Mighty Wash Car Wash

3005 Kermit Highway, Odessa, TX 79764

$5,096,000

Cap Rate 6.50%

Views: 26 DOM: 80 Updated: 04.22.24 Posted: 02.27.24 Status: Active

Summary

Price $5,096,000	Built/Renov 2013	Tenant Mighty Wash Car Wash
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 4,536	Lease Start 06-01-2024	#Units 20
Price/SF $1,123.46	Expiration 05-31-2044	Tenant Type Automotive
NOI $331,266	R. Term 20.0	Ownership Fee Simple
Rent/SF $73.03	Increases 1.5%/1/yrs	Pop 5Mi 121,163
Lot/AC 1.36	Options 4/5yrs/1.5%	AHHI 5Mi $77,068

Lease Highlights

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

Location Description

Mighty Wash Car Wash is strategically located in a prime location on Kermit Highway, with access to 6,700 vehicles passing by daily. The property offers easy accessibility with multiple entry and exit points via Kermit Highway. The surrounding area boasts well-known national tenants such as Advanced Auto Parts, McDonald's, Jack in the Box, Walgreens, Subway, and Dollar General, and more....

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Key Features

Build to suit
Dense retail corridor
Near major nationals
Highway location
Strong demographics
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 Odessa, Texas Zip Code 79764 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 :	11,854	68,579	117,265
2023 Total Population :	11,621	67,411	114,315
2023 Employed Civilian Pop :	5,558	31,592	54,210
2023 Total Businesses :	470	2,765	4,692
2023 Average Household Income :	$ 67,014	$ 71,539	$ 74,114
2023 Total Consumer Spending :	$ 238 M	$ 1502 M	$ 2654 M
2023 Median Age :	32	33	34
2023 Total Households :	4,066	23,861	40,795
2023 Pop Age 25+: Bachelor's Degree :	963	4,261	9,099
2023 Average Home Value :	$ 260,650	$ 212,668	$ 233,178

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Kermit Highway	N Co Rd W	2022	6,453	0.04 mi
Kermit Highway	N Co Rd W	2019	9,417	0.04 mi
N Co Rd W	W University Blvd	2015	18,375	0.10 mi
W University Blvd	Security Ave	2015	21,280	0.11 mi
North County Road West	W University Blvd	2022	14,271	0.11 mi
North County Road West	W University Blvd	2019	18,175	0.11 mi
West University Boulevard	Security Ave	2022	18,708	0.12 mi
N Co Rd W	W University Blvd	2015	18,493	0.13 mi
N Co Rd W	Harris St	2015	27,562	0.17 mi
West University Boulevard	Catalina Dr	2022	23,252	0.17 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

162 Listings
6460 Views
73 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

163 Listings
6528 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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