Investment Highlights
- New, 15-Year, Triple Net (NNN) Lease With Five, Five-Year Tenant Renewal Options
- 10 Percent Rent Increases Every Five Years Throughout Base Term and Option Periods
- New Location, Recently Opened in September 2023
- Operated by Purple Square Management Company Which Currently Operates Over 245 Franchise Locations Throughout 15 States, and Growing – Targeting to Have More Than 280 Locations by the End of 2023
- Part of a Newly Constructed, Four-Pad Development (See OM for details)
- Average Annual Household Income is $101,079 in One Mile, and $114,633 in Three Miles
- High Traffic Area, Easily Accessible Off Interstate 75 With Nearly 115,000 Vehicles Daily
- Located in Pasco County, Part of the Tampa-St. Petersburg-Clearwater Metropolitan Area With Over 3.24 Million Residents
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Take 5 Oil Change in Lutz, Florida, part of the Tampa Bay metro area. This Take 5 Oil Change has a new 15-year, triple net (NNN) lease with the full term remaining and offers five, five-year tenant renewal options. There are 10 percent rent increases every five years throughout the base term and option periods. This is a brand-new location which recently opened in September 2023.
This location will be operated by Purple Square Management Company, LLC, an experienced franchisee with over 245 franchise locations throughout 15 states across multiple brands. The Company is targeting to have more than 280 locations by the end of 2023. Take 5 Oil Change was awarded #1 in customer satisfaction for aftermarket quick oil changes 2 years in a row by J.D. Power.
This Take 5 is part of a newly constructed four-pad development which includes: Woodies Wash Shack car wash; a 7,198 square foot retail strip that’s under construction with completion scheduled for yearend 2023; as well as the Subject Property, Take 5 Oil Change.
Take 5 is located in a high traffic area and a major retail corridor on State Road 54 with more than 69,000 vehicles daily, and easily accessible from Interstate 75 with nearly 115,000 vehicles daily. The property is less than a mile from Tampa Premium Outlets, a popular shopping destination with over 110 stores. There are multiple apartment communities in the area, boasting a combined total of over 2,500 units as well as several schools (K-12), collectively serving nearly 6,000 students.
Lutz, Florida is a suburban community located in Pasco County, approximately 20 miles north of downtown Tampa. It’s part of the Tampa Bay metropolitan area which has a population of over 3.24 million residents. Pasco County is one of the fastest growing areas in Tampa Bay and is now one of Florida’s most popular destinations for new arrivals to the state. Pasco County has been experiencing growth and development with an increasing number of residents commuting to work in the nearby Tampa and St. Petersburg areas. The surrounding area has 19 planned residential projects that will add about 7,000 new homes.
