Mighty Wash Car Wash

6506 82nd Street, Lubbock, TX 79424

$5,221,000

Cap Rate 6.50%

Views: 20 DOM: 79 Updated: 04.22.24 Posted: 02.27.24 Status: Active

Summary

Price $5,221,000	Built/Renov 2011	Tenant Mighty Wash Car Wash
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 4,320	Lease Start 06-01-2024	#Units 20
Price/SF $1,208.56	Expiration 05-31-2044	Tenant Type Automotive
NOI $339,358	R. Term 20.0	Ownership Fee Simple
Rent/SF $78.56	Increases 1.5%/1/yrs	Pop 5Mi 150,484
Lot/AC 1.35	Options 4/5yrs/1.5%	AHHI 5Mi $91,352

Lease Highlights

Mighty Wash will be executing a brand new 20-year lease with 4 (5-year) options to extend at the close of escrow
The lease features 1.5% annual rent escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Mighty Wash Car Wash is strategically located at the signalized, hard corner of 82nd Street and Milwaukee Avenue, with access to a combined daily traffic count of 46,930. Situated across from Walmart, it is surrounded by national retailers such as Walgreens, McDonald’s, Chick-fil-A, Discount Tire, and more. Significant establishments in the area include Friendship Heritage Middle School, The...

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Key Features

Signalized intersection
Build to suit
Dense retail corridor
Near major nationals
Major MSA
Income tax free state
Brand new lease
Long 20+ yr lease
Accelerated depreciation
Corporate Guarantee

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Links

Mighty Wash Car Wash Wikipedia Lubbock, Texas Zip Code 79424 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Mighty Wash Car Wash
Guarantor:Corporate
Company:Mighty Wash Operations
# Units:20
Stock:Private

About Tenant

Mighty Wash is a conveyor car wash company that provides high-quality car washing services while focusing on continuous growth and adhering to its mission statement: The company offers multiple...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,981	68,873	158,566
2023 Total Population :	12,420	66,554	154,114
2023 Employed Civilian Pop :	6,205	34,410	80,396
2023 Total Businesses :	449	2,883	5,992
2023 Average Household Income :	$ 120,084	$ 109,154	$ 104,307
2023 Total Consumer Spending :	$ 466 M	$ 2590 M	$ 5699 M
2023 Median Age :	35	36	36
2023 Total Households :	4,579	27,563	63,172
2023 Pop Age 25+: Bachelor's Degree :	2,353	13,213	29,145
2023 Average Home Value :	$ 306,574	$ 288,524	$ 274,343

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
82nd St	Milwaukee Ave	2012	20,287	0.04 mi
82nd St	Milwaukee Ave	2012	22,802	0.04 mi
82nd St	Milwaukee Ave	2012	21,797	0.05 mi
82nd St	Milwaukee Ave	2017	30,696	0.07 mi
Milwaukee Avenue	85th St	2020	20,341	0.08 mi
Milwaukee Avenue	82nd St	2022	21,379	0.08 mi
82nd St	Milwaukee Ave	2008	28,127	0.09 mi
82nd St	Iola Ave	2008	23,000	0.30 mi
Oakridge Ave	82nd St	2006	270	0.31 mi
82nd St	Iola Ave	2010	26,360	0.48 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

162 Listings
6486 Views
73 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

163 Listings
6554 Views
74 Sold

Chris Lind

Chris Lind specializes in advising the Net Lease Advisory Group’s clients in the acquisition and disposition of net-leased investment properties nationally. Chris is solely committed to single-tenant and multi-tenant net leased assets as well as structuring sale/leasebacks and portfolio sales throughout the United States. Chris has been with Marcus & Millichap since 2007 and his experience includes selling hundreds of properties located throughout the country. Chris prides himself on act

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Mark Ruble

Mark Ruble is the co-founder of the Net Lease Advisory Group and a top producing Agent with Marcus & Millichap. Mark has been with Marcus & Millichap for 19 years (2004) and has received numerous accolades for his superior service and outstanding performance. Mark has successfully closed over 1,840 properties totaling in excess of $5.7 Billion in transaction volume across 46 states. The key to Mark’s success has been his dedication to providing clients with market leading information an

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