Strickland Brothers
Denver, North Carolina
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
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.
