Strickland Brothers

1680 East Princeton Drive, Princeton, TX 75407

$931,250

Cap Rate 16.64%

$2,480,000

Cap Rate 6.25%

DOM: 130 Updated: 07.22.24 Posted: 12.21.23 Status: Sold 04.29.24

Summary

Price $931,250 $2,480,000	Built/Renov 2023	Tenant Strickland Brothers
Cap Rate 16.64% 6.25%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 1,719	Lease Start 08-20-2023	#Units 173
Price/SF $541.74 $1,442.70	Expiration 11-30-2038	Tenant Type Automotive
NOI $154,999	R. Term 13.4	Ownership Fee Simple
Rent/SF $90.17	Increases 10.0%/5/yrs	Pop 5Mi 30,779
Lot/AC 0.86	Options 4/5yrs/10%	AHHI 5Mi $92,528

Highlights

Brand-new 2023 construction
Strickland Brothers recently executed a brand-new 15-year lease with 4 (5-year) options
Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Strickland Brothers is strategically located on Princeton Drive, with access to 25,000 vehicles passing by daily. Major national tenants nearby include Walmart Supercenter, 7-Eleven, Ace Hardware, AutoZone, and many more. In close proximity there are two future shopping centers, Princeton Crossroads (66-acres), and a Market Street grocery anchored shopping center with tenants such as Chipotle,...

...

Key Features

New construction
Dense retail corridor
Near major nationals
Top 100 MSA
Income tax free state
Brand new lease
Absolute NNN
Long 10+ yr lease
Accelerated depreciation
Corporate Guarantee

...

Links

Strickland Brothers Wikipedia Princeton, Texas Zip Code 75407 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Strickland Brothers
Guarantor:Corporate
Company:Princeton Equity Group
# Units:173
Stock:Private

About Tenant

Strickland Brothers is a fast-growing one-stop shop for oil changes and vehicle maintenance services. The company is well-known for its drive-thru 10-minute oil change and offers a list of...

...

Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	14,438	40,100	61,514
2023 Total Population :	11,426	29,783	48,418
2023 Employed Civilian Pop :	6,222	15,851	24,567
2023 Total Businesses :	94	420	905
2023 Average Household Income :	$ 105,226	$ 106,214	$ 106,005
2023 Total Consumer Spending :	$ 305 M	$ 876 M	$ 1458 M
2023 Median Age :	35	36	37
2023 Total Households :	3,361	9,538	15,862
2023 Pop Age 25+: Bachelor's Degree :	1,745	4,328	6,710
2023 Average Home Value :	$ 397,171	$ 382,028	$ 401,788

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Simpson Rd	Pvt Rd 5096	2009	160	0.16 mi
Co Rd 978	W Princeton Dr	2004	270	0.22 mi
Co Rd 984	W Princeton Dr	2009	340	0.57 mi
Monte Carlo Blvd	W Princeton Dr	2009	3,230	0.62 mi
Monte Carlo Boulevard	Old Hwy 24	2021	9,165	0.66 mi
Monte Carlo Boulevard	Meadow Park Dr	2020	7,048	0.66 mi
Monte Carlo Blvd	Palermo Ct	2009	660	0.68 mi
Woodcreek Dr	Cedar Hill Cir	2009	270	0.96 mi
Florence Dr	Kate Ln	2009	820	0.99 mi
E University Dr	Woodcreek Dr	2009	27,350	1.10 mi

Listing Broker

Bill Asher

Hanley Investment Group

Contact

151 Listings
34737 Views
77 Sold

Jeff Lefko

Hanley Investment Group

Contact

151 Listings
33776 Views
80 Sold

Bill Asher

Bill Asher specializes in advising clients in the acquisition and disposition of retail properties nationwide. With over 20 years of experience in commercial real estate, his transaction expertise, industry relationships, and unparalleled professionalism have allowed him to close and contribute to more than $2 billion in sales, including over 550 sales in the last 10 years. Bill’s dedication and unwavering commitment to his clients have made him one of the top agents at the company earning him

...

Jeff Lefko

As Executive Vice President at Hanley Investment Group, Jeff Lefko specializes in advising clients in the acquisition and disposition of retail properties nationwide. Jeff is focused on developing meaningful relationships that go beyond a singular transaction by proactively advising his clients to help achieve their long-term financial goals and objectives. Jeff’s commitment to his clients has allowed him to close over $1.5 billion in sales since 2017, which included 114 transactions va

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT