Whitewater Express Car Wash
Special Purpose | 6.25% CAP | 7,745 SqFt
Marketing description
Whitewater Express Car Wash is a privately held, multi-regional chain of express exterior car washes headquartered in Houston, Texas. The company specializes in fast, automated, high-quality vehicle cleaning with a strong emphasis on value, customer service, free amenities, environmental responsibility, and community involvement. The company has grown extremely rapidly since its founding through a mix of new builds and acquisitions. The company was founded in 2016 and opened its first location in Tomball, Texas. The founders are Steve Mathis (CEO), Clayton Clark (President & COO), and Shane Wilson. The company has two private equity investors, Freeman Spogli & Co. and SkyKnight Capital, LP, who have helped fuel and accelerate expansion.
WhiteWater Express Car Wash offers a membership program that includes unlimited monthly washes for a low fixed fee (promotions often highlight first month ~$15 or deals under $1/day). Perks include exclusive offers; manage via the website ("Flip Club" for free wash on signup and updates) and they offer fleet accounts for various businesses.
Investment highlights
- Original 20-Year Corporate Absolute NNN Lease with Over 15-Years Remaining (Fee Simple)
- Single tenant car wash, fee simple ownership providing potential bonus depreciation benefits for new investor
- Passive long-term lease structure with no Landlord maintenance or management responsibilities whatsoever
- 1% Annual Rent Increases During the Primary 20-Year Term
- The lease offers attractive predetermined rent increases of 1% annually during the primary 20-year lease term
- Dallas-Fort Worth MSA (8.6M Residents) | Located Approximately 30 Minutes from Downtown Fort Worth
- The Dallas-Fort Worth MSA has rapidly expanded to over 8.6M residents
- Weatherford has also rapidly expanded with over 50,000 residents within a 5-Mile radius of the subject property reporting average household incomes of $102,872
- Corporate Guarantee from Whitewater Holding Company, LLC (141 Locations)
- Headquartered in Houston, Texas and rapidly expanding car was operator
- Specializing in quality express service utlizing a proprietary membership platform
- Financial reporting included in the lease, see agent for further details
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