Listed by SURMOUNT
$3,734,569
Whistle Express Wash
Details
Property Type Retail, Special Purpose
Sub Type Car Wash
Square Footage 1,980
Cap Rate 6.5%
NOI $242,747
Occupancy 100%
Tenancy Single
Brand/Tenant Whistle Express Wash
Lease Type NNN
Lease Term 20.1
Lease Expiration 08/31/2039
Remaining Term 13.1
Rent Bumps Yes
Lease Options 4, 5-Year Options
Price per SqFt $1,886
Year Built 2011
Acreage 0.930
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 08/14/2019
Ground Lease No
Ownership Fee Simple
Retail | 6.50% CAP | 1,980 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for a Whistle Express Wash located at 62 Moore Drive, Southaven, MS 38671. The site consists of roughly 1,980 rentable square feet of building space on an estimated 0.93-acre parcel of land. This Whistle Express Wash is subject to a 20-year Triple Net (NNN) lease, which commenced 8/14/2019. The current annual rent is $242,747 and has scheduled increases of 1.75% annually.
Investment highlights
- Corporate Guarantee from Largest US Operator | Property features an absolute triple-net lease with a corporate guarantee from Whistle Express. Whistle Express recently acquired Take 5 Car Wash making it the largest express car wash company in the US with over 530 locations.
- Established Location with Over 14 Years Remaining | The lease commenced in 2019 and offers over 14 years of remaining primary term, providing long-term cash flow stability for investors. Property is subject to an absolute triple-net lease with no landlord responsibilities.
- Attractive Rental Increases | The lease features annual rental escalations of 1.75%, creating a reliable hedge against inflation and ensuring steady income growth over the lease term.
- Directly Adjacent to Lowe's Home Improvement | Property benefits being directly adjacent to a Lowe's anchored shopping center. The immediate area features strong co-tenancy with a Walmart, Burlington, Petco, and Best Buy directly across the street. This creates significant cross shopping activity and drives consumers to the immediate area.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$242,747.00
$20,228.92/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
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