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29540594
29540595

460 Lazelle Rd, Columbus, OH 43240 For Sale

CL
CA 01962410
Northmarq - Walnut Creek
Listed by Northmarq - Walnut Creek
$4,916,667
162 days on market
Updated 59 days ago

Express Wash Concepts | 130+ Unit Credit

Details
Property Type Retail, Special Purpose
Sub Type Car Wash
Square Footage 3,200
Cap Rate 6%
NOI $295,000
Occupancy 100%
Tenancy Single
Brand/Tenant Express Wash Concepts
Lease Type Absolute NNN
Lease Term 20
Remaining Term 20
Rent Bumps Yes
Lease Options 4 x 5 Yrs Each
Price per SqFt $1,536
Year Renovated 2017
Acreage 1.000
Investment Type Sale/Leaseback
Ground Lease No
Ownership Fee Simple (Land & Bldg)

New 20-Yr Sale Leaseback | 6.00% CAP | Proven Location

Marketing description

Northmarq is pleased to offer for sale the fee simple interest in this Moo Moo Express Car Wash property located on Lazelle Rd, in Columbus, Ohio. The property consists of a ±3,200-square-foot express car wash situated on a one-acre parcel, within a main retail corridor in Columbus. A new 20-year absolute NNN lease will be executed at the close of escrow, including 1.5% annual increases.

The whimsically named Moo Moo Express is one of five award-winning brands under the Express Wash Concepts platform, a 130+ unit operator of regional car wash brands, itself a portfolio company of Wildcat Capital Management, a successful private investment platform whose other portfolio companies include Club Car Wash (230 units), Frontier Airlines, the Seattle Kraken NHL franchise, DraftKings, and Robinhood, among others.

Lazelle Road is a major thoroughfare connecting Interstate 71 to Route 23, and is just outside Polaris Fashion Place, one of the top ranked retail destinations in Ohio in terms of visitation, retail occupancy and visitor reviews. This site has more than eight years of track record as a Moo Moo Express site, proving itself as both a strong performer and an important part of EWC’s portfolio.

Investment highlights

  • 130 Unit Corporate Credit on the Lease (Express Wash Concepts)

  • Part of Wildcat Capital Mgmt - owner of Club Car Wash, Frontier Airlines, The Seattle Kraken and others

  • New 20 YR Absolute NNN Lease to Start at the Close of Escrow

  • 77th percentile in 3 mi population density (based on a recent survey of NNN car wash deals)

  • $131k Avg Household Income in the Area (91st percentile based on the survey)

  • Proven location, 8+ Years as a Moo Moo Location

  • Strong Sales, Conservative Rents, with rent coverage exceeding 3x

  • 1.5% Annual Increases

  • 100% bonus depreciation is back - expense up to 100% of the depreciable assets in year one of ownership (consult with a CPA or tax expert for details)

Listing Contacts

CL
CA 01962410
Northmarq - Walnut Creek
Listed by Northmarq - Walnut Creek

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$295,000.00
$24,583.33/mo

Valuation Metrics

0
DSCR
6%
Cap Rate
6%
ROI

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Additional Information

Name
Jeff McKinney
License
OH #BRK.2016002560
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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