Auto Service - Gas-Conv

Jiffy Lube

5763 Central Avenue, Saint Petersburg, FL 33710

Listing Price: $1,709,200

Cap Rate
5.50%
Tenant Name
Jiffy Lube
Years Remaining On Lease
10.00
Gross SF
2,040
Guarantor
Franchisee Guarantee
Rentable SF
2,040
Price/Gross SF
$837.84
Lease Type
Absolute Net
Rent Per Square Feet
$46.08

Investment Overview

Marcus & Millichap is pleased to offer for sale Jiffy Lube located at 5763 Central Avenue in Saint Petersburg, Florida. Jiffy Lube is the leading provider of automotive maintenance services in the country with more than 2,000 locations nationwide. Jiffy Lube offers a range of services from oil changes to tire rotations and more. The tenant, Atlantic Coast Enterprises (ACE), is one of the largest and most experienced Jiffy Lube franchisees in the US. ACE will execute lease amendments with ten year base term upon closing. The acquisition of this property offers the investor a secure stream of passive income which is guaranteed by one of the largest, most experienced and profitable Jiffy Lube franchisees in the country. The lease will be backed by the strong corporate guarantee of Atlantic Coast Enterprises. ACE was founded in 2008, operates 64 Jiffy Lube locations with more than $65 million in annual sales and over 750 employees. The investor is further secured by the fee simple ownership of the real estate as well as the opportunity to enhance cash flow by depreciating the property improvements. *It is possible that the subject property is eligible for accelerated 15-year depreciation vs. the typical 39-year depreciation schedule for commercial properties. Each property will be leased on an absolute net basis, with the tenant fully responsible for all sales and property taxes, general liability and property insurance costs, and all property maintenance expenses associated with owning and operating the property, making the acquisition of this portfolio a truly passive investment. ACE plans to make post-closing improvements to the subject property that could include, imaging, signage, driveways, painting, and landscaping.

Jiffy Lube has approximately 109,239 individuals located within a three mile radius and 257,625 within a five mile radius. The subject property is located on the corner of Central Avenue and 58th Street South which have a combined average daily traffic count of 37,800. Jiffy Lube is well-positioned in a dense single-family housing corridor benefiting from its lack of competitors in the area. The subject propertys nearest oil lube competition, Pronto Car Wash, is over two miles away. The subject propertys nearest major company competition, Midas, is over 2.25 miles away.

Investment Highlights

  • Sale-Leaseback with Ten Year Triple-Net Lease Amendment Upon Closing
  • Florida Has No State Income Tax
  • Atlantic Coast Enterprises Operates 64 Stores in Three States, with 750 Employees
  • Property May Qualify for 15-year Versus 39-Year Depreciation
  • Few Competitors- Nearest Competitor is Over Two Miles Away
  • Over 257,000 Residents in the Primary Trade Area
  • Exposure to 37,800 Vehicles Per Day

Exclusively Listed By

Listing Price: $1,709,200

Cap Rate
5.50%
Tenant Name
Jiffy Lube
Years Remaining On Lease
10.00
Gross SF
2,040
Guarantor
Franchisee Guarantee
Rentable SF
2,040
Price/Gross SF
$837.84
Lease Type
Absolute Net
Rent Per Square Feet
$46.08

Investment Highlights

  • Sale-Leaseback with Ten Year Triple-Net Lease Amendment Upon Closing
  • Florida Has No State Income Tax
  • Atlantic Coast Enterprises Operates 64 Stores in Three States, with 750 Employees
  • Property May Qualify for 15-year Versus 39-Year Depreciation
  • Few Competitors- Nearest Competitor is Over Two Miles Away
  • Over 257,000 Residents in the Primary Trade Area
  • Exposure to 37,800 Vehicles Per Day

Investment Overview

Marcus & Millichap is pleased to offer for sale Jiffy Lube located at 5763 Central Avenue in Saint Petersburg, Florida. Jiffy Lube is the leading provider of automotive maintenance services in the country with more than 2,000 locations nationwide. Jiffy Lube offers a range of services from oil changes to tire rotations and more. The tenant, Atlantic Coast Enterprises (ACE), is one of the largest and most experienced Jiffy Lube franchisees in the US. ACE will execute lease amendments with ten year base term upon closing. The acquisition of this property offers the investor a secure stream of passive income which is guaranteed by one of the largest, most experienced and profitable Jiffy Lube franchisees in the country. The lease will be backed by the strong corporate guarantee of Atlantic Coast Enterprises. ACE was founded in 2008, operates 64 Jiffy Lube locations with more than $65 million in annual sales and over 750 employees. The investor is further secured by the fee simple ownership of the real estate as well as the opportunity to enhance cash flow by depreciating the property improvements. *It is possible that the subject property is eligible for accelerated 15-year depreciation vs. the typical 39-year depreciation schedule for commercial properties. Each property will be leased on an absolute net basis, with the tenant fully responsible for all sales and property taxes, general liability and property insurance costs, and all property maintenance expenses associated with owning and operating the property, making the acquisition of this portfolio a truly passive investment. ACE plans to make post-closing improvements to the subject property that could include, imaging, signage, driveways, painting, and landscaping.

Jiffy Lube has approximately 109,239 individuals located within a three mile radius and 257,625 within a five mile radius. The subject property is located on the corner of Central Avenue and 58th Street South which have a combined average daily traffic count of 37,800. Jiffy Lube is well-positioned in a dense single-family housing corridor benefiting from its lack of competitors in the area. The subject propertys nearest oil lube competition, Pronto Car Wash, is over two miles away. The subject propertys nearest major company competition, Midas, is over 2.25 miles away.

Exclusively Listed By

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