Single-Tenant NNN Auto Service
For Sale
$2,144,662
5687 S Transit Rd, Lockport, NY 14094
2024 build-to-suit Take 5 property offered on a 15-year absolute NNN lease with corporate guaranty.
Property Size1,739 SF
Days on Market79
Property Features for 5687 S Transit Rd
General Information
Standard status
Active
Size
1,739 SF
Property subtype
Commercial
Lease Term
± 13.50 Years
Building Details
Building Size
1,739 SF
Year Built
2024
Listing Agency:
Matthews Real Estate Investment Services | Dallas
Listed By:
Josh Bishop · License #688810 (TX)
(214) 692-2289
Source:
Matthews
Added: Jun 28
Changed: Sep 6
Last Checked: Sep 14 at 5:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Services | Dallas
Investment Insights
Based on property information with market context.
This 2024 build-to-suit single-tenant auto service property is leased to Take 5 on a 15-year absolute NNN basis with zero landlord responsibilities, and includes 10% rent increases every five years for the full lease term (base plus options). The offering also features a corporate guaranty from an experienced Take 5 operator.
Located at 5687 S Transit Rd in Lockport, NY 14094, the property benefits from excellent visibility along the area’s dominant retail corridor. Public remarks indicate nearly 30,000 vehicles per day along South Transit Rd, with a surrounding mix of national retailers including Walmart Supercenter, Target, Lowe’s, Home Depot, Wegmans, and Starbucks.
The tenant is identified in the public remarks as an established Take 5 Oil Change operator with a large footprint across locations and franchise brands. The property’s reported bonus depreciation qualification is referenced in the remarks (please consult a tax professional for details).
Located at 5687 S Transit Rd in Lockport, NY 14094, the property benefits from excellent visibility along the area’s dominant retail corridor. Public remarks indicate nearly 30,000 vehicles per day along South Transit Rd, with a surrounding mix of national retailers including Walmart Supercenter, Target, Lowe’s, Home Depot, Wegmans, and Starbucks.
The tenant is identified in the public remarks as an established Take 5 Oil Change operator with a large footprint across locations and franchise brands. The property’s reported bonus depreciation qualification is referenced in the remarks (please consult a tax professional for details).
Key Highlights
- 2024 build‑to‑suit property leased to Take 5 on a 15‑year absolute NNN lease with zero landlord responsibilities
- Lease includes 10% rent increases every 5 years for the entire term (base + options)
- Corporate guaranty from an experienced Take 5 operator with 60 T5 locations and 245 locations across all franchise brands
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$85,181
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,703,620
$1.7M
Cap Rate 7%
$1,216,871
$1.2M
Cap Rate 9%
$946,456
$946.5K
Market Conditions
NOI Build-Up for 1,739 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$130.4K $75.00/SF
− Vacancy
−$8.7K −$5.03/SF
EGI
$121.7K $69.98/SF
− OpEx
−$36.5K −$20.99/SF
NOI
$85.2K $48.98/SF
Area
Niagara County, NY
Vacancy
6.70%
Lease Rate
$75.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,703,620
Cap Rate 7%
$1,216,871
Cap Rate 9%
$946,456
Alternative Uses
Best Use
Industrial
$1.22M
$1.06M – $1.42M
NOI $85,181 @ 7.0% cap · market cap 3.97%
Second Best
Retail
$273.3K
$239.1K – $318.8K
NOI $19,129 @ 7.0% cap · market cap 0.89%
Theoretical Best
Warehouse
$1.48M
$1.29M – $1.72M
NOI $103,434 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
430k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Superstores 21%
Shops & Services 18%
Home Improvements & Furnishings 10%
Walmart
Superstores
88,485 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
32,028 visits/mo
0.3 miles
Runnings
Apparel
26,990 visits/mo
0.4 miles
Aldi
Groceries
25,744 visits/mo
0.2 miles
Dollar Tree
Shops & Services
23,997 visits/mo
0.3 miles
Demographics for 14094, NY
50,969
Population
23,283
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
121.7 sq mi
ZIP Area
419
Density / Sq Mi
$73,354
Median Household Income
$45,056
Median Earnings
$869
Median Rent
$186,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Collision Shop — 5775 S Transit Rd, Lockport, NY 14094
- gmps-heinrich — heinrich chevrolet, 5775 s transit rd, lockport, ny 14094
- Heinrich Chevrolet Service — 5775 S Transit Rd, Lockport, NY 14094
- Heinrich Chevrolet Corp. — 5775 S Transit Rd, Lockport, NY 14094
- Walmart Auto Care Centers — 5735 S Transit Rd, Lockport, NY 14094
Frequently Asked Questions
What type of property is this?
Auto shop - 2024 build-to-suit Take 5 property offered on a 15-year absolute NNN lease with corporate guaranty.
Where is this auto shop located?
The property is located at 5687 S Transit Rd Lockport, NY.
What is the asking price?
The asking price for this property is $2,144,662.
What are key features of this property?
This property features: 2024 build‑to‑suit property leased to Take 5 on a 15‑year absolute NNN lease with zero landlord responsibilities; Lease includes 10% rent increases every 5 years for the entire term (base + options); Corporate guaranty from an experienced Take 5 operator with 60 T5 locations and 245 locations across all franchise brands
