2694 Market St Gilbert, AZ 85295
- Retail properties
- 1,315 SF
- 0.64 lot acres
Current Use by Public Records
- Take 5 Oil Change / Oil Change Service
Property Details for 2694 Market St
- Year built
- 2023
- Lot size
- 0.64 lot acres
- Property size
- 1,315 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a 1,315 square foot, single-tenant, absolute triple-net (NNN) ground lease for a Take 5 Oil Change in Gilbert, Arizona. Located at 2694 S Market St, this property boasts a 4.75% cap rate with a current NOI of $80,000. The 15-year lease, commencing June 17, 2023, and expiring June 30, 2038, includes a substantial 13.6 years remaining term. Rent increases are built-in, with a 10% bump every five years, ensuring consistent income growth. The property sits on a 0.64-acre lot and benefits from a corporate guarantee from Take 5 Oil Change, a division of Driven Brands, the largest automotive services company in North America. This prime location enjoys excellent visibility and proximity to major shopping centers, including San Tan Village Marketplace, San Tan Village, and San Tan Pavilions, as well as the Dignity Health Mercy Gilbert Medical Center. The strong demographics of the area, with a 3-mile average household income of $158,076, further enhance the investment potential. The lease includes three and five-year renewal options, providing long-term security and growth opportunities. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with significant upside potential. The ground lease has 13.8 years remaining, mirroring the building lease term. This property is a turnkey investment ready for immediate income generation.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Gilbert
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.744
- Latitude
- 33.3014
