El Car Wash
Retail | 6.00% Cap Rate | 4,700 Sq Ft
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a new construction single tenant El Car Wash located at 18155 Mack Avenue in Detroit, Michigan (the “Property”). This is a sale-leaseback of a free-standing single tenant El Car Wash consisting of a single-story 4,700 square foot building on a 1.24-acre parcel. El Car Wash will sign a new 20-year Absolute NNN Lease, with six (6), 5-year renewal options upon the close of escrow. The lease calls for attractive 2.0% annual rent increases throughout the base term and each of the renewal options.
The new construction property is extremely well located along Mack Avenue, the area’s primary commercial and commuter corridor. The Property enjoys outstanding visibility, frontage and access and is in the center of a dense trade area that is home to large shopping centers, national and local retailers, restaurants, and medical facilities, all of which drive traffic to the area. El Car Wash is also within minutes of several area schools and is surrounded densely populated residential neighborhoods and apartment buildings providing a built-in customer base.
The Property is positioned 8 miles northeast of Downtown Detroit adjacent to Grosse Pointe and Gross Pointe Farms, two of the most affluent communities in the Detroit Metropolitan area.
Investment highlights
LEASE TERM: El Car Wash will sign a 20-year Absolute NNN Lease with six (6), 5-year renewal options upon close of escrow. This is a new construction build-to-suit Property and features a corporate guaranty.
ATTRACTIVE RENT INCREASES: The El Car Wash lease calls for attractive 2.0% annual rent increases throughout the primary lease term and renewal options, providing the investor with an attractive increase in revenue and hedge against inflation.
DYNAMIC TENANT: Founded in 2011 and based in Miami, El Car Wash is the premier express car wash operator in Florida and Michigan with over 100+ operating sites producing industry-leading KPI’s. El Car Wash also has a development pipeline of 50+ sites in multiple states. This location features a Corporate Guaranty.
ZERO MANAGEMENT RESPONSIBILITIES: El Car Wash has an Absolute NNN Lease and is responsible for real estate taxes, insurance, common area maintenance and all repairs and replacements of the premises making it an attractive investment for the passive real estate investor.
POTENTIAL BONUS DEPRECIATION: The Property may qualify for 100% Bonus Depreciation – Consult with your CPA or Tax Professional.
PRIME COMMERCIAL MARKET: The Property benefits from its strategic location within the affluent and densely populated eastern Detroit suburban corridor, anchored by the prestigious Grosse Pointe communities. Known for their historic charm, strong household incomes, and stable residential base, the Grosse Pointes provide a highly desirable consumer demographic that supports a wide variety of retail, dining, medical, and service-oriented businesses. The surrounding area features a diverse commercial landscape ranging from neighborhood shopping districts and boutique retailers to major regional employers and institutional anchors throughout Downtown Detroit and the eastside suburbs. Continued investment and redevelopment across Detroit have strengthened the region’s economic outlook, while proximity to major commuter routes, healthcare institutions, automotive industry employers, and the Detroit River international trade corridor enhances long-term commercial viability. The area’s combination of affluent residential neighborhoods, established commercial infrastructure, and access to one of the Midwest’s largest metropolitan economies makes it an attractive location for retailers, investors, and service providers alike.
TRAFFIC COUNTS: On average more than 18,200 vehicles pass the Property daily along Mack Avenue.
DEMOGRAPHICS: Approximately 113,900 people live within 3 miles of the Property with an average household income of $114,988. More than 230,800 people live within 5 miles of the Property with an average household income of $93,725. Additionally, there are more than 54,200 employees within 5 miles of the Property.
RETAIL TRADE AREA: Notable retailers and restaurants drawing traffic to the trade area include Village Market, Kroger, Trader Joe’s, Aldi, Staples, Ace Hardware, Walgreens, CVS, AutoZone, Belle Tire, Family Dollar, Dollar Tree, Chick-fil-A, Chipotle, Starbucks, McDonald’s, Wendy’s, Taco Bell, Culver’s, Jimmy John’s, Jersey Mike’s, and Chase Bank.
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