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DOM: 50 Updated: 02.29.24 Posted: 11.09.23 Status: Sold 12.29.23

Summary

Price $3,736,892
Built/Renov 2022
Tenant Take 5 Car Wash
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,838
Lease Start 12-27-2022
#Units 390
Price/SF $973.66
Expiration 12-27-2041
Tenant Type Automotive
NOI $242,898
R. Term 16.7
Ownership Fee Simple
Rent/SF $63.29
Increases 2.0%/1/yrs
Pop 5Mi 100,412
Lot/AC 1.20
Options 4/5yrs/2%
AHHI 5Mi $93,009

Lease Highlights

  • Take 5 Car Wash has 18+ years remaining on its primary lease term with 4 (5-year) options to extend
  • The lease features rental increases of 2% annually
  • Absolute NNN | Zero landlord responsibilities
  • Asset qualifies for bonus depreciation
  • Corporate guarantee from Driven Brands

Location Description

Take 5 Car Wash is strategically located on E 10th Street, with access to 23,105 vehicles passing by daily. Jeffersonville High School is approximately a 5-minute drive away and has an enrollment of 2,100 students. The area is also in close proximity to other national tenants such as Kroger, Aldi, Meijer, Kohl’s, Walgreens, and many more. The 5-mile trade area is supported by a population of...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Take 5 Car Wash
  • Guarantor:Corp T and Rated
  • Company:Driven Brands Holdings, Inc.
  • # Units:390
  • Tenant S&P: B+
  • Moody’s: B3
  • Stock:NASDAQ: DRVN

About Tenant

Take 5 Car Wash is the largest domestic operator of car wash sites. The chain offers exterior car wash services that utilize an automated conveyor belt to pull vehicles along a track where they...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 10,146 44,702 103,933
2023 Total Population : 9,726 43,096 101,645
2023 Employed Civilian Pop : 5,139 21,984 52,548
2023 Total Businesses : 175 1,211 3,776
2023 Average Household Income : $ 77,186 $ 81,094 $ 95,469
2023 Total Consumer Spending : $ 287 M $ 1274 M $ 3557 M
2023 Median Age : 39 40 41
2023 Total Households : 4,296 18,070 42,904
2023 Pop Age 25+: Bachelor's Degree : 1,266 5,216 14,746
2023 Average Home Value : $ 186,767 $ 211,394 $ 263,485
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
East 10th Street Candy Ln 2021 25,243 0.17 mi
East 10th Street I- 265 2021 25,243 0.57 mi
Holmans Ln Amanda Dr 2012 10,800 0.59 mi
Charlestown New Albany Road Evergreen Cir 2018 3,250 0.69 mi
Charlestown Pike Penny Ln 2021 9,525 0.69 mi
E 10th St 2021 17,300 0.76 mi
Armstrong Road Charlestown New Albany Rd 2021 19,635 0.76 mi
Holmans Lane Gardner Blvd 2021 19,635 0.76 mi
State Rd 265 2021 17,300 0.76 mi
E 10th St 2021 17,983 0.76 mi

Listing Broker

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