CAP RATE: 5.50%
Total Rentable Area (SF of land): 10,890
Lot Size (AC): 0.25
– Brand new 10-year ground lease
– Absolute NNN zero landlord responsibilities
– 10% bumps in the base term options
– Located along primary retail corridor
– Benefits from combined 75,000+ VPD
THE OFFERING provides an opportunity to acquire a corporate Take 5 Oil on a brand new 10-year absolute net ground lease. The lease features 10% rental increases in the base terms and options.
THE SUBJECT PROPERTY is located within a primary retail node in Largo, FL, on Missouri Ave., which is the major thoroughfare in Largo. The property is adjacent to an LA Fitness, Walmart Supercenter, Aldi, Ross, T.J. Maxx, Burger King, and many more national tenants all increasing traffic to this location. The property is extremely well positioned in a dense retail market and well populated area with over 111,000 residents in a 3-mile radius and over 250,000 in a 5-mile radius. It boasts a combined Vehicles Per Day (VPD) of over 75,000.
EXCELLENT SUBMARKET Largo has an unemployment rate of just 3.8%, which is lower than both the state and national average. The population in a 1-mile radius is projected to increase by 5% in the next five years. The site is located less than a mile west of the affluent town of Belleair, FL, and 2-miles North of Largo Medical Center, which is a 425 room teaching hospital that employs 2,000 people.
SUBJECT PROPERTY TAKE 5 OIL CHANGE has 189 locations in 12 states where they have perfected the speedy oil change with over 30 years in the business. Take 5 can complete an oil change in approximately five to seven minutes of in-bay time, less than one-third the industry average. The company boasts daily car counts that are 45% above the industry average and repeat customer rates in excess of 70%.