415 N Robinson Dr - Mighty Wash Car Wash
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415 N Robinson Dr - Mighty Wash Car Wash
4,500 SF Specialty Building Offered at $5,336,000 at a 6.85% Cap Rate in Robinson, TX 76706
Investment Highlights
- Tenant signed a new 20-year corporate guaranteed lease with 3 (5-year) options | Features 10% rental increases every 5 years
- Directly across from a heavily trafficked Brookshire’s supermarket, which draws over 617,000 visitors annually (per Placer.ai)
- More than 68,900 residents and 43,500 employees support the trade area | Affluent average household income of $107,580 in 1-mile radius
- Brand new construction with grand opening upcoming in August 2024
- Located near Robinson’s primary, elementary, intermediate, junior high, and high schools, providing consistent traffic flow
- Waco’s population has experienced a robust annual growth rate of 2.07%, culminating in a 15.39% increase since 2010
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, newly constructed, corporate guaranteed, Mighty Wash investment property located in Robinson, TX (Waco MSA). The tenant recently signed a brand new 20-year lease with 3 (5-year) options to extend. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with no landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor in a state with no state income tax. Mighty Wash is a Texas-based car wash chain founded in Lubbock, Texas, in 2012. Today, Mighty Wash operates 28 locations and counting throughout southeastern New Mexico and west Texas, continuing its commitment to providing high-quality car wash and detailing services.
Property Facts
| Price | $5,336,000 | Lot Size | 1.57 AC |
| Price Per SF | $1,186 | Building Size | 4,500 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 6.85% | Year Built | 2024 |
| Property Type | Specialty | Parking Ratio | 5.11/1,000 SF |
| Property Subtype | Car Wash |
| Price | $5,336,000 |
| Price Per SF | $1,186 |
| Sale Type | Investment |
| Cap Rate | 6.85% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Lot Size | 1.57 AC |
| Building Size | 4,500 SF |
| No. Stories | 1 |
| Year Built | 2024 |
| Parking Ratio | 5.11/1,000 SF |
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PROPERTY TAXES
| Parcel Number | 44-003200-032800-9 | Improvements Assessment | $0 |
| Land Assessment | $171,820 | Total Assessment | $171,820 |
PROPERTY TAXES
Parcel Number
44-003200-032800-9
Land Assessment
$171,820
Improvements Assessment
$0
Total Assessment
$171,820
zoning
| Zoning Code | C-2 (Community Commercial District) |
| C-2 (Community Commercial District) |
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415 N Robinson Dr - Mighty Wash Car Wash
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