Listed by CBRE - Tampa
$2,250,000
Grease Monkey Oil Change & Car Wash - Chicago MSA
Details
APN 0701212090070000
Property Type Retail, Special Purpose
Sub Type Auto Shop, Car Wash
Square Footage 8,770
Units 1
Cap Rate 6.00%
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Remaining Term 12
Rent Bumps Yes
Year Built 2003
Year Renovated 2025
Acreage 1.190
Ground Lease No
Sale Condition N/A
Grease Monkey & Car Wash | New 12-Year Absolute NNN Lease | Extremely Low Rent | Chicago MSA
Marketing description
CBRE is pleased to present an opportunity to acquire a brand new 12-year Absolute NNN single-tenant property leased to Grease Monkey, an oil change and auto service station concept. The tenant signing this new absolute NNN Lease relieves the landlord of operational and capex expenditures over the life of the lease. The parcel is located in Naperville, DuPage County, Illinois, just 30 miles west of downtown Chicago.
The Sublease: Hidden deal Within the Deal:
- Operator Has Signed A 12-Year Carwash Sublease With Illinois-Based Global Wide Holdings, Co-Terminus With The Master Lease Term
- Subtenant Pays $60,000/Yr Base Rent Plus:
- 50% Of Real Estate Taxes And Insurance
- 100% Of The Water Bill
- 40% Of Gas And Electric
- 50% Of Trash, Internet, And Phone
- Sublease Escalates At 2% Annually, Mirroring Master Lease
- Effective Net Rent To The Operator Drops From $135,000 to ~$75,000, Meaning This Unit Only Needs To Do Revenue Of $1M In Annual Gross Sales To Maintain A Healthy 7.5% Rent To Sales Ratio
- Operator’s Existing Stores: Top Two Clear $1M+ Revenue In Far Weaker Demographics Than Naperville
- The Subtenant Economics Flow Only To The Operator, But This Creates Downside Protection Without Capping Upside
Investment highlights
Lease Facts:
- Absolute NNN Lease - No Landlord Responsibilities
- Extremely Low Rent at Price/SF
- New 12-Year Base Term with Two (2) 5-Year Options
- 2% Annual Rent Increases
- Lease Term: 144 months (12 years) Commencing Upon Building
- Delivery to Tenant
- Renewal Options: Two (2) x Five (5) year options (22 years total potential term)
- 8,770 SF (Multi-Bay Auto Service Center) on 1.19 Acres
Tenant Responsibilities (NNN):
- All Maintenance and Repairs Including Structural, Roof, and Load-Bearing Walls
- All Taxes and Assessments
- All Insurance and Utilities
Operator Strength:
- Proven and seasoned multi-unit Grease Monkey franchisee
- Personal Guarantee Backed By Strong Financials
Listing Contacts
Listed by CBRE - Tampa
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