RealSource Group, a national commercial real estate brokerage company specializing in investment sales, sale-leasebacks and tenant representation, announced today that the firm completed the sale of a single-tenant property occupied by Grease Monkey in Lakewood, Colorado. The sale price was $2,435,500, representing a cap rate of 6.40%, the lowest reported cap rate for a single-tenant Grease Monkey in Colorado in the past two years.
RealSource Group’s Senior Associate Jonathan Schiffer and Senior Vice President of Investment Sales Austin Blodgett, in association with ParaSell, Inc., represented the seller, a private investor based in the Denver metro area.
The 4,248-square-foot building is located on 1.23 acres at the hard corner, signalized intersection of Jewell Avenue and Union Boulevard (35,000 cars per day) at 11988 West Jewell Avenue 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.
“We 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,” Schiffer said. “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.”
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.
“We were able to maximize the value of the real estate to execute a quick marketing period, escrow, and closing,” said Schiffer. “This is the second Grease Monkey Oil Change that we’ve sold in the last year, further confirming our belief that investors are continuing to demand internet-resistant, automotive-service, real estate investments.”
“There is still equity in the market looking for high-quality, well-located single-tenant net-leased properties with favorable long-term leases, particularly absolute triple-net leases that require no landlord responsibilities,” Blodgett highlighted. “The sale also proves that RealSource is able to achieve premium prices for clients, regardless of the current economic environment.”
Founded in 1978 and part of the FullSpeed Automotive family of brands, Grease Monkey has more than 45 years of expertise in oil changes and automotive maintenance. There are more than 500 Grease Monkey auto centers in the United States, Mexico, China, Colombia, and Saudi Arabia. In 2024, Grease Monkey was included in Entrepreneur’s prestigious Franchise 500 ranking for the eighth consecutive year and ranked #69 on Entrepreneur’s First-Ever List of Top Franchise Brands for Multi-Unit. Grease Monkey was also ranked in the top 10 Best Automotive Franchises, according to FranchiseRankings.com.
About RealSource Group
RealSource Group, founded in 1991, is a national commercial real estate brokerage company specializing in tenant representation, investment sales and sale-leaseback transactions. With the combination of RealSource’s leasing and sales experience, vast broker network, technology, unique processes, and national reach, RealSource delivers consistency, high-quality production, quality service and measurable deal-making results for its clients on a nationwide platform. Transacting over 1,000 commercial real estate deals nationwide, RealSource has perfected its platform through proven execution over the last 33 years. For more information, visit: realsource.com.
