Take 5 Oil Change

Investment Highlights

NEW CONSTRUCTION TAKE 5 OIL CHANGE
• New 2021 construction Take 5 Oil Change located in Boone, NC.
• This store is 1,435 SF and is a drive thru location.

DENSE RETAIL CORRIDOR
• The subject property is well located at the corner of Winklers Creek Rd & Hwy 321 (combined 42,900 VPD) which is the primary retail corridor in Boone with 2.2M SF of retail within a 1 mile radius.
• Surrounding national retailers include Lowe’s Home Improvement, Walmart, Publix, TJ Maxx, Harris Teeter, The Boone Mall and more.
• Appalachian State University (20,641 Students) is half a mile away from this Take 5.
• This Take 5 is located near the corner of Hwy 321 and Hwy 221 with a combined 61,500 VPD.
• There are 35,666 people in a 5-mile radius with 9.64% growth and $68,741 average household income.

HOME TO APPALACHIAN STATE UNIVERSITY
• Boone is a charming historical town located in the Blue Ridge Mountains of western NC.
• Boone is the home of Appalachian State University (20,641 Students), and is a lively student-town with the ruggedness associated with its past (Daniel Boone).
• Appalachian State University was established in 1899 and is ranked among the best universities in the nation by U.S. News & World Report, The Princeton Review and Forbes magazine.
• The surrounding area offers some of the country’s best outdoor adventures, with fast, clear rivers perfect for rafting or kayaking.

LONG TERM GROUND LEASE WITH INCREASES
• The subject property has a new 15-year NNN ground lease.
• This is an absolute NNN ground lease and the tenant is 100% responsible for all taxes, insurance, CAM, roof and structure.
• There are attractive 10% rent increases every 5 years in the initial term and in each of the four, 5-Year options.

TAKE 5 OIL CHANGE (“TAKE 5”)
• Owned by Driven Brands, a $4.4 Billion market capitalization business (NAS: DRVN) based in Charlotte, NC.
• Take 5 currently operates 629 locations and has a pipeline of over 150 openings for 2022, with plans to grow to more than 2,000 locations within the next ten years.
• Founded in Metairie, LA in 1984 and is currently the fastest growing quick service oil change operator in the United States.
• The business model revolutionized the quick service oil change space by introducing the “stay in your car” concept while focusing on ~10 minute oil change services.
• While trends were already very strong, the COVID-19 pandemic strengthened the value proposition that Take 5 offers and, as a result, revenues are growing even faster.

RAPIDLY EXPANDING OPERATOR
• Take 5 Carolinas, LLC was the first Take 5 franchisee of what is now a group of over 50 franchisees.
• This operator has the most experience operating franchisee locations.
• Overall business trends have exceeded franchise averages since inception.
• The company currently operates ten locations and has an additional eight locations under contract with plans to grow to 20-30 locations by the end of 2024.