52700 Gratiot Ave - WhiteWater Express Car Wash
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
52700 Gratiot Ave - WhiteWater Express Car Wash
8,726 SF Specialty Building Offered at $4,250,417 at a 6% Cap Rate in New Baltimore, MI 48051
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 - Site is visible from Interstate 94 with 57,200 Vehicles Per Day and 20,000 Vehicles Per Day on Gratiot Avenue.
- 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 New Baltimore, Michigan. The subject property was built in 1998 and has operated successfully for the last 24 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 Gratiot Ave (which serves over 20,000 vehicles per day), between 24 Mile Road and 23 Mile Road which provides direct access interstate 94. Nationally recognized tenants such as 7-Eleven, CVS, Target, Lowe's, Meijer, Chase, Hobby Lobby, Aldi, Applebee's, Taco Bell, McDonalds and Buffalo Wild Wings all surround the Property, further driving consumers to the area.
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 Gratiot Ave (which serves over 20,000 vehicles per day), between 24 Mile Road and 23 Mile Road which provides direct access interstate 94. Nationally recognized tenants such as 7-Eleven, CVS, Target, Lowe's, Meijer, Chase, Hobby Lobby, Aldi, Applebee's, Taco Bell, McDonalds and Buffalo Wild Wings all surround the Property, further driving consumers to the area.
Property Facts
| Price | $4,250,417 | Lot Size | 2.61 AC |
| Price Per SF | $487 | Building Size | 8,726 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 6% | Year Built/Renovated | 1998/2022 |
| Property Type | Specialty | Tenancy | Single |
| Property Subtype | Car Wash | Parking Ratio | 0.8/1,000 SF |
| Building Class | C |
| Price | $4,250,417 |
| Price Per SF | $487 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | C |
| Lot Size | 2.61 AC |
| Building Size | 8,726 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1998/2022 |
| Tenancy | Single |
| Parking Ratio | 0.8/1,000 SF |
1 of 1
PROPERTY TAXES
| Parcel Number | 15-09-17-227-011 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $594,300 |
PROPERTY TAXES
Parcel Number
15-09-17-227-011
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$594,300
zoning
| Zoning Code | C4 |
| C4 |
1 of 12
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
52700 Gratiot Ave - WhiteWater Express Car Wash
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.