Strickland Brothers

198 Rogers Street, Princeton, WV 24740

$1,449,000

Cap Rate 6.50%

Views: 156 DOM: 384 Updated: 07.04.24 Posted: 10.27.23 Status: Active

Summary

Price $1,449,000	Built/Renov 1987/2022	Tenant Strickland Brothers
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 1,211	Lease Start 04-25-2002	#Units 173
Price/SF $1,196.53	Expiration 04-30-2037	Tenant Type Automotive
NOI $94,192	R. Term 12.5	Ownership Fee Simple
Rent/SF $77.78	Increases 10.0%/3/yrs	Pop 5Mi 26,770
Lot/AC 0.43	Options 4/5yrs/10%	AHHI 5Mi $69,963

Lease Highlights

Recent renovation
Strickland Brothers has 13+ years remaining on the base term with 4 (5-year) options to extend
The lease features 10% rental increases every 5 years
Absolute NNN lease | Zero Landlord responsibilities
Asset may be eligible for Bonus Depreciation | Speak with your CPA/Tax Advisor to confirm
Corporate guaranteed lease

Location Description

Strickland Brothers enjoys excellent access and visibility from Rogers St, where the daily traffic count averages 25,650 vehicles. The property is conveniently located just a few blocks from the main retail corridor of Princeton and is approximately one mile from Princeton High. It is also within a mile of national retailers like Family Dollar and Kroger. Furthermore, it's just over 1.5 miles...

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Key Features

Recent renovation
Build to suit
Dense retail corridor
Near major nationals
Strategically located
Highway close
Absolute NNN
Long 10+ yr lease
Accelerated depreciation
Corporate Guarantee

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Links

Strickland Brothers Wikipedia Princeton, West Virginia Zip Code 24740 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...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,280	17,388	26,074
2023 Total Population :	4,432	17,894	26,690
2023 Employed Civilian Pop :	1,860	7,765	11,435
2023 Total Businesses :	425	900	1,087
2023 Average Household Income :	$ 57,975	$ 66,264	$ 66,500
2023 Total Consumer Spending :	$ 104 M	$ 462 M	$ 689 M
2023 Median Age :	45	45	46
2023 Total Households :	2,017	7,869	11,682
2023 Pop Age 25+: Bachelor's Degree :	499	2,221	3,388
2023 Average Home Value :	$ 106,283	$ 136,245	$ 137,793

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Brick Street	S 2nd St	2021	20,771	0.15 mi
Rogers Street	Dejarnette Ave	2021	11,352	0.21 mi
Rogers St	Saunders Ave	2015	14,675	0.31 mi
CR 27	US Hwy 460	2021	1,310	0.42 mi
	N 1st St	2021	11,334	0.51 mi
North Caperton Avenue	Prince St	2021	681	0.60 mi
Mercer Street	S 8th St	2021	8,876	0.69 mi
Ingleside Road	South Ave	2021	6,089	0.78 mi
Ingleside Road	Davis St	2021	11,701	0.81 mi
North Wickham Avenue	Brown St	2021	1,227	0.81 mi

Listing Broker

Aron Cline

Berkeley Capital Advisors

Contact

177 Listings
26864 Views
21 Sold

Calvin Short

Berkeley Capital Advisors

Contact

187 Listings
27839 Views
23 Sold

Aron Cline

Specializing in Single Tenant Net Lease and Shopping Centers, Aron Cline leads Berkeley Capital Advisors’ West Coast Office. Since 2011, Aron has been actively engaged in the commercial real estate space. Over the last decade, he and his team have been regarded as one of the most active brokerage teams in the country - having brokered over 1,300 transactions totaling $3.5 billion. His dedication and success have earned him the trust of some of the country’s top institutions, developers, high ne

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Calvin Short

Calvin Short joined Berkeley Capital Advisors in 2021 and leads the West Coast capital markets group. Since joining Berkeley, Calvin has been a part of closing 1,400 separate transactions with $4 billion in sales volume. Prior to Berkeley, Calvin served as Senior Vice President at Matthews REIS where he was consistently ranked within Matthews’ top five producing agents. In 2012, he graduated from The University of San Diego with a B.A. in Real Estate Finance. Calvin has spent the past 10 years

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