Take 5 Oil Change Ground Lease,
Lubbock, TX Investment Summary
| Price | $500,000 |
| 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 | 2019 |
| Building Size | 1,408 SF |
| Lot Size | 0.43 Acres (18,731 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 NNN 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-ofarea investor
» Leased to corporate entity with more than 450 units
HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Located along19th Street, which experiences a high traffic count of 31,440 vehicles per day in front of the site
» Immediate access to West Loop 289 (67,254 AADT)
» Within walking distance of Gene Messer Toyota & Kia (460+ new and used cars for sale), Buffalo Wild Wings, Freddy’s Frozen Custard & Steakburgers, Sonic Drive-In, CVS, Dollar General, and KFC
EXCELLENT LOCATION WITH STRONG CUSTOMER BASE
» Surrounded by several large universities and schools
» Minutes from Texas Tech University, which has 36,551 students and 2,554 employees, and Lubbock Christian University, which has a total enrollment of 2,028 students and 156 employees
» North Ridge Elementary School, which has 696 students, Terra Vista Middle School, which has 590 students, and Westwind Elementary School, which has 679 Students surround the property on three sides
» 164,214 residents live within a five-mile radius of 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
» Take 5 is experiencing explosive growth and recently announced franchising plans
Property Description
SOLD
The property is strategically located along 19th Street, which experiences a high traffic count of 31,440 vehicles per day. The property benefits from immediate access to West Loop 289 (67,254 AADT). The property is located in a dense retail corridor and is within walking distance of Gene Messer Toyota & Kia (460+ new and used cars for sale), Buffalo Wild Wings, Freddy’s Frozen Custard & Steakburgers, Sonic Drive-In, CVS, Dollar General, and KFC.
The property is close to several important schools and is supported by a robust customer base. The property is only eight (8) minutes from Texas Tech University, which has 36,551 students and 2,554 employees, and is three (3) minutes from Lubbock Christian University, which has a total enrollment of 2,028 students and 156 employees. The property also has several primary education schools within minutes including North Ridge Elementary School, which has 696 students, Terra Vista Middle School, which has 590 students, and Westwind Elementary School, which has 679 Students. The property is also located in a densely populated residential area; 164,214 residents live within a five-mile radius of the property, providing a sizeable customer base for Take 5.
