Strickland Brothers

Fort Wayne, Indiana

Access Offering Memorandum

The Offering

Summary

  • Price $1,319,314
  • Cap Rate 6.85%
  • Property Strickland Brothers
  • Address 10830 Coldwater Road, Fort Wayne, Indiana
  • Tenant TLB Enterprises LLC
  • NOI $90,373
  • Rent Increases 10% every 5 years
  • Rent Commencement 8/1/2023
  • Rent Expiration 8/31/2038
  • Lease Type NNN
  • Original Lease Term 15 Years
  • Lease Team Remaining 13.7 Years
  • Options Four (4), 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 Fort Wayne, Indiana. 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 Coldwater Road (15,800 VPD) a dense retail and residential corridor.  

Investment Highlights

NNN Lease

Attractive rent increases 10% every 5 years

Long term lease New 15-year term

Experienced tenant Over 175 locations

Heavily Trafficked corridor 15,800 VPD on Coldwater Rd & 20,000 vpd on Dupont Rd.
Great demographics Situated in high income area ($99,000+ average HHI in 1 mile)

Easy site access Multiple points of easy ingress & egress

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)
6,789
49,000
104,016
Average HHI
$99,939
$101,302
$88,088

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

BROKER OF RECORD

Brian Brockman

License RB14037939

Bang Realty, Inc

bor@bangrealty.com

Ryan Eklund

Ryan Eklund

980-613-4890
Cabell Sheild

Cabell Sheild

980-256-3466
Copyright