Take 5 Oil Change Fort Myers,Florida

$1,832,000
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $1,832,000
  • Cap Rate: 5.65%
  • Rentable Square Feet: 1,430
  • Year Built: 2020
  • Lease Type: NNN
  • Lease Term: 15 Years
  • Rent Increases: 10% Every 5 Years
  • Lease Expiration: 15 Years from Close of Escrow

Description

3747 Cleveland Ave
Fort Myers, FL 33901

Investment Highlights

  • Upgraded Construction Offering Outstanding Curb Appeal
  • New, 15-Year, Triple Net Lease Commencing at Close of Escrow
  • Brand New Location, Built in 2020
  • Franchisee has Over 20 Years of Experience in Real Estate and Construction
  • Four, Five-Year Tenant Renewal Options with 10 Percent Rent Increases Every Five Years
  • Signalized Intersection of Cleveland Avenue and Collier Avenue with More Than 51,500 Vehicles Daily
  • Immediately North of Colonial Boulevard, the Main Route from Interstate 75 to Cape Coral, With Over 56,500 Vehicles Per Day
  • Major Retail Corridor, One Half Mile from Edison Mall Anchored by Macy’s, Dillard’s and JCPenney

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Take 5 Oil Change in Fort Myers, Florida. This Take 5 has a new, 15-year triple net lease which will commence upon close of escrow. This lease offers four, five-year tenant renewal options with 10 percent rent increases every five years throughout the base term and option periods. This is a new location, recently built in 2020 with upgraded construction offering outstanding curb appeal. The franchisee has over 20 years of experience in real estate and construction.

The subject property consists of 1,430 square feet on a 0.44-acre lot. The property is conveniently positioned at the signalized intersection of Cleveland Avenue and Collier Avenue, with a combined daily traffic count of more than 51,500 vehicles. The property is also immediately north of Colonial Boulevard which is the main route from Interstate 75 to Cape Coral and has over 56,500 vehicles per day.

This is a major retail corridor, one half mile from Edison Mall anchored by Macy’s, Dillard’s and JCPenney. Other surrounding national retailers include Publix, Burlington, Best Buy, Marshall’s, PetSmart, Old Navy, Dick’s Sporting Goods, Rooms To Go, Baer’s Furniture, Planet Fitness, Sam’s Club, Walgreens, McDonald’s, Steak n’ Shake, Red Lobster and many more. The Subject Property is 1.5 miles from Lee Memorial Hospital, a 414-bed hospital, two miles from Page Field, and 15 miles from Southwest Florida International Airport, the 45th busiest airport by annual passengers. The property is also only four miles from Florida SouthWestern State College which has a total enrollment of more than 12,000 students.

This Take 5 is part of a very well-known tourist destination in Fort Myers, Florida making tourism a major part of the local economy. In 2018, U.S. News & World Report ranked Fort Myers as the second fastest growing metro area in the United States.

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