retail development, which will be anchored by Walmart Supercenter. The Miramesa masterplanned community is one of the top-25 masterplanned communities in the nation based on net home sales. The property also maintains proximity to the massive Bridgeland development, a 11,401-acre community with 20,000 homes and approximately 65,000 residents. Additionally, the location serves as a common gateway to Downtown Houston, the fourth-most populous city in the United States.
