Take 5 Car Wash

10901 West Lapham Street, West Allis, WI 53214

$4,802,000

Cap Rate 6.50%

Views: 147 DOM: 419 Updated: 09.12.24 Posted: 10.30.23 Status: Active

Summary

Price $4,802,000	Built/Renov 2019	Tenant Take 5 Car Wash
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 3,500	Lease Start 01-01-2023	#Units 391
Price/SF $1,372.00	Expiration 12-28-2042	Tenant Type Automotive
NOI $312,130	R. Term 18.0	Ownership Fee Simple
Rent/SF $96.04	Increases 2.0%/5/yrs	Pop 5Mi 287,963
Lot/AC 1.88	Options 4/5yrs/2%	AHHI 5Mi $99,575

Lease Highlights

Take 5 Car Wash has 19+ years remaining with 4 (5-year) options to extend
The lease features 2% annual rental increases starting in Jan 2029 and continuing through option periods
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed by Driven Brands (NASDAQ: DRVN)

Location Description

Take 5 Car Wash is conveniently located at the signalized, hard corner intersection of W. Lapham St. and S. 108th St (39,000 VPD), a major retail corridor serving the city of West Allis. The asset benefits from excellent frontage and visibility with a monument sign along S. 108th St., and easy access to major Interstates 94 and 41. It is also close to many large regional shopping centers which...

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Key Features

Signalized intersection
Dense retail corridor
Highway location
Top 100 MSA
Strong demographics
Long 15+ yr lease
Accelerated depreciation
Annual rent increases
Traded and rated company
Corporate Guarantee

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Links

Take 5 Car Wash Wikipedia West Allis, Wisconsin Zip Code 53214 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Take 5 Car Wash
Guarantor:Corp T and Rated
Company:Driven Brands Holdings, Inc.
# Units:391
Tenant S&P: B+
Moody’s: B3
Stock: NASDAQ: DRVN

About Tenant

Take 5 Car Wash is the largest domestic operator of car wash sites. The chain offers exterior car wash services that utilize an automated conveyor belt to pull vehicles along a track where...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	10,737	106,699	286,313
2023 Total Population :	10,900	106,742	287,963
2023 Employed Civilian Pop :	5,791	54,671	147,464
2023 Total Businesses :	598	4,530	11,474
2023 Average Household Income :	$ 77,618	$ 92,300	$ 99,575
2023 Total Consumer Spending :	$ 353 M	$ 3855 M	$ 10794 M
2023 Median Age :	41	42	41
2023 Total Households :	5,246	48,457	125,877
2023 Pop Age 25+: Bachelor's Degree :	1,791	19,698	55,281
2023 Average Home Value :	$ 195,146	$ 273,987	$ 287,238

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
S 108th St	W Mitchell St	2017	39,000	0.09 mi
	W Orchard St	2021	31,900	0.10 mi
W Greenfield Ave	S 109th St	2017	25,100	0.23 mi
W Greenfield Ave	S 108th St	2017	32,800	0.24 mi
W Greenfield Ave	S 114th St	2004	18,000	0.40 mi
South 108th Street	I- 94	2021	24,500	0.41 mi
South 103rd Street	W Greenfield Ave	2021	760	0.46 mi
S 116th St	W Orchard Ct	2005	6,600	0.48 mi
S 116th St	W Greenfield Ave	2017	11,600	0.49 mi
B St	S 108th St	2017	36,900	0.51 mi

Listing Broker

Matthew Mousavi

SRS National Net Lease Group

Contact

369 Listings
46477 Views
137 Sold

Patrick Luther

SRS National Net Lease Group

Contact

420 Listings
50910 Views
165 Sold

Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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