Strickland Brothers

Denver, North Carolina

Access Offering Memorandum

The Offering

Summary

  • Price $1,348,088
  • Cap Rate 6.85%
  • Property Strickland Brothers - 10 Minute Oil Change
  • Address 830 N NC-16 Business Denver, NC
  • Tenant CPIC, LLC (Personal Guaranty)
  • NOI $92,344
  • Rent Increases 10% every 5 years
  • Rent Commencement 2/1/2024
  • Rent Expiration 2/28/39
  • Lease Type NNN
  • Original Lease Term 15 Years
  • Lease Term Remaining 15
  • Options Three (3), Five (5) year options
  • Right of First Refusal None
  • Right of First Offer Yes

NetCapital Real Estate Advisors is pleased to offer for sale, the fee simple interest in long-term leased, single-tenant Strickland Brothers “10 Minute Oil Change” (the “Property”) located in Denver, North Carolina (Charlotte MSA). Strickland Brothers is a rapidly expanding brand with 175 existing locations, expected to grow to 242 by 2024. The tenant has committed to a 15 year, triple net lease (NNN) with 10% bumps every 5 years. The property is located along a highly trafficked Highway-16 (24,000 VPD), in a very affluent area with a strong retail and resident presence.

Investment Highlights

NNN Lease | Zero Landlord Responsibilities

Attractive Rent Increases - 10% Every 5-Years

Long Term Lease | New 15-Year Term

Experienced Tenant | Over 175 Locations

Heavily Trafficked Corridor - 24,000 VPD on NC-16
Great Demographics, Situated in High Income Area ($121,000+ Average HHI in 1 mile)

Easy Ingress & Egress - Full Movement To & From Site

Privately Held Corporation | Capital Infusion From Princeton Equity Group (2021)

Rapidly Expanding Brand - Expected To Have More Than 242 Locations By 2024

Location

Site Plan

map

Demographics

1-mile
3-mile
5-mile
Population (Radius)
1,909
16,867
33,591
Average HHI
$121,417
$132,794
$140,482

Tenant

FOUNDED IN 2016, THOMASVILLE, NC

Founded in 2016 by Justin Strickland in Thomasville, NC,

Strickland Brothers Oil Change is a reputable automotive

service franchise that specializes in providing efficient and

comprehensive oil change services. With over 170 locations

across 20 states, the company aims to deliver high-quality

oil maintenance for vehicles, contributing to their optimal

performance and longevity. At Strickland Brothers Oil Change,

customers can expect a range of services beyond just oil

changes. These may include fluid checks and top-offs, tire

rotations, air filter replacements, wiper blade installations,

and basic vehicle inspections. The company prides itself on

offering swift service without compromising on quality.

 

In 2021, Strickland Brothers Oil Change received a major

capital infusion from Princeton Equity Group to fuel its

expansion plans and become an emerging, competitive

brand in the rapidly growing quick-lube industry. CEO

Justin Strickland, currently the largest shareholder, was

recognized by Ernst & Young as a 2022 Entrepreneur of the

Year for the Southeast. Due to a customer service-oriented

business, excellent leadership, and strong financial backing,

Strickland Brother’s Oil Change is now a powerhouse in

the quick-lube industry and poised for further expansion.

Team

Ryan Eklund

980-613-4890

Cabell Sheild

980-256-3466
Copyright