2345 Oneal Ln - WhiteWater Express Car Wash
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2345 Oneal Ln - WhiteWater Express Car Wash
4,001 SF Specialty Building Offered at $4,218,750 at a 6% Cap Rate in Baton Rouge, LA 70816
Investment Highlights
- LONG TERM LEASE - The subject property has over 18 years remaining on the initial term of a Corporate Absolute NNN Lease.
- EXCELLENT VISIBILITY - The immediate area sees over 30,000 Vehicles Per Day on O'Neal Ln and close to 116,500 Vehicles Per Day on Interstate 12.
- RENTAL INCREASES - 1.25% Annual Rental increases throughout the base term gives the investor the ability to hedge against inflation.
- BONUS DEPRECIATION - Fee simple ownership of a Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model.
- GREAT LOCATION - Well-located asset within the growing Baton Rouge MSA. Positioned directly next to Dollar General and near more than 80 retailers.
- STRONG CORPORATE GUARANTOR - 100+ Locations by the end of 2022 backed by over 50 years of combined car wash experience.
Executive Summary
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 Baton Rouge, Louisiana. The subject property was built in 2015 and has operated successfully for the last 8 years. In 2022, 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 1.25% 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 O'Neal Ln (AADT count of over 30,000), which provides direct access to interstate 12 (AADT count of over 115,000). Nationally recognized tenants such as Walmart, Dollar Tree, Target, Best Buy, AutoZone Auto Parts, Take 5 Oil Change, AMC, Chic-fil-A, McDonald's, Sonic, Popeye's, Taco Bell, Waffle House, Sonic, Popeye's, 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!
The original corporately guaranteed lease has over 18 years remaining on its initial term. This absolute NNN lease has a 1.25% 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 O'Neal Ln (AADT count of over 30,000), which provides direct access to interstate 12 (AADT count of over 115,000). Nationally recognized tenants such as Walmart, Dollar Tree, Target, Best Buy, AutoZone Auto Parts, Take 5 Oil Change, AMC, Chic-fil-A, McDonald's, Sonic, Popeye's, Taco Bell, Waffle House, Sonic, Popeye's, 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!
Property Facts
| Price | $4,218,750 | Building Class | B |
| Price Per SF | $1,054 | Lot Size | 1.18 AC |
| Sale Type | Investment | Building Size | 4,001 SF |
| Cap Rate | 6% | No. Stories | 1 |
| Property Type | Specialty | Year Built/Renovated | 2015/2022 |
| Property Subtype | Car Wash |
| Price | $4,218,750 |
| Price Per SF | $1,054 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | B |
| Lot Size | 1.18 AC |
| Building Size | 4,001 SF |
| No. Stories | 1 |
| Year Built/Renovated | 2015/2022 |
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PROPERTY TAXES
| Parcel Number | 03276139 | Improvements Assessment | $35,740 |
| Land Assessment | $51,500 | Total Assessment | $87,240 |
PROPERTY TAXES
Parcel Number
03276139
Land Assessment
$51,500
Improvements Assessment
$35,740
Total Assessment
$87,240
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2345 Oneal Ln - WhiteWater Express Car Wash
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