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Views: 48 DOM: 49 Updated: 11.15.24 Posted: 10.15.24 Status: Active

Summary

Price $3,541,666
Built/Renov 2024
Tenant Splash Car Wash (GL)
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,500
Lease Start 07-01-2024
#Units 60
Price/SF $1,011.90
Expiration 06-30-2044
Tenant Type Automotive
NOI $212,500
R. Term 19.7
Ownership Ground Lease
Rent/SF $60.71
Increases 10.0%/5/yrs
Pop 5Mi 68,634
Lot/AC 0.90
Options 3/5yrs/10%
AHHI 5Mi $130,738

Lease Highlights

  • Brand new 2024 construction
  • New 20-year ground lease with 3 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the base term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Splash Car Wash is strategically located at the signalized, hard corner intersection of Genesee Street and Highbridge Street, with access to a robust combined daily traffic count of 57,985 vehicles. The property is adjacent to one of the top 4% most visited shopping centers in the U.S. and is ideally positioned next to a Target-anchored shopping center, which attracted approximately 5.9...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Splash Car Wash
  • Guarantor:Corp T and Rated
  • Company:Driven Brands Holdings, Inc.
  • # Units:60
  • Tenant S&P: B+
  • Stock: NASDAQ: DRVN

About Tenant

Splash Car Wash was founded in 1981 by Greenwich, Connecticut residents Mark Curtis and Chris Fisher with the acquisition of Carl’s Auto Bath. Initially operating as The Tahiti Auto Spa and later...


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Listing Broker

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