Address: 309 & 311 S Timberland Dr., Lufkin, TX
Cap Rate: 6.25%
Net Operating: $234,809
Square Footage: 4,080 & 2,536
Lot Size: 1.45 AC
Year Built: 2000
Subject property is a 9,654 square-foot Grease Monkey in Lufkin, TX. The NNN lease calls for zero landlord obligations with 10% increases in rent every 5 years and four 5 year options to renew. The premises consists of both an Oil Change Store and a separate Car Wash. The subject Grease Monkey consists of 4,080 sf, while the car wash is 2,536 sf. These properties sit on an estimated 1.45 acre lot. The lease is guaranteed by Grease Monkey International, LLC. This asset is situated in a major retail trade area and surrounded by national retailers including Dollar General, Sherwin Williams, Family Dollar, Burger King, Taco Bell, Walgreens, and many others.
Lufkin is the largest city in Angelina County, Texas and the county seat. The city is situated in Deep East Texas and is 115 mi (185 km) northeast of Houston. Its estimated population is 35,021 as of July 1, 2019.
Lufkin was founded in 1884 and named for Abraham P. Lufkin. It originally served as a stop on the Houston, East and West Texas Railway. It was officially incorporated on October 15, 1890. Lufkin continued to serve as a stop on the railroad until the 1890. Three businessmen founded Angelina Lumber Company, which led to much of the economic prosperity Lufkin later had. When the so-called “timber boom” came to an end, a new “golden era of expansion” began. Lufkin became more industrialized with the opening of Lufkin Industries and Southland Paper Mill. In the mid 1960s, a cultural expansion began, and improvements were made to education and the way of life, including museums and the opening of a new library.