Strickland Brothers

15511 Farm to Market Rd 529, Houston, TX 77095

$2,193,000

Cap Rate 6.50%

Views: 64 Updated: 05.06.24 Posted: 05.12.23 Status: Sold

Summary

Price $2,193,000	Built/Renov 2022	Tenant Strickland Brothers
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 1,725	Lease Start 02-05-2023	#Units 173
Price/SF $1,271.30	Expiration 05-31-2038	Tenant Type Automotive
NOI $142,500	R. Term 14.0	Ownership Fee Simple
Rent/SF $82.61	Increases 10.0%/4/yrs	Pop 5Mi 336,836
Lot/AC 0.84	Options 4/5yrs/10%	AHHI 5Mi $100,679

Lease Highlights

Brand-new BTS construction; Strickland Brothers opened in November 2022
Tenant signed a new 15-year lease with 4 (5-year) options to extend
Lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period
Absolute NNN | Zero landlord responsibilities
Strong personal guaranty from three different individuals

Location Description

The property is located along Farm to Market Road 529 (aka Spencer Road), a major east/west thoroughfare with 38,460 vehicles passing by daily. Spencer Road connects Grand Pkwy (Highway 99) to US Highway 290. The service facility is also in very close proximity to Highway 6 which offers an additional 49,600 VPD. The asset is complete with 3 service bays and is located adjacent to a car wash,...

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Key Features

New construction
Near major nationals
Dense 200M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
Income tax free state
Brand new lease
Absolute NNN
Accelerated depreciation
Personal guarantee

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Links

Strickland Brothers Wikipedia Houston, Texas Zip Code 77041 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Strickland Brothers
Guarantor:Franchisee
Company:3 Individuals
# 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...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	16,672	146,035	320,495
2023 Total Population :	15,797	144,958	318,782
2023 Employed Civilian Pop :	8,169	74,910	161,483
2023 Total Businesses :	764	4,496	9,601
2023 Average Household Income :	$ 98,615	$ 101,427	$ 109,128
2023 Total Consumer Spending :	$ 476 M	$ 4268 M	$ 9955 M
2023 Median Age :	36	34	34
2023 Total Households :	5,602	48,934	106,325
2023 Pop Age 25+: Bachelor's Degree :	2,299	24,203	52,858
2023 Average Home Value :	$ 237,052	$ 263,943	$ 280,883

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
FM 529 Rd	Cherry PkDr	2013	32,353	0.06 mi
Spencer Road	Hwy 6	2020	32,076	0.12 mi
Spencer Road	Hwy 6	2021	32,725	0.12 mi
Glen Chase Dr	Clear Valley Dr	2011	4,900	0.22 mi
State Hwy 6		2011	49,940	0.23 mi
TX 6	FM 529	2021	42,540	0.24 mi
TX 45;RM 620	FM 529	2020	41,301	0.24 mi
Spencer Road	Lakeview Haven Dr	2021	40,218	0.29 mi
Addicks Satsuma Rd	Kingfield Dr	2018	46,631	0.30 mi
Sugar Ridge Dr	River Garden Dr	2011	5,090	0.37 mi

Listing Broker

Bill Asher

Hanley Investment Group

Contact

117 Listings
5253 Views
50 Sold

Jeff Lefko

Hanley Investment Group

Contact

115 Listings
5123 Views
54 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

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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

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