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9/18/24
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A single-tenant property occupied by Grease Monkey in Lakewood, CO sold for $2.435 mil in a deal that had a cap rate of 6.40%. This is the lowest reported cap rate for a single-tenant Grease Monkey in Colorado in the past two years, we’re told.
The 4.2k sf building is located on 1.23 acres at the hard corner, signalized intersection of Jewell Ave and Union Blvd (35,000 cars per day) at 11988 West Jewell Ave in Lakewood. The building is strategically positioned less than 12 miles from Downtown Denver.
The corporately operated Grease Monkey Oil Change benefits from a dense population, with over 242,000 people within a five-mile radius and an average household income exceeding $159,000 within a one-mile radius.
Jonathan Schiffer and Austin Blodgett with RealSource Group, in association with ParaSell Inc, represented the seller, a private investor based in the Denver metro area. According to Schiffer, they generated multiple offers within the first few weeks of marketing the property for sale and procured a Northeast-based, 1031 exchange buyer seeking bonus depreciation-qualifying assets.
With over 11 years remaining on the initial lease term, rare 2% annual rental increases, and three, five-year renewal options, this investment was very appealing to individual and institutional investors alike,” Schiffer noted.
Blodgett added that the site included a car wash tunnel onsite, which provides bonus depreciation benefits for the buyer. “A standalone car wash tunnel is not something you would normally see on an oil change site like this one,” Blodgett noted.
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