Mount Vernon, IL - Take 5 Oil Change

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in an absolute NNN Take 5 Oil Change investment property located in Mount Vernon, Illinois. The tenant, TVOC Illinois LLC, recently signed a new 15-year sale leaseback with 8 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. TVOC Illinois LLC represents a strong, rapidly-growing operator which currently operates 16 locations, with 5 additional sites in development, and a 44-unit development agreement with Take 5 Oil Change. The brand is the fastest growing oil change concept in the U.S. with more than 1,000 locations in 41 states with an additional 950 sites in the pipeline.

The subject property is strategically positioned along Broadway Street (22,530 VPD) with excellent visibility and access. The thoroughfare serves as the primary
retail destination for the immediate area and receives substantial consumer traffic from nearby on/off ramps of Interstate 64/57 (43,000 VPD). The tenant receives significant crossover retail exposure from nearby national tenants including Walmart Supercenter, Lowe’s, Menard’s, Kohl’s, ALDI, Kroger, McDonald’s, the SSM Health Good Samaritan Hospital (134 beds), and the Crossroads Community Hospital (56 beds). Furthermore, the site is located directly across from the Times Square Mall, which attracts 2.3 million+ annual visits (per Placer.ai) and features a strong tenant lineup including Planet Fitness, Ross, Big Lots, Hibbett Sports, Dunham’s Sports, Bath & Body Works, Ashley Outlet, 7 Brew, KFC, and Wendy’s. The 5-mile trade area is supported by a population of over 18,900 residents and 18,600 employees with an average household income of $75,887.