Flagstop Car Wash
Retail | 6.50% CAP | 3,299 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for a Flagstop Car Wash located at 8833 Staples Mill Rd, Richmond, VA 23228. The site consists of roughly 3,299 rentable square feet of building space on an estimated 0.91-acre parcel of land. This Flagstop Car Wash is subject to a 20-year Triple Net (NNN) lease, which commenced 12/29/2022. The annual rent will be $320,000 and has scheduled increases of 2.00% annually.
Investment highlights
Strong Corporate Guarantee | The lease is subject to a strong corporate guarantee from Flagstop Car Wash, which operates 27 units with more in the pipeline. Flagstop is supported by institutional capital partner Garnett Station Partners which has over $3.5 billion of AUM. Garnett Station Partners has significant experience scaling multi-unit and auto service platforms.
Brand New 20-Year Triple Net (NNN) Lease | This site is subject to an absolute triple-net (NNN) lease. The original 20-year lease features 2.00% annual rental increases and zero landlord responsibilities, providing long-term passive income.
Established Regional Operator | Flagstop Car Wash is a Richmond, Virginia-based car wash platform founded in 1981 and led by a management team with over 25 years of car wash experience. Flagstop has 27 locations and is the leading express car wash platform in the Richmond DMA.
Essential and High-Demand Industry | The express car wash industry is experiencing significant growth, driven by increasing consumer demand for convenient, automated vehicle maintenance. With subscription-based membership models and high repeat customer rates, this sector provides stable and recurring revenue streams.
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