52700 Gratiot Ave - Car Washes FOR SALE


New Baltimore, MI 48051
$4,250,417 USD
714-874-4004
52700 Gratiot Ave, New Baltimore, MI for Sale
$4,250,417 USD
Car Washes - FOR SALE
1/11
null | 6% Cap Rate

52700 Gratiot Ave
New Baltimore, MI 48051


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 VISIBILITY - Site is visible from Interstate 94 with 57,200 Vehicles Per Day and 20,000 Vehicles Per Day on Gratiot Avenue.
  • 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 New Baltimore, Michigan. The subject property was built in 1998 and has operated successfully for the last 24 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 Gratiot Ave (which serves over 20,000 vehicles per day), between 24 Mile Road and 23 Mile Road which provides direct access interstate 94. Nationally recognized tenants such as 7-Eleven, CVS, Target, Lowe's, Meijer, Chase, Hobby Lobby, Aldi, Applebee's, Taco Bell, McDonalds and Buffalo Wild Wings all surround the Property, further driving consumers to the area.

FOR SALE DETAILS

PRICE

$4,250,417 USD

PRICE/SF

$487 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

1998

SPRINKLERS

-

PARKING SPACES

7

LAND DETAILS

LAND ACRES

2.61 AC

LAND SF

113,692 SF

ZONING

C4

APN/PARCEL ID

15-09-17-227-011

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.