About the Investment

• Brand New 20-Year Absolute Triple Net Sale- Leaseback with 10% Increases Every 5 Years | This Meineke is subject to a 20-year sale-leaseback upon close of escrow with zero landlord responsibilities. Additionally, the lease is subject to 10% rental increases every 5 years, increasing the NOI to north of 33% over the 20-year term.
• Adjacent Walmart is a Top-Performing Store Nationwide | The Walmart located down the street from this Meineke ranks in the 94th percentile nationwide, 98th percentile in the state of Tennessee, and is the #2 location within 15 miles based on visits according to Placer.ai, which is ideal for Meineke as this high performing Walmart brings in a constant customer base which drives by the property every day.
• This Location is Undergoing a Full On Renovation | $250K+ Investment into the Premises | PARC Auto, as part of their 20 year commitment to this location, is investing over $250,000 into the facility in order to modernize the shop and increase productivity at this already established location. The property is undergoing renovations to the lobby, main shop area, back shop area, the exterior, as well as a full on equipment overhaul. Please contact the listing broker for a detailed schedule of improvements.
• Ideal Consumer Base for Vehicle Repair Services that Meineke Offers | There are nearly 200,000 individuals with an average household income of over $71,300 living within 10 miles of the subject property. This is an ideal local consumer base as it lends well to Meineke's services of extending the life of one's vehicle. The average age of vehicles across the US is 12.6 years and continues to rise at a steady pace according to S&P Global Mobility, leading more owners to utilize local repair shops instead of car dealerships. These tailwinds are ideal for Meineke's continued long term success at this location as well as across the nation.
• Exponential Population Growth in Surrounding Area | The population growth within the area is rapidly rising and is projected to increase exponentially. Specifically, within 3 miles of the property, there was a 2.90% population growth since 2020 and over the next five years, the population is expected to increase by another 3.50%.
• Operated by PARC Auto, Which is Driven Brand Inc's Largest Meineke Franchisee in the Nation | The current portfolio is comprised of 40 shops, operating in 7 different states (KY, IN, FL, TX, OR, WA, and now TN) with plans to expand to 50 operational shops by the end of 2025 and 75 by the end of 2026.