LUV Car Wash

1718 Verdad Street, Green Cove Springs, FL 32043

$4,250,000

Cap Rate 6.75%

Views: 127 DOM: 226 Updated: 07.09.24 Posted: 04.09.24 Status: Active

Summary

Price $4,250,000	Built/Renov 2024	Tenant LUV Car Wash
Cap Rate 6.75%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 3,520	Lease Start 07-01-2024	#Units 75
Price/SF $1,207.39	Expiration 06-30-2044	Tenant Type Automotive
NOI $286,875	R. Term 19.7	Ownership Fee Simple
Rent/SF $81.50	Increases 2.0%/1/yrs	Pop 5Mi 37,609
Lot/AC 1.07	Options 4/5yrs/2%	AHHI 5Mi $113,883

Peter Deltondo

Marcus & Millichap

Contact

Lease Highlights

Brand-new 2024 construction
LUV Car 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 2% annual rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

LUV Car Wash is strategically located on Highway 17/Coastal Highway, with access to 32,000 vehicles passing by daily. The property holds a prime position in a dense retail corridor surrounded by well-known national tenants including Ford, GMC, Subway, Wendy's, McDonald's, Dollar General, and more. Additionally, within a three-mile radius there is one high school, one junior high school, and...

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Key Features

New construction
Build to suit
Dense retail corridor
Near major nationals
Affluent AHHI $100K 5 Mi
Income tax free state
Brand new lease
Long 20+ yr lease
Accelerated depreciation
Corporate Guarantee

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Links

LUV Car Wash Wikipedia Green Cove Springs, Florida Zip Code 32043 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: LUV Car Wash
Guarantor:Corporate
Company:Susquehanna Int'l Group
# Units:75
Stock:Private

About Tenant

LUV Car Wash (LUV) is a holding company formed to pursue a strategic buy-and-build within the car wash industry. LUV is primarily focused on partnering with high-quality, express 2.0 washes...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	2,347	18,365	51,413
2023 Total Population :	2,221	17,228	46,627
2023 Employed Civilian Pop :	1,134	8,405	23,156
2023 Total Businesses :	87	831	1,441
2023 Average Household Income :	$ 94,032	$ 101,829	$ 130,356
2023 Total Consumer Spending :	$ 66 M	$ 562 M	$ 1883 M
2023 Median Age :	43	44	43
2023 Total Households :	821	6,395	16,920
2023 Pop Age 25+: Bachelor's Degree :	315	3,019	9,191
2023 Average Home Value :	$ 434,885	$ 348,877	$ 401,996

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	Hwy 17	2022	34,500	0.27 mi
US Hwy 17	Hwy 17 S	2001	26,000	0.34 mi
US Hwy 17	Heath Rd	2007	26,400	0.36 mi
Gieger Rd	Hwy 17	2009	3,800	0.38 mi
US Hwy 17	Hwy 17 S	2010	26,000	0.48 mi
Russell Rd	Dothan Rd	2008	8,500	0.65 mi
	Hickory Knolls D	2022	27,500	0.90 mi
US Hwy 17	Orion Rd	2007	27,000	1.08 mi
US Hwy 17	River Ln	2018	36,000	1.25 mi
Gieger Rd	Maryland Ave	2009	2,400	1.27 mi

Listing Broker

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