Take 5 Oil Change NNN Cap Rates in San Antonio, TX: What Investors Are Paying Now

The San Antonio-New Braunfels MSA has emerged as a primary target for net lease investors seeking yield and demographic growth. Among the automotive sector, Take 5 Oil Change represents one of the most liquid and desirable assets in the current market. As of June 2026, the intersection of persistent interest rates and San Antonio's aggressive suburban expansion has created a unique pricing environment for these recession-resistant assets. Current Cap Rate Environment in San Antonio Take 5 Oil Change locations in San Antonio are currently trading within a range of 5.75% to 6.25%. This represents a slight compression compared to late 2025, primarily due to the limited supply of new construction automotive sites in the Bexar County area. Investors are placing a premium on locations within the 'Far North' and 'Westover Hills' submarkets, where household incomes frequently exceed $100,000. Several factors dictate where a specific property falls within this 50-basis-point spread: * Lease Term Remaining: Assets with 13-15 years of firm term remaining command sub-6.00% caps. Properties with less than 10 years are seeing pricing closer to 6.50%. * Guarantee Strength: Corporate-backed leases from Driven Brands (NASDAQ: DRVN) trade roughly 25-40 basis points tighter than franchise-backed units, even if the franchisee has a multi-unit operation. * Rental Increases: The standard Take 5 lease features 10% increases every five years. Sites with more frequent annual escalations, though rare, command a pricing premium. Why San Antonio is Outperforming Other Texas Hubs While Austin often dominates the conversation, San Antonio offers a more attractive 'basis' for NNN investors. The cost of land in San Antonio allows for more sustainable rent-to-sales ratios compared to the hyper-inflated Dallas or Austin markets. For a Take 5 asset, this means the underlying real estate value is closer to the total acquisition cost, providing a better safety net for the investor. Traffic Counts and Site Selection Take 5's model relies on high visibility and ease of access. In San Antonio, successful sites are typically located on 'pads' in front of major anchors like H-E-B, Walmart, or Lowe's. The following table illustrates recent activity trends for Take 5 assets in the MSA: | Submarket | Avg. Cap Rate | Typical Traffic (VPD) | Lease Structure | | :--- | :--- | :--- | :--- | | Stone Oak | 5.80% | 45,000+ | Absolute NNN | | New Braunfels | 6.05% | 35,000+ | Absolute NNN | | Converse/Kirby | 6.20% | 25,000+ | Absolute NNN | | Medical Center | 5.95% | 40,000+ | Absolute NNN | The Role of the Absolute NNN Lease The appeal of Take 5 for 1031 exchange buyers is the 'absolute' nature of the lease. Unlike 'double-net' (NN) leases where the landlord may be responsible for roof and structure, Take 5 leases in the San Antonio market are almost exclusively absolute NNN. This means the tenant is responsible for all operating expenses, including taxes, insurance, and all maintenance including the parking lot and roof. For an out-of-state investor, this 'mailbox money' aspect justifies the tighter cap rates compared to multi-tenant retail. Financing Impacts on Investor Yields With the 10-year Treasury hovering in a stabilized range, the spread between debt costs and cap rates has narrowed. Investors in San Antonio are currently looking at a 'positive leverage' scenario only with significant equity down payments. Many 1031 exchangers are opting for all-cash acquisitions to avoid the friction of current lending requirements, which often demand a 1.25x to 1.35x Debt Service Coverage Ratio (DSCR). Strategic Importance of the San Antonio Market San Antonio's population growth continues to outpace the national average, particularly in the northern quadrant along the I-10 and US-281 corridors. For Take 5, this growth translates directly into a higher vehicle count and shorter service intervals. The 'Stay in Your Car' service model of Take 5 is uniquely suited to the commuter-heav…