32685 23 Mile Rd - Car Washes FOR SALE


Chesterfield, MI 48047
$4,250,417 USD
714-874-4004
32685 23 Mile Rd, Chesterfield, MI for Sale
$4,250,417 USD
Car Washes - FOR SALE
1/11
null | 6% Cap Rate

32685 23 Mile Rd
Chesterfield, MI 48047


HIGHLIGHTS

  • LONG TERM LEASE - The subject property has over 18 years remaining on the initial term of a Corporate Absolute NNN Lease.
  • BONUS DEPRECIATION - Fee simple ownership of a Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model.
  • HIGH TRAFFIC LOCATION - Site is located along 23 Mile Road, a major thoroughfare in the area which sees over 26,000 vehicles per day.
  • RENTAL INCREASES - 1% Annual Rental increases throughout the base term gives the investor the ability to hedge against inflation.
  • STRONG CORPORATE GUARANTOR - 100+ Locations by the end of 2022 backed by over 50 years of combined car wash experience.
  • ZERO LANDLORD RESPONSIBILITIES - Absolute NNN Lease. Ideal for Investors not Local to the Market or looking for a "hands o?" investment.

OVERVIEW

Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a free standing WhiteWater Express Car Wash located in Chesterfield, Michigan. The subject property was built in 1995 and has operated successfully for the last 20 years. In 2021, WhiteWater purchased the site from the previous operator and signed a brand new 20-year Absolute NNN lease. The original corporately guaranteed lease has over 18 years remaining on its initial term. This absolute NNN lease has a 1% annually rental increases during the base term and grants the Tenant four successive 5-year options to extend the lease. The Property has excellent visibility and is conveniently situated at the fully signalized intersection of Willowbrook Road, and Chicago Street, which provides direct access interstate 69. Chicago Street a main corridor in the area and serves over 20,000 vehicles per day. Nationally recognized tenants such as CVS, Wendy's, 7-Eleven, Arby's, Bp, Kroger, and Taco Bell all surround the Property, further driving consumers to the area. Each WhiteWater Express Car Wash location provides the highest quality car wash services, with professional staff to tend to your every need! Large or small, you can receive an express car wash with high-intensity tri-color polish, wheel cleaning, rainfall rinse, rain repellant glass wax, high gloss tire shine, flash dry, a 3-day rain check guarantee and always FREE Vacuums!

FOR SALE DETAILS

PRICE

$4,250,417 USD

PRICE/SF

$1,265 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

WhiteWater Express Car Wash

PROPERTY TYPE

Specialty

PROPERTY SUBTYPE

Car Washes

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1995

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

1 AC

LAND SF

43,560 SF

ZONING

C4

APN/PARCEL ID

15-09-15-400-045

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.