Strickland Brothers

1300 Southeast 1st Street, Mineral Wells, TX 76067

$1,308,000

Cap Rate 6.50%

Views: 98 DOM: 190 Updated: 06.21.24 Posted: 05.08.24 Status: Active

Summary

Price $1,308,000	Built/Renov 1961/2023	Tenant Strickland Brothers
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 4,800	Lease Start 07-17-2023	#Units 173
Price/SF $272.50	Expiration 07-31-2038	Tenant Type Automotive
NOI $85,000	R. Term 13.8	Ownership Fee Simple
Rent/SF $17.71	Increases 10.0%/5/yrs	Pop 5Mi 18,994
Lot/AC 0.50	Options 3/5yrs/10%	AHHI 5Mi $73,352

Lease Highlights

Strickland Brothers has 14+ years remaining on the current lease term with 3 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Strickland Brothers is strategically located on SE 1st Street, with access to 21,240 vehicles passing by daily. The property is within walking distance of Mineral Wells High School, which has an enrollment of 884 students. Additionally, it is within proximity to a Walmart Supercenter-anchored shopping center, a Tractor Supply & Harbor Freight Tools-anchored shopping center, and Brazos Shopping...

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Key Features

Recent renovation
Build to suit
Dense retail corridor
Near major nationals
Strong tenant synergy
Income tax free state
Absolute NNN
Long 10+ yr lease
Accelerated depreciation
Corporate Guarantee

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Links

Strickland Brothers Wikipedia Mineral Wells, Texas Zip Code 76067 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 :	6,605	16,506	19,166
2023 Total Population :	6,392	16,324	18,994
2023 Employed Civilian Pop :	2,462	6,660	7,792
2023 Total Businesses :	378	682	770
2023 Average Household Income :	$ 64,123	$ 71,467	$ 73,352
2023 Total Consumer Spending :	$ 139 M	$ 398 M	$ 476 M
2023 Median Age :	35	37	38
2023 Total Households :	2,459	6,318	7,347
2023 Pop Age 25+: Bachelor's Degree :	412	1,167	1,345
2023 Average Home Value :	$ 143,926	$ 164,517	$ 182,628

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Southeast 1st Street	SE 14th Ave	2022	20,638	0.10 mi
US 180	Pasadena Blvd	2022	7,977	0.12 mi
E Hubbard St	SE 10th Ave	2002	26,000	0.16 mi
Southeast 1st Avenue	SE 1st St	2022	15,828	0.58 mi
US 180	SE 1st Ave	2022	7,835	0.59 mi
East Hubbard Street	SE 1st Ave	2022	7,993	0.59 mi
South Oak Avenue	SW 5th St	2022	7,375	0.63 mi
S Oak Ave	SW 5th St	2002	9,600	0.63 mi
North Oak Avenue	E Hubbard St	2022	6,235	0.64 mi
US 180	SW 1st Ave	2021	7,376	0.67 mi

Listing Broker

Calvin Short

Berkeley Capital Advisors

Contact

187 Listings
27845 Views
23 Sold

Aron Cline

Berkeley Capital Advisors

Contact

177 Listings
26871 Views
21 Sold

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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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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