2727 N Us-17 Hwy - Zips Car Wash
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2727 N Us-17 Hwy - Zips Car Wash
3,960 SF Specialty Building Offered at $7,035,492 at a 6.50% Cap Rate in Mount Pleasant, SC 29466
Investment Highlights
- LONG TERM LEASE - Just under 15 years remaining on a 20-year absolute NNN lease, providing a long term and stable investment.
- ABSOLUTE NNN LEASE – Absolute NNN lease requires no landlord responsibilities and management headaches, ideal for an out-of-area investor.
- BONUS DEPRECIATION - Fee simple ownership of an Express Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model.
- 50,000 VEHICLES PER DAY - The subject property is situated and excellently visible along N Hwy 17, a major thoroughfare in the city of Mt Pleasant.
- RENTAL INCREASES - There are 1.5% rental increases annually, providing an investor a hedge against inflation.
- CORPORATE GUARANTEE - The lease is guaranteed by Zips Car Wash, which boasts over 230 locations across the United States.
Executive Summary
Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a recently remodeled, free standing, Zips Car Wash located in Mt Pleasant, South Carolina, a vibrant and affluent community. The subject property was originally built in 2012 as a Wizard Wash, and due to its excellent location and performance throughout the years, was leased to Zips Car Wash in 2018, who then signed a brand new 20-year Absolute NNN lease.
The original lease has about 15 years remaining on its initial term, which commenced on August 28, 2018. This absolute NNN lease has 1.5% annual rental increases throughout the base term to help an investor hedge against inflation.
The Property has excellent visibility and is conveniently situated along N Hwy 17. N Hwy 17 is a main corridor in the area and serves approximately 50,000 vehicles per day. The site is easily accessible from Interstate 526 and is in close proximity to downtown Charleston. Nationally recognized tenants such as Dunkin Doughnuts, Sonic Drive-In, Walgreens, T-Mobile, Panera, 7-Eleven, Walmart, Starbucks and McDonald’s surround the Property, further driving consumers to the area.
This specific location boasts a number of amenities that are desirable for a cash wash, including, but not limited to: 15 vacuum stalls for interior cleaning (with the potential to expand to 18 stalls), a large and easily accessible tunnel for vehicles, and a large lot that allows for easier flow of traffic.
Zips Car Wash, headquartered in Little Rock, Arkansas, has over 230 locations across the United States. The company was founded in 2003 by Brett Overman. In the years to come, Zips is looking to expand the brand to over 500 sites and today employs over 1,600 people across all of its locations.
The original lease has about 15 years remaining on its initial term, which commenced on August 28, 2018. This absolute NNN lease has 1.5% annual rental increases throughout the base term to help an investor hedge against inflation.
The Property has excellent visibility and is conveniently situated along N Hwy 17. N Hwy 17 is a main corridor in the area and serves approximately 50,000 vehicles per day. The site is easily accessible from Interstate 526 and is in close proximity to downtown Charleston. Nationally recognized tenants such as Dunkin Doughnuts, Sonic Drive-In, Walgreens, T-Mobile, Panera, 7-Eleven, Walmart, Starbucks and McDonald’s surround the Property, further driving consumers to the area.
This specific location boasts a number of amenities that are desirable for a cash wash, including, but not limited to: 15 vacuum stalls for interior cleaning (with the potential to expand to 18 stalls), a large and easily accessible tunnel for vehicles, and a large lot that allows for easier flow of traffic.
Zips Car Wash, headquartered in Little Rock, Arkansas, has over 230 locations across the United States. The company was founded in 2003 by Brett Overman. In the years to come, Zips is looking to expand the brand to over 500 sites and today employs over 1,600 people across all of its locations.
Property Facts
| Price | $7,035,492 | Lot Size | 0.93 AC |
| Price Per SF | $1,777 | Building Size | 3,960 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 6.50% | Year Built/Renovated | 2012/2018 |
| Property Type | Specialty | Tenancy | Single |
| Property Subtype | Car Wash | Cross Streets | Coakley Road |
| Building Class | C |
| Price | $7,035,492 |
| Price Per SF | $1,777 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | C |
| Lot Size | 0.93 AC |
| Building Size | 3,960 SF |
| No. Stories | 1 |
| Year Built/Renovated | 2012/2018 |
| Tenancy | Single |
| Cross Streets | Coakley Road |
Amenities
- Signage
PROPERTY TAXES
| Parcel Number | 578-00-00-096 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $237,600 |
PROPERTY TAXES
Parcel Number
578-00-00-096
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$237,600
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Paul Matusik -
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2727 N Us-17 Hwy - Zips Car Wash
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