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Views: 305 DOM: 124 Updated: 10.14.24 Posted: 06.22.24 Status: Active

Summary

Price $829,600
Built/Renov 1994
Tenant Jiffy Lube
Cap Rate 7.75%
Lease Type NN+
Guarantor Franchisee
Size/SF 3,200
Lease Start 11-01-2010
#Units 550
Price/SF $259.25
Expiration 10-31-2030
Tenant Type Automotive
NOI $64,294
R. Term 6.0
Ownership Fee Simple
Rent/SF $20.09
Increases 12.5%/6/yrs
Pop 5Mi 10,625
Lot/AC 0.29
Options 2/5yrs/12.5%
AHHI 5Mi $58,111

Lease Highlights

  • Jiffy Lube has been operating in this location for 14 years
  • The tenant has 6 years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 12.5% rental increases at the start of each option period
  • Favorable NN+ lease with landlord is responsible for 50% of roof & structure repairs and replacement
  • Property includes an attached apartment creating bonus income
  • Lease guaranteed by Team Car Care, LLC (550 units backed)

Location Description

Jiffy Lube is strategically located on Tunica Drive W, with access to 11,478 vehicles passing by daily. The property is surrounded by well-known national tenants, including Walmart, Walgreens, Dollar General, Taco Bell, Popeye’s, Harbor Freight, Little Caeser’s, and more. Additionally, it is within proximity to the Paragon Casino and Resort. The 5-mile trade area is supported by a population...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Jiffy Lube
  • Guarantor:Franchisee
  • Company:Team Car Care, LLC
  • # Units:550
  • Tenant S&P: A+
  • Moody’s: Aa2
  • Stock: NYSE: SHEL

About Tenant

Jiffy Lube International, Inc., dba Jiffy Lube, is an automotive service chain offering oil changes and various other services. Besides oil changes, Jiffy Lube facilities offer a wide range of...


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Listing Broker

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