Take 5 Oil Change Ground Lease,
League City, TX Investment Summary
| Price | $1,391,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 10 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 | 1,415 SF |
| Lot Size | 0.68 Acres (29,621 SF) |
| Status | Sold |
| Lead Brokers | Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
LONG-TERM ABSOLUTE NNN GROUND LEASE
» 10-year absolute NNN corporate ground lease with 10% rental increases in initial term and options, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management, providing an ideal investment opportunity for an out-of area investor
» Leased to corporate entity with more than 450 units with guaranty from parent company entity
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED RETAIL CORRIDOR
» 24,425 AADT directly in front of the property along Farm to Market 646 Road West
» Convenient access to Interstate 45 (91,165 AADT)
» Within four miles of six major shopping centers (combined 2.4 million SF of retail space and 287 stores)
» 127,931 residents in a five-mile radius with an average household income of $111,334
CENTRAL LOCATION NEAR MULTIPLE COMMUNITY ATTRACTIONS AND OUTDOOR RECREATION AREAS
» Three miles from Dickinson Bayou, flowing directly into Galveston Bay, the seventh largest estuary in the U.S., which offers boating, fishing, camping, kayaking, and water skiing to millions of annual visitors
» Central location between popular attractions like Johnson Space Center, Bayou Wildlife Zoo, Space Center Houston, Bayou Golf Course, Challenger Seven Memorial Park, and Chester L. Davis Sportsplex
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 Oil Change is experiencing explosive growth and recently announced franchising plans
Property Description
SOLD
The property is conveniently located and easily accessible from Farm to Market 646 Road West, a heavily trafficked thoroughfare that provides a major economic and retail corridor for Dickinson, with excellent visibility and access to 24,425 vehicles per day directly in front of the location. The property also benefits from immediate access to Interstate 45 (91,165 AADT). The location resides in a growing retail corridor and is within four miles of six major shopping centers, which feature a combined 2.4 million SF of retail space and 287 stores, including Walmart, Super Target, The Home Depot, Lowe’s, JCPenney, Hobby Lobby, Burlington, T.J. Maxx, and more.
The property is supported by an affluent customer base in a densely populated residential area; 100,844 people live within a five-mile radius of the location, with an average household income of $109,037. Visibility is increased by the site’s central location near multiple community attractions and outdoor recreation areas. The property is three miles from Dickinson Bayou, flowing directly into Galveston Bay (the seventh largest estuary in the U.S.), offering boating, fishing, camping, kayaking, and water skiing to millions of annual visitors. The property benefits from its location between several popular tourist attractions, including Johnson Space Center, Bayou Wildlife Zoo, Space Center Houston, Bayou Golf Course, Challenger Seven Memorial Park, and Chester L. Davis Sportsplex.
