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ZIPS Car Wash

7 Cap | Anchored by Kroger | Corporate Credit | 1.5% Annual Increases

Listing Contacts

Active

Asking Price: $5,272,400
Listing Broker NameBrad Pepin
Address 

3000 Breckenridge Ln, Louisville, KY 40220

Show on Map
Date Added
Sep 10, 2024
Days on Market
222 days
Time Since Last Update
103 days

Details

Property TypeRetail, Special Purpose
SubtypeCar Wash
Investment TypeNet Lease
Tenant CreditCorporate Guarantee
TenancySingle
Brand/TenantZIPS
Lease Commencement02/26/2021
Lease Expiration12/31/2034
Remaining Term9.7 years
Square Footage3,600
Cap Rate7.00%
Occupancy100%
NOI$369,069
Buildings1
Stories1
Lot Size (acres)1.43
Rent Bumps1.5% per yr
Lease Options(6) x 5 yrs each
Ground LeaseNo
IntelligenceINTELLIGENCE
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Investment Highlights

*Detailed offering memo available via link in the flyer

  • Outstanding Retail Parcel | In our recent survey of around 200 NNN conveyor wash properties, this one ranks in the 75th percentile for vehicular traffic based on Breckenridge Ln alone, and that’s before factoring in the additional 31k cars on Taylorsville Rd. On demographics, this site ranked around the 80th percentile for surrounding household income, and in the 85th percentile for 1-mile population count. With metrics like that, it’s no wonder that Kroger and ZIPS both set up shop here.

  • New Construction and a Leading Corporate Player | Built in 2021 from the ground up, this location received not only the newest equipment and technology, but the accumulated industry knowledge and insight of one of the leading players in the conveyor wash space, with over 270 locations.

  • Optimal Retail Synergy | The property is situated directly across from a busy Kroger, creating an ideal synergy between uses, as area residents can knock out two recurring errands in one place. And for just $25/mo, ZIPS club members get essentially unlimited washes at not only this location, but anywhere in the ZIPS network, nationwide – a compelling case to make ZIPS their sole resource for car washing.

  • Landlord Friendly NNN Lease | The lease apportions all land, improvements, and significant equipment to the landlord position, maximizing the available depreciation benefit. Meanwhile all taxes, insurance and maintenance costs are tenant expenses, including capital repairs and replacements, and the rents increase by 1.5% per year for the life of the lease. For a closer look at depreciation for car wash properties, see our one-page primer in the offering memo.

  • Convenient for Out-of-State Owners | The property is just 7.7 miles from the Louisville International Airport. When we checked Uber, the fare was less than $19, and it was a 9-minute trip.

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$369,069.00
$30,755.75/mo

Valuation Metrics

0
DSCR
7%
Cap Rate
7%
ROI

Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts


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Broker of Record
Brad Pepin
Broker of Record: License Type
KY Lic. #246584
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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