Mighty Wash Car Wash

6212 19th Street, Lubbock, TX 79415

$3,764,000

Cap Rate 7.00%

Views: 133 DOM: 248 Updated: 10.03.24 Posted: 02.27.24 Status: Sold 11.01.24

Summary

Price $3,764,000	Built/Renov 2014	Tenant Mighty Wash Car Wash
Cap Rate 7.00%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 6,610	Lease Start 12-01-2024	#Units 20
Price/SF $613.31	Expiration 11-30-2044	Tenant Type Automotive
NOI $263,484	R. Term 19.10	Ownership Fee Simple
Rent/SF $39.86	Increases 1.5%/1/yrs	Pop 5Mi 161,729
Lot/AC 1.41	Options 4/5yrs/1.5%	AHHI 5Mi $75,660

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 lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Mighty Wash Car Wash is strategically located on 19th Street, with access to 33,800 vehicles passing by daily. It enjoys a convenient location just off TX Loop 289, a major connector for the Lubbock area. The property is situated to the West End Center, featuring 350,000 square feet of retail and restaurant space, hosting national tenants like Cabela’s, Costco, and Dave & Buster’s. Moreover,...

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Key Features

Build to suit
Dense retail corridor
Freeway close
Major MSA
Income tax free state
Brand new lease
Long 20+ yr lease
Accelerated depreciation
Annual rent increases
Corporate Guarantee

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Links

Mighty Wash Car Wash Wikipedia Lubbock, Texas Zip Code 79415 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 :	13,713	68,032	168,176
2023 Total Population :	13,369	65,920	164,490
2023 Employed Civilian Pop :	7,384	34,304	82,318
2023 Total Businesses :	273	1,859	5,954
2023 Average Household Income :	$ 65,265	$ 77,545	$ 84,559
2023 Total Consumer Spending :	$ 353 M	$ 1933 M	$ 4873 M
2023 Median Age :	29	31	31
2023 Total Households :	6,174	28,467	66,090
2023 Pop Age 25+: Bachelor's Degree :	2,162	10,295	24,511
2023 Average Home Value :	$ 172,177	$ 234,062	$ 249,036

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
19th St	Kewanee Ave	2008	25,000	0.05 mi
Kewanee Ave	19th St	2017	1,323	0.10 mi
19th St	Iola Ave	2010	26,738	0.18 mi
Iola Ave	19th St	2010	8,920	0.19 mi
Iola Ave	19th St	2010	9,262	0.20 mi
21st St	Kewanee Ave	2006	200	0.22 mi
Iola Ave	20th St	2006	5,370	0.22 mi
19th St	Iola Ave	2010	31,440	0.22 mi
19th St	Iola Ave	2017	36,570	0.24 mi
19th Street	Iola Ave	2022	33,858	0.26 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

191 Listings
27431 Views
123 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

192 Listings
27533 Views
124 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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