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Auto Parts

Take 5 Oil Change

1100 Blowing Rock Rd, Boone, NC 28607

Listing Price: $2,000,000

Cap Rate
5.00%
Tenant Name
Take 5 Oil Change
Years Remaining On Lease
14.9
Guarantor
Franchisee Guarantee
Rentable SF
1,435
Lease Type
Ground Lease
Rent Per Square Feet
$69.69

Investment Overview

NEW CONSTRUCTION TAKE 5 OIL CHANGE • New 2021 construction Take 5 Oil Change located in Boone, NC. • This store is 1,435 SF and is a drive thru location. DENSE RETAIL CORRIDOR • The subject property is well located at the corner of Winklers Creek Rd & Hwy 321 (combined 42,900 VPD) which is the primary retail corridor in Boone with 2.2M SF of retail within a 1 mile radius. • Surrounding national retailers include Lowe’s Home Improvement, Walmart, Publix, TJ Maxx, Harris Teeter, The Boone Mall and more. • Appalachian State University (20,641 Students) is half a mile away from this Take 5. • This Take 5 is located near the corner of Hwy 321 and Hwy 221 with a combined 61,500 VPD. • There are 35,666 people in a 5-mile radius with 9.64% growth and $68,741 average household income. HOME TO APPALACHIAN STATE UNIVERSITY • Boone is a charming historical town located in the Blue Ridge Mountains of western NC. • Boone is the home of Appalachian State University (20,641 Students), and is a lively student-town with the ruggedness associated with its past (Daniel Boone). • Appalachian State University was established in 1899 and is ranked among the best universities in the nation by U.S. News & World Report, The Princeton Review and Forbes magazine. • The surrounding area offers some of the country’s best outdoor adventures, with fast, clear rivers perfect for rafting or kayaking. LONG TERM GROUND LEASE WITH INCREASES • The subject property has a new 15-year NNN ground lease. • This is an absolute NNN ground lease and the tenant is 100% responsible for all taxes, insurance, CAM, roof and structure. • There are attractive 10% rent increases every 5 years in the initial term and in each of the four, 5-Year options. TAKE 5 OIL CHANGE (“ TAKE 5”) • Owned by Driven Brands, a $4.4 Billion market capitalization business (NAS: DRVN) based in Charlotte, NC. • Take 5 currently operates 629 locations and has a pipeline of over 150 openings for 2022, with plans to grow to more than 2,000 locations within the next ten years. • Founded in Metairie, LA in 1984 and is currently the fastest growing quick service oil change operator in the United States. • The business model revolutionized the quick service oil change space by introducing the “stay in your car” concept while focusing on ~10 minute oil change services. • While trends were already very strong, the COVID-19 pandemic strengthened the value proposition that Take 5 offers and, as a result, revenues are growing even faster. RAPIDLY EXPANDING OPERATOR • Take 5 Carolinas, LLC was the first Take 5 franchisee of what is now a group of over 50 franchisees. • This operator has the most experience operating franchisee locations. • Overall business trends have exceeded franchise averages since inception. • The company currently operates ten locations and has an additional eight locations under contract with plans to grow to 20-30 locations by the end of 2024.

Investment Highlights

  • New 15-Year Take 5 Ground Lease | 10% Increases Every 5-Years
  • Dense Retail Corridor 2.2M SF In 1 Mile Radius
  • Home To Appalachian State University 20,341 Students
  • HWY 321 & HWY 221 61,500 VPD
  • Take 5 Oil Change Has 500 Locations In 18 States

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s) NC: 303785

    North Carolina

Financing By

Auto Parts

Take 5 Oil Change

Listing Price: $2,000,000

Cap Rate
5.00%
Tenant Name
Take 5 Oil Change
Years Remaining On Lease
14.9
Guarantor
Franchisee Guarantee
Rentable SF
1,435
Lease Type
Ground Lease
Rent Per Square Feet
$69.69

Investment Highlights

  • New 15-Year Take 5 Ground Lease | 10% Increases Every 5-Years
  • Dense Retail Corridor 2.2M SF In 1 Mile Radius
  • Home To Appalachian State University 20,341 Students
  • HWY 321 & HWY 221 61,500 VPD
  • Take 5 Oil Change Has 500 Locations In 18 States

Investment Overview

NEW CONSTRUCTION TAKE 5 OIL CHANGE • New 2021 construction Take 5 Oil Change located in Boone, NC. • This store is 1,435 SF and is a drive thru location. DENSE RETAIL CORRIDOR • The subject property is well located at the corner of Winklers Creek Rd & Hwy 321 (combined 42,900 VPD) which is the primary retail corridor in Boone with 2.2M SF of retail within a 1 mile radius. • Surrounding national retailers include Lowe’s Home Improvement, Walmart, Publix, TJ Maxx, Harris Teeter, The Boone Mall and more. • Appalachian State University (20,641 Students) is half a mile away from this Take 5. • This Take 5 is located near the corner of Hwy 321 and Hwy 221 with a combined 61,500 VPD. • There are 35,666 people in a 5-mile radius with 9.64% growth and $68,741 average household income. HOME TO APPALACHIAN STATE UNIVERSITY • Boone is a charming historical town located in the Blue Ridge Mountains of western NC. • Boone is the home of Appalachian State University (20,641 Students), and is a lively student-town with the ruggedness associated with its past (Daniel Boone). • Appalachian State University was established in 1899 and is ranked among the best universities in the nation by U.S. News & World Report, The Princeton Review and Forbes magazine. • The surrounding area offers some of the country’s best outdoor adventures, with fast, clear rivers perfect for rafting or kayaking. LONG TERM GROUND LEASE WITH INCREASES • The subject property has a new 15-year NNN ground lease. • This is an absolute NNN ground lease and the tenant is 100% responsible for all taxes, insurance, CAM, roof and structure. • There are attractive 10% rent increases every 5 years in the initial term and in each of the four, 5-Year options. TAKE 5 OIL CHANGE (“ TAKE 5”) • Owned by Driven Brands, a $4.4 Billion market capitalization business (NAS: DRVN) based in Charlotte, NC. • Take 5 currently operates 629 locations and has a pipeline of over 150 openings for 2022, with plans to grow to more than 2,000 locations within the next ten years. • Founded in Metairie, LA in 1984 and is currently the fastest growing quick service oil change operator in the United States. • The business model revolutionized the quick service oil change space by introducing the “stay in your car” concept while focusing on ~10 minute oil change services. • While trends were already very strong, the COVID-19 pandemic strengthened the value proposition that Take 5 offers and, as a result, revenues are growing even faster. RAPIDLY EXPANDING OPERATOR • Take 5 Carolinas, LLC was the first Take 5 franchisee of what is now a group of over 50 franchisees. • This operator has the most experience operating franchisee locations. • Overall business trends have exceeded franchise averages since inception. • The company currently operates ten locations and has an additional eight locations under contract with plans to grow to 20-30 locations by the end of 2024.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s): NC: 303785

    North Carolina

Financing By

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