2790 North Rd
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2790 North Rd
3,700 SF Specialty Building Offered at $5,563,000 at a 6.73% Cap Rate in Orangeburg, SC 29118
Investment Highlights
- Long-term, passive investment - Tenant is operating under a 20-year, absolute NNN lease | 18+ years remaining on the base term
- Rent Increases - 2% annual rent increases throughout the initial term and options | Yields an 8.01% average return over the remaining lease term
- Corporately Guaranteed Lease - Tidal Wave Auto Spa is the 4th largest conveyor car wash company with 280+ locations across 28 states
- 60% Bonus Depreciation - Fee Simple Ownership of a Car Wash Provides Significant Tax Savings to the Landlord
Executive Summary
- Marcus & Millichap is proud to exclusively present the Tidal Wave Auto Spa in Orangeburg, SC. Located at 2790 North Rd, this newly constructed car wash, completed in 2023, sits on 2.15 acres along one of the town’s busiest thoroughfares, boasting traffic counts of 28,627 vehicles per day (VPD). This high-visibility location is ideally positioned in a growing market and poised for long term success.
- With a corporate-guaranteed absolute NNN lease in place, investors can benefit from a highly stable, low-risk income stream. The lease has 18 years remaining on the initial term, plus a five (5), five-year options to renew. The net operating income (NOI) of $375,544, along with 2% annual rent increases, provides an attractive 8.01% average cap rate over the initial lease term, making this property a secure and lucrative long-term investment opportunity.
- With a corporate-guaranteed absolute NNN lease in place, investors can benefit from a highly stable, low-risk income stream. The lease has 18 years remaining on the initial term, plus a five (5), five-year options to renew. The net operating income (NOI) of $375,544, along with 2% annual rent increases, provides an attractive 8.01% average cap rate over the initial lease term, making this property a secure and lucrative long-term investment opportunity.
Property Facts
| Price | $5,563,000 | Property Subtype | Car Wash |
| Price Per SF | $1,504 | Building Class | B |
| Sale Type | Investment | Building Size | 3,700 SF |
| Cap Rate | 6.73% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 2023 |
| Price | $5,563,000 |
| Price Per SF | $1,504 |
| Sale Type | Investment |
| Cap Rate | 6.73% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | B |
| Building Size | 3,700 SF |
| No. Stories | 1 |
| Year Built | 2023 |
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2790 North Rd
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