Auto Service - Gas-Conv

Jiffy Lube

Listing Price: $1,649,120

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
$808.39
Lease Type
Absolute Net
Rent Per Square Feet
$44.46

Investment Overview

Marcus & Millichap is pleased to offer for sale Jiffy Lube located at 3365 South Florida Avenue in Lakeland, 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. Jiffy Lube will lease the property 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 asset 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 65,119 individuals located within a 3 mile radius and 141,951 within a five mile radius. The subject property is located on South Florida Avenue which has an average daily traffic count of 37,000. Just south of the subject lies Polk Parkway which has an average daily traffic count of 34,600. Polk Parkway is an east/west interstate connecting drivers from Interstate 4 to the southern part of Polk County without having to drive through the center of Lakeland. Jiffy Lube is well-positioned in a dense retail corridor benefiting from its proximity to Polk Parkway as well as national and local retailers. Major retailers such as Hobby Lobby, Walmart, Ross, Marshalls, Chipotle, Stein Mart, Dollar Tree, Dunkin Donuts are among the national brands in the vicinity of the subject property.

Investment Highlights

  • Exposure to 37,000 Vehicles Per Day
  • Sale-Leaseback with Ten Year Triple-Net Lease Amendment Upon Closing
  • Florida Has No State Income Tax
  • Atlantic Coast Enterprises Operates 64 Stores in 3 States, with 750 Employees
  • Property May Qualify for 15-year Versus 39-Year Depreciation
  • Less than 1 Mile from On/Off Ramps for Polk Parkway

Exclusively Listed By

Listing Price: $1,649,120

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
$808.39
Lease Type
Absolute Net
Rent Per Square Feet
$44.46

Investment Highlights

  • Exposure to 37,000 Vehicles Per Day
  • Sale-Leaseback with Ten Year Triple-Net Lease Amendment Upon Closing
  • Florida Has No State Income Tax
  • Atlantic Coast Enterprises Operates 64 Stores in 3 States, with 750 Employees
  • Property May Qualify for 15-year Versus 39-Year Depreciation
  • Less than 1 Mile from On/Off Ramps for Polk Parkway

Investment Overview

Marcus & Millichap is pleased to offer for sale Jiffy Lube located at 3365 South Florida Avenue in Lakeland, 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. Jiffy Lube will lease the property 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 asset 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 65,119 individuals located within a 3 mile radius and 141,951 within a five mile radius. The subject property is located on South Florida Avenue which has an average daily traffic count of 37,000. Just south of the subject lies Polk Parkway which has an average daily traffic count of 34,600. Polk Parkway is an east/west interstate connecting drivers from Interstate 4 to the southern part of Polk County without having to drive through the center of Lakeland. Jiffy Lube is well-positioned in a dense retail corridor benefiting from its proximity to Polk Parkway as well as national and local retailers. Major retailers such as Hobby Lobby, Walmart, Ross, Marshalls, Chipotle, Stein Mart, Dollar Tree, Dunkin Donuts are among the national brands in the vicinity of the subject property.

Exclusively Listed By

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