Greenville, NC - Take 5 Oil Change

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Take 5 Oil Change investment property located in Greenville, North Carolina. The tenant, Take 5 Oil Change will sign a brand-new 15-year lease at the close of escrow (sale-leaseback) with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% 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.

The Take 5 is located near the signalized, hard corner intersection of South Memorial Drive and Regency Boulevard which combine to average over 51,100 vehicles passing by daily. South Memorial Drive is the major retail thoroughfare serving the city of Greenville. The Take 5 is an outparcel to a Burlington and Planet Fitness anchored center that also features national/credit tenants including Aaron’s Rent to Own, 7-Brew Coffee, and Waffle House. In addition, the asset is in close proximity to an Academy and Hobby Lobby anchored center with other national/credit tenants such as Panda Express and 7-Eleven. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Sam’s Club, DICK’S, Chick-fil-A, Tractor Supply, Starbucks, Taco Bell, and more, further increasing consumer traffic to the site. The subject property is in close proximity to Pitt Community College, with a total enrollment of over 7,000 students. The 5-mile trade area is supported by a population of over 104,000 residents and 57,400 residents with an average household income of $83,925.