ModWash

104 East Harris Place, Eden, NC 27288

$5,175,000

Cap Rate 6.50%

Views: 96 DOM: 479 Updated: 08.07.24 Posted: 05.17.23 Status: Active

Summary

Price $5,175,000	Built/Renov 2022	Tenant ModWash
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 3,745	Lease Start 04-17-2023	#Units 75
Price/SF $1,381.84	Expiration 04-17-2043	Tenant Type Automotive
NOI $336,242	R. Term 18.7	Ownership Fee Simple
Rent/SF $89.78	Increases 1.5%/1/yrs	Pop 5Mi 23,876
Lot/AC 0.89	Options 6/5yrs/1.5%	AHHI 5Mi $56,993

Lease Highlights

New construction
Brand-new lease with a 20-year primary term, which commences at close of escrow and 6 (5-year) option periods
1.5% annual rent increases throughout the lease
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

This fully automated car wash is an outparcel to the Eden Center with Food Lion and Tractor Supply Co. It is located on the hard corner signalized intersection of S. Van Buren Road/U.S. Route 311 (26,000+ VPD) and E Harris Place. The property is strategically positioned along the main retail corridor of Eden with nearby retailers including Walmart Supercenter, CVS, Wells Fargo, McDonald’s,...

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Key Features

New construction
Near major nationals
Strategically located
Highway location
Affluent AHHI $100K 5 Mi
Brand new lease
Long 20+ yr lease
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

ModWash Wikipedia Eden, North Carolina Zip Code 27288 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: ModWash Express Car Wash
Guarantor:Corporate
Company:HUTTON
# Units:75
Stock:Private

About Tenant

ModWash is a car service agency that provides express car wash services. The company offers single washes, as well as unlimited and family plan memberships, with their washes including bug spray,...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	1,199	15,714	23,791
2023 Total Population :	1,171	15,789	24,047
2023 Employed Civilian Pop :	447	6,640	10,290
2023 Total Businesses :	182	660	776
2023 Average Household Income :	$ 77,836	$ 62,751	$ 65,267
2023 Total Consumer Spending :	$ 34 M	$ 384 M	$ 615 M
2023 Median Age :	53	46	45
2023 Total Households :	506	6,922	10,617
2023 Pop Age 25+: Bachelor's Degree :	179	1,328	1,993
2023 Average Home Value :	$ 221,536	$ 161,897	$ 163,570

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
South Van Buren Road		2019	23,500	0.05 mi
South Van Buren Road	W Kings Hwy	2019	26,000	0.40 mi
South Van Buren Road	S PkTer	2021	24,000	0.41 mi
West Kings Highway		2019	15,500	0.49 mi
West Kings Highway	S Kennedy St	2021	12,500	0.50 mi
E Kings Hwy	S Pierce St	2004	11,000	0.50 mi
South Van Buren Road		2019	15,000	0.54 mi
W Kings Hwy	Lynrock Ter	2004	17,000	0.88 mi
South Van Buren Road	Devonway St	2021	18,500	0.90 mi
Harrington Highway	Bethlehem Church Rd	2021	7,200	1.04 mi

Listing Broker

Eric Carlton

Colliers NNN Group

Contact

165 Listings
17928 Views
56 Sold

Jereme Snyder

Colliers NNN Group

Contact

153 Listings
16650 Views
53 Sold

Eric Carlton

Eric Carlton serves as Executive Vice President within the Retail Capital Markets Group of Greater Los Angeles, Partner of the Colliers NNN Group, and Co-Founder of the Snyder/Carlton Team for Colliers International nationwide. The Colliers Retail Services Group is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting i

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Jereme Snyder

Jereme S. Snyder is a Executive Vice President within the Retail Services Group in Greater Los Angeles and a Director of Colliers NNN Group for Colliers International nationwide. The Colliers Retail Services Team is an integrated team of professionals with specialties in representing landlords and tenants with leasing needs, managing the acquisitions and dispositions of retail properties, enhancing values through asset management and assisting in debt solutions. Colliers NNN Group is a national

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