Listed by Marcus & Millichap - Phoenix
$5,723,312
LUV Car Wash | Abs NNN
Details
Property Type Retail, Special Purpose
Sub Type Car Wash
Square Footage 5,521
Cap Rate 6.25%
NOI $357,707
Occupancy 100%
Tenancy Single
Brand/Tenant LUV Car Wash
Lease Type Absolute NNN
Lease Term 20
Lease Expiration 03/30/2042
Remaining Term 16
Rent Bumps Yes
Lease Options 4, 5 Year Options
Year Built 2020
Acreage 0.950
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 03/29/2022
Ground Lease No
80+ Unit Tenant | Annual Increases | Eligible for Bonus Depreciation
Marketing description
LUV Car Wash is a leading express car wash brand with more than 80 locations in California, Nevada, Florida, Georgia, and Pennsylvania. LUV delivers fast, high-quality washes through eco-conscious technology, premium customer service, and monthly membership options.
The Las Vegas-Henderson-Paradise MSA is one the fastest-growing metros in the nation, with a population of more than 2.3 million. Over the next five years, the metro’s population is expected to grow by 6 percent.
Investment highlights
- Over 15 Years Remaining on Absolute Triple-Net (NNN) Lease - Newer 2020 Construction
- Annual Rental Increases with Multiple Renewal Options
- LUV Car Wash has Over 80 Locations Across California, Nevada, Florida, Georgia, and Pennsylvania
- Densely-Populated Trade Area Near the Las Vegas Strip - Over 632,200 Daytime Population within a Five-Mile Radius
- Signalized Hard Corner Location, Accessible by Approximately 50,600 Cars per Day at the Corner of S. Jones Boulevard and W. Russell Road
- Jones Boulevard Recently Underwent a $19.2 Million Improvement and Expansion Project that will Help Drive Further Traffic to the Location
- Average Household Income Exceeds $96,000 within a Five-Mile Radius
- Easy Freeway Access Roughly Two Miles Off Interstates 15 and 215, Both Major Connectors for the Las Vegas MSA
Listing Contacts
Listed by Marcus & Millichap - Phoenix
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$357,707.00
$29,808.92/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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