Zips Car Wash

7931 East 37th Street North, Wichita, KS 67226

$2,829,934

Cap Rate 6.10%

Views: 96 Updated: 02.26.24 Posted: 03.27.23 Status: Inactive

Summary

Price $2,829,934	Built/Renov 2008	Tenant Zips Car Wash
Cap Rate 6.10%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 4,981	Lease Start 07-17-2018	#Units 274
Price/SF $568.15	Expiration 07-31-2038	Tenant Type Automotive
NOI $172,626	R. Term 13.8	Ownership Fee Simple
Rent/SF $34.66	Increases 0.0%/1/yrs	Pop 5Mi 95,496
Lot/AC 0.91	Options 2/10yrs/1.75%	AHHI 5Mi $104,884

Lease Highlights

Zips Car Wash has a 15+ year operating history at this location
Zips Car Wash LLC has over 15 years remaining on its current lease with 2 (10-year) options to extend
Lease features 1.75% annual rental increases every throughout the initial term and at each option perio
Absolute NNN lease presents zero landlord responsibilities
Corporate guarantee by Zips Car Wash
Zips Car Wash is the largest privately held car wash operator nationwide

Location Description

Zips is located along East 37th Street (13,820 VPD), just feet from its signalized intersection with North Rock Road (17,340 VPD) and roughly a half mile north of the on-ramp to State Route 96 (30,600 VPD). The property benefits from its position within one of Wichita’s primary retail and commercial corridors with 5.0 MSF of retail, 4.9 MSF of office, 4.1 MSF of industrial, and 5,956 multifamily units within a 3-mile radius. Zips is a half mile from a Sam’s Club-anchored shopping center, which is home to Kohl’s, American Freight, PetSmart, JOANN, Planet Fitness, Party City, Carrabba’s, FedEx Office, Fazoli’s, McDonald’s, Arby’s, Spangles, and Braum’s Ice Cream, among others. Additional uses in the area include Walmart Supercenter, Menards, Dillons, Home Depot, AMC Theatres, Comfort Inn & Suites (99 rooms), Harbor Freight Tools, and Office Depot, as well as several large industrial facilities and distribution centers for Amazon, Cintas, Evergy, Figeac-Aero, Open Road Brands, Wichita Furniture, Central Plains Steel, and Waxie Sanitary Supply. Other major traffic drivers include Gammon Elementary School (<1 mile southwest) Kansas Heart Hospital (1 mile east; 54 beds), WSU Teck (1.2 miles northeast; enrollment: 5,021), Colonel James Jabara Airport (1.3 miles east; 40,000+ annual passengers), Jackson Elementary School (1.5 miles southwest; 358 students), Stryker Sports Complex (2 miles southeast), and Wichita State University (3.3 miles southwest; enrollment: 21,942). The 5-mile trade area is supported by over 95,000 residents with an average household income of $104,884. Wichita, KS (population: 395,699) is the county seat of Sedgwick County and the most populated city in the state of Kansas. The Kansas Turnpike, US 400, and Interstate 135 connect Wichita to a trade area consisting of over one million people within a 100-mile radius. The nearest major cities to Wichita include Kansas City (199 miles northeast), Oklahoma City (160 miles south), and Tulsa (175 miles southeast).

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Key Features

Major thoroughfare
Near major nationals
Strong tenant synergy
Highway close
Top 100 MSA
Affluent AHHI $100K 5 Mi
Long 15+ yr lease
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

Zips Car Wash Wikipedia Wichita, Kansas Zip Code 67226 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Zips Car Wash
Guarantor:Corporate
Company:Zips Car Wash
# Units:274
Stock:Private

About Tenant

Zips Car Wash is the fastest growing car wash company in the United States. They have over 235 locations in 24 states throughout the Southeastern and Central U.S. with approximately 1,600...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,477	42,240	97,734
2023 Total Population :	8,369	41,469	96,523
2023 Employed Civilian Pop :	4,711	21,195	47,153
2023 Total Businesses :	571	2,169	4,726
2023 Average Household Income :	$ 88,046	$ 94,296	$ 98,740
2023 Total Consumer Spending :	$ 280 M	$ 1461 M	$ 3329 M
2023 Median Age :	35	37	37
2023 Total Households :	3,688	17,960	39,087
2023 Pop Age 25+: Bachelor's Degree :	1,792	8,929	18,737
2023 Average Home Value :	$ 276,877	$ 280,347	$ 279,621

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
East 37th Street North	N Rock Rd	2018	4,620	0.20 mi
	E 35th St N	2021	17,574	0.24 mi
East 37th Street North	N Inwood St	2018	13,820	0.26 mi
	E Oakmount St	2021	7,702	0.27 mi
East 37th Street North	N Rock Rd	2021	14,007	0.40 mi
N 2nd Ave		2000	26,133	0.42 mi
North Rock Road	N 2nd Ave	2021	17,574	0.45 mi
	State Hwy 96	2021	10,755	0.48 mi
	State Hwy 96	2010	10,414	0.48 mi
	N Rock Rd	2010	3,230	0.51 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
15523 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
15701 Views
60 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
15681 Views
63 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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