Listed by Northmarq
$4,204,040
WhiteWater Express Car Wash
Details
Property Type Retail, Special Purpose
Sub Type Car Wash
Square Footage 4,885
Cap Rate 6.25%
NOI $262,752
Occupancy 100%
Tenancy Single
Brand/Tenant WhiteWater Express Car Wash
Lease Type Absolute NNN
Lease Expiration 12/31/2041
Remaining Term 15.5
Rent Bumps Yes
Lease Options 4, 5-Year Options
Class A
Year Built 1996
Year Renovated 2021
Buildings 1
Acreage 0.750
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/15/2021
Ground Lease No
Ownership Fee Simple
100% Bonus Depreciation | 150+ Unit Corp. Guarantee | $194K AHHI 1-Mile | 6.25% CAP
Marketing description
Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase an express car wash leased to WhiteWater Express Car Wash with an original 20-year Absolute NNN lease. This lease includes 1% annual rent escalations throughout the base term and FMV resets in the four 5-year extension options. Fee simple car wash properties qualify for 100% Bonus Depreciation in 2026 (must consult a tax professional).
Investment highlights
- 15+ YEARS REMAINING ON ABSOLUTE NNN LEASE | ANNUAL RENT INCREASES | INCOME TAX-FREE STATE - Offered for sale is a WhiteWater Express Car Wash located in Friendswood, TX, an affluent suburb of Houston, TX. The absolute NNN lease has 15.5 years of original term remaining with four 5-year renewal options. Rent increases 1% annually with fair market value rent increases in each of the option periods.
- CORPORATE GUARANTEE | 150+ UNIT OPERATOR | HEADQUARTERED IN HOUSTON - The lease is corporately guaranteed by WhiteWater Express Car Wash. WhiteWater is headquartered in Houston and operates more than 150 express car washes in Texas, Oklahoma, Louisiana, Kentucky, Ohio, Michigan, Georgia, and South Carolina.
- ACROSS FROM H-E-B GROCERY | #1 GROCERY STORE IN US | STRONG RETAIL CORRIDOR - The property is directly across the street from a H-E-B grocery store. In January 2025, H-E-B was named the #1 grocery store in the US by customer data science firm Dunnhumby. This is the fourth time in eight years that H-E-B has taken the top spot in the Dunnhumby annual rankings. The car wash is surrounded by many other major retailers including Circle K, McDonald's, Chick-fil-A, Chase Bank, Jersey Mike's, and CATO Fashions, among others.
- 145K+ POPULATION | AFFLUENT AREA | $194K AHHI WITHIN 1 MILE - More than 145,000 people live within a 5-mile radius of the subject property. The surrounding population is affluent, with an AHHI of $149,694 within 5 miles and an AHHI of $194,025 within 1 mile.
- PRIME VISIBILITY OFF OF PARKWOOD AVE | ± 22,000 VPD | 25 MINS TO DOWNTOWN HOUSTON - The property is perfectly located along Parkwood Ave, which sees approximately 22,000 vehicles daily. This significant traffic volume, combined with an unobstructed street view, offers outstanding visibility for the property. It is also strategically located 24 miles from downtown Houston which is home to over 7.5 million people.
- RAPID INDUSTRY GROWTH | 72% OF DRIVERS USE PROFESSIONAL CAR WASHING SERVICES - More than 72% of drivers in the U.S. use professional car wash services regularly, with conveyor car washes being the most profitable service. Around 66% of Americans have their cars washed 13x per year, an average of 1-2 washes per month. The car wash service market in the U.S. is expected to grow at a CAGR of 6.1% from 2024 to 2030, reaching a $12.5 billion market size by 2032. (Sources: grandviewresearch.com & gminsights.com)
- 100% BONUS DEPRECIATION ELIGIBLE | MUST CONSULT TAX ADVISOR - Car Wash properties are eligible for 100% Bonus Depreciation in 2026. Interested purchasers must consult a tax professional for more information. Learn more here: Understanding 100% Bonus Depreciation: Strategies for Maximizing Tax Benefits Through Car Wash, Convenience Store and Other Net Lease Investments
Listing Contacts
Listed by Northmarq
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$262,752.00
$21,896.00/mo
Valuation Metrics
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DSCR
6.25%
Cap Rate
6.25%
ROI
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