Investment Highlights
- 15-Year, Triple Net (NNN) Lease With 10 Percent Rent Increases Every Five Years Throughout the Base Term and Option Periods
- Major Renovations Were Completed in 2022 at the Approx. Cost of $429,000
- Franchisee is Gasner and Wallace TF Operations, LLC, Currently Operating 10 Take 5 Locations, With 11th Location Opening Soon and Three Others in Development to Open Summer, 2024 – Anticipate Having 16 Take 5 Locations Open and Operating by Year End 2024
- Florida is an Income Tax Free State
- Take 5 Oil Change was Awarded #1 in Customer Satisfaction for Aftermarket Quick Oil Changes Two Years in a Row by J.D. Power
- In December 2023, Take 5 Oil Change Celebrated the Opening of its 1,000th Store
- North Port is the Most Populated City in the Metro With More Than 80,000 Residents
- Surrounding National Brands Include Walmart Supercenter, Publix Supermarket, Aldi, Walmart Neighborhood Market, The Home Depot, Lowe’s Home Improvement, Hobby Lobby, Bealls Outlet, Ulta Beauty, Dick’s Sporting Goods, Ross, T.J. Maxx, Famous Footwear, Old Navy, YouFit Gym, Pet Supermarket, Dollar Tree, Ace Hardware, O’Reilly Auto Parts, Advance Auto Parts, Aspen Dental, MD Now, Applebee’s, First Watch, McDonald’s, Wendy’s, Chipotle, Panera Bread, Burger King, Popeye’s, Taco Bell and Many More
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Take 5 Oil Change in North Port, Florida (Sarasota MSA). The property features a 15-year triple net (NNN) lease with five, five-year tenant renewal options, with 10 percent rent increases every five years in both the base term and option periods. Florida is an income tax free state.
In 2022, major renovations were completed costing approximately $429,000. The site is operated by Gasner and Wallace TF Operations, LLC, which currently operates 10 Take 5 locations with their 11th location opening soon and three others in development to open Summer, 2024. They anticipate having 16 Take 5 locations open and operating by year end 2024. Take 5 Oil Change received the #1 ranking in customer satisfaction for aftermarket quick oil changes for two consecutive years according to J.D. Power. In December 2023, Take 5 Oil Change marked the opening of its 1,000th store.
North Port is the most populated city in the metro with over 80,000 residents. This location is situated just off the signalized intersection of Tamiami Trail (U.S. Route 41) and Sumter Boulevard, boasting a combined daily traffic count exceeding 50,000 vehicles. Tamiami Trail serves as a crucial east-west highway, connecting North Port to neighboring communities and destinations along the Gulf Coast, stretching from Miami to Tampa. The area within one mile of the property reflects an average annual household income of $72,177, surpassing the national average and anticipated to increase by 2028.
Surrounding national brands include Walmart Supercenter, Publix Supermarket, Aldi, Walmart Neighborhood Market, The Home Depot, Lowe’s Home Improvement, Hobby Lobby, Bealls Outlet, Ulta Beauty, Five Below, Dick’s Sporting Goods, Ross, T.J. Maxx, Famous Footwear, Old Navy, YouFit Gym, Pet Supermarket, Mattress Firm, Dollar Tree, GameStop, Hair Cuttery, Great Clips, ABC Wine & Spirits, Ace Hardware, O’Reilly Auto Parts, Advance Auto Parts, Bank of America, Chase Bank, Aspen Dental, MD Now, AT&T Store, T-Mobile, Verizon, Applebee’s, First Watch, McDonald’s, Wendy’s, Chipotle, Panera Bread, Burger King, Popeye’s, Taco Bell, Starbucks, Dunkin’ Donuts, KFC, Pizza Hut, Five Guys, Tropical Smoothie Cafe, Buffalo Wild Wings, Waffle House, CVS, Walgreens, Hampton Inn & Suites and Many More.
