51057 Milano Dr - Car Washes FOR SALE


Macomb, MI 48042
$4,250,471 USD
714-874-4004
51057 Milano Dr, Macomb, MI for Sale
$4,250,471 USD
Car Washes - FOR SALE
1/15
null | 6% Cap Rate

51057 Milano Dr
Macomb, MI 48042


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.
  • EXCELLENT DEMOGRAPHICS - One of the Fastest Growing Communities in the State with a 5-Mile Population of 192,000+ residents.
  • 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 Macomb, Michigan. The subject property was built in 1993 and has operated successfully for the last 29 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 on the Northeast corner lot of Milano Drive, and 23 Mile Road, which provides direct access interstate 94. 23 Mile Road is a main corridor in the area and serves over 27,4000 vehicles per day. Nationally recognized tenants such as CVS, Home Depot, McDonalds, Kroger, Papa John's, BP, Walgreens, Taco Bell and Dollar Tree 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

$4,250,471 USD

PRICE/SF

$721 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

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

1993

SPRINKLERS

-

PARKING SPACES

18

LAND DETAILS

LAND ACRES

1.37 AC

LAND SF

59,764 SF

ZONING

C4

APN/PARCEL ID

20-08-18-451-006

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.