Jiffy Lube

4425 South Michigan Street, South Bend, IN 46614

$1,384,615

Cap Rate 6.50%

$1,666,667

Cap Rate 5.40%

DOM: 115 Updated: 05.17.23 Posted: 10.28.22 Status: Sold 02.20.23

Summary

Price $1,384,615 $1,666,667	Built/Renov 2004	Tenant Jiffy Lube
Cap Rate 6.50% 5.40%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 4,831	Lease Start 11-01-2022	#Units 28
Price/SF $286.61 $344.99	Expiration 10-31-2037	Tenant Type Automotive
NOI $90,000	R. Term 12.4	Ownership Fee Simple
Rent/SF $18.63	Increases 10.0%/5/yrs	Pop 5Mi 132,095
Lot/AC 0.53	Options 4/5yrs/10%	AHHI 5Mi $58,311

Jimmy Goodman

The Boulder Group (HQ)

Contact

Highlights

Tenant has 15 years remaining in their initial lease term with 4 (5-year) options to extend
The lease features 10 % rental increases every 5 years beginning in lease year 5 and throughout options to extend
Triple net lease presents zero landlord responsibilities
Experienced Jiffy Lube operator, Jiffy Lube of Indiana, a 51-unit operator with $50 million in revenue
Guaranty from Hoosier Automotive (28-units), the most robust entity under Jiffy Lube of Indiana

Location Description

The 4,831 square foot Jiffy Lube is positioned at the intersection of South Michigan Street and East Ireland Road with a combined traffic count of 40,355 vehicles per day. The property is also within proximity to Highway 20 which boasts 39,000 VPD. The retail corridor is occupied by brands including Walmart Supercenter, Lowe’s Home Improvement, Menards, AMC Theaters, Target, Ross Dress for...

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Key Features

Build to suit
Major MSA
Low rent to sales ratio
Long 15+ yr lease
Absolute NNN
Accelerated depreciation
Traded and rated company
Personal guarantee
Investment grade tenant
25+ unit franchisee backed

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Links

Jiffy Lube Wikipedia Jiffy Lube Wikipedia South Bend, Indiana Zip Code 46614 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Jiffy Lube
Guarantor:Franchisee
Company:Hoosier Automotive
# Units:28
Tenant S&P: A+
Moody’s: Aa2
Stock:NYSE: SHEL

About Tenant

Jiffy Lube International, Inc. is an American chain of automotive oil change specialty shops, founded in 1971. The company has been a subsidiary of Shell PLC since 2002. Jiffy Lube has more than...

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Demographics

	1 Miles	3 Miles	5 Miles
2027 Total Population :	3,959	45,672	129,835
2022 Total Population :	3,989	45,751	129,980
2022 Employed Civilian Pop :	1,916	21,877	61,106
2022 Total Businesses :	228	1,426	4,469
2022 Average Household Income :	$ 59,439	$ 69,999	$ 66,105
2022 Total Consumer Spending :	$ 91 M	$ 1112 M	$ 2931 M
2022 Median Age :	37	38	35
2022 Total Households :	1,773	18,381	51,104
2022 Pop Age 25+: Bachelor's Degree :	414	5,087	13,368
2022 Average Home Value :	$ 157,932	$ 168,249	$ 165,426

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
East Ireland Road	S St Joseph St	2018	19,255	0.19 mi
South Michigan Street	W Walter St	2018	20,787	0.19 mi
Local	Barbie St	2020	18,643	0.19 mi
Local	W Ireland Rd	2020	4,830	0.21 mi
Barbie Street	Barbie St	2018	2,925	0.26 mi
20	Clara Ave	2020	2,728	0.28 mi
Local	Fellows St	2020	18,016	0.28 mi
West Ireland Road	S Lafayette Blvd	2018	8,886	0.29 mi
South Main Street	Barbie St	2018	5,437	0.29 mi
20	Hoover St	2020	3,597	0.31 mi

Listing Broker

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