1665 Eldridge Pky - Car Washes FOR SALE


Houston, TX 77077- Briar Village
$7,077,358 USD
714-874-4004
1665 Eldridge Pky, Houston, TX for Sale
$7,077,358 USD
Car Washes - FOR SALE
1/6
null | 5.3% Cap Rate

1665 Eldridge Pky
Houston, TX 77077
Briar Village


HIGHLIGHTS

  • LONG TERM LEASE - Over 13 years remaining on an original 25 year lease, providing an investor long term and stable investment.
  • RENTAL INCREASES - There are 10% rental increases every 5 years in the base term and all extensions providing an investor hedge against inflation.
  • PROVEN LOCATION - The site has been operational for over 10 years providing insight on future operations and profitability.
  • ABSOLUTE NNN LEASE - With the current lease in place, there are no Landlord responsibilities.
  • STRONG FRANCHISEE/GUARANTOR - Blue Wave Operates 41 Express Car Wash locations in Texas and California and the lease is guaranteed by all 41 locations
  • BONUS DEPRECIATION - Fee simple ownership of a Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model.

OVERVIEW

Prime Net Lease is pleased to present the exclusive opportunity to acquire a single-tenant, net leased, Blue Wave Car Wash located at 1665 Eldridge Parkway, Houston, TX (the "Property"). Its strategic location in an affluent part of Houston with high traffic counts and high household income ensures a steady flow of customers. The Property has been successfully operating as a car wash for over the last 10 years. The property features an express car wash tunnel and 16 covered and free vacuum stations. The property is encumbered by a 25-year Absolute NNN lease. There are currently 13+ years remaining on the base term. In addition, there are Six, 5-year lease options. The lease provides for 10% rental increases every 5 years in the base period as well as during the extension periods. Due to the current lease structure, there are no landlord responsibilities in the ownership of this Property, providing an investor a stable, predicable monthly income stream. While taking advantage of the tax benefits of Fee simple ownership of this car wash provides, the landlord also has the opportunity to use accelerated Bonus depreciation model. BlueWave Express Car Wash delivers unbeatable quality, eco-friendly washes at unbeatable prices. Free unlimited turbo-powered vacuums, clean restrooms, and a full staff on site. BlueWave car washes reclaim and reuse up to 80% of the water used in the car wash process through a state-of-the-art Pure-Water Recovery System. They use biodegradable soaps and detergents and capture and dispose of all contaminants. BlueWave also works locally with city groups on educating residents on the importance of water conservation. BlueWave selects high visibility, high traffic, premier retail locations in the markets it serves. The goal of BlueWave is to become the “Starbucks of Car Washes.”

FOR SALE DETAILS

PRICE

$7,077,358 USD

PRICE/SF

$1,364 USD /SF

CAP RATE

5.3%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

BlueWave Express Car Wash

PROPERTY TYPE

Specialty

PROPERTY SUBTYPE

Car Washes

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.95 AC

LAND SF

41,382 SF

ZONING

-

APN/PARCEL ID

1213570010002

ASK ABOUT THIS PROPERTY

Michael MatusikPrime Net LeaseMore Info
714-874-4004

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Michael MatusikPrime Net LeaseMore Info
714-874-4004

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.