51057 Milano Dr - WhiteWater Express Car Wash
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51057 Milano Dr - WhiteWater Express Car Wash
5,893 SF Specialty Building Offered at $4,250,471 at a 6% Cap Rate in Macomb, MI 48042
Investment Highlights
- LONG TERM LEASE - The subject property has over 18 years remaining on the initial term of a Corporate Absolute NNN Lease.
- EXCELLENT DEMOGRAPHICS - One of the Fastest Growing Communities in the State with a 5-Mile Population of 192,000+ residents.
- STRONG CORPORATE GUARANTOR - 100+ Locations by the end of 2022 backed by over 50 years of combined car wash experience.
- BONUS DEPRECIATION - Fee simple ownership of a Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model.
- RENTAL INCREASES - 1% Annual Rental increases throughout the base term gives the investor the ability to hedge against inflation.
- ZERO LANDLORD RESPONSIBILITIES - Absolute NNN Lease. Ideal for Investors not Local to the Market or looking for a "hands o?" investment.
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 Macomb, Michigan. The subject property was built in 1993 and has operated successfully for the last 29 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 the Northeast corner lot of Milano Drive, and 23 Mile Road, which provides direct access interstate 94. 23 Mile Road is a main corridor in the area and serves over 27,4000 vehicles per day. Nationally recognized tenants such as CVS, Home Depot, McDonalds, Kroger, Papa John's, BP, Walgreens, Taco Bell and Dollar Tree 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% 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 the Northeast corner lot of Milano Drive, and 23 Mile Road, which provides direct access interstate 94. 23 Mile Road is a main corridor in the area and serves over 27,4000 vehicles per day. Nationally recognized tenants such as CVS, Home Depot, McDonalds, Kroger, Papa John's, BP, Walgreens, Taco Bell and Dollar Tree 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 | $4,250,471 | Lot Size | 1.37 AC |
| Price Per SF | $721 | Building Size | 5,893 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 6% | Year Built/Renovated | 1993/2022 |
| Property Type | Specialty | Tenancy | Single |
| Property Subtype | Car Wash | Parking Ratio | 3.05/1,000 SF |
| Building Class | C |
| Price | $4,250,471 |
| Price Per SF | $721 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | C |
| Lot Size | 1.37 AC |
| Building Size | 5,893 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1993/2022 |
| Tenancy | Single |
| Parking Ratio | 3.05/1,000 SF |
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PROPERTY TAXES
| Parcel Number | 20-08-18-451-006 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $451,000 |
PROPERTY TAXES
Parcel Number
20-08-18-451-006
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$451,000
zoning
| Zoning Code | C4 |
| C4 |
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51057 Milano Dr - WhiteWater Express Car Wash
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