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Views: 105 DOM: 491 Updated: 04.11.24 Posted: 05.14.23 Status: Active

Summary

Price $6,261,000
Built/Renov 2018
Tenant Riptide Car Wash
Cap Rate 5.75%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 3,712
Lease Start 11-01-2023
#Units 3
Price/SF $1,686.69
Expiration 10-31-2043
Tenant Type Automotive
NOI $360,000
R. Term 19.1
Ownership Fee Simple
Rent/SF $96.98
Increases 1.0%/1/yrs
Pop 5Mi 283,661
Lot/AC 1.09
Options 6/5yrs/1%
AHHI 5Mi $79,257

Lease Highlights

  • The tenant will sign a brand-new 20-year lease with 6 (5-year) options to extend upon the close of escrow
  • The lease features 1% annual rental increases throughout the initial term and option periods
  • The operator currently has 3 open with more under development
  • Absolute NNN lease | Zero landlord responsibilities
  • Car Washes qualify for the 80% bonus depreciation enacted by the Tax Cuts and Jobs Acts in 2017

Location Description

Riptide Car Wash is located near the signalized intersection of W Waters Avenue and Anderson Road, featuring a combined average of over 100,000 vehicles passing by daily. The property is also located in close proximity to direct on/off ramp access to Veterans Expressway (73,000 VPD), a major north-south commuter thoroughfare that connects much of the Tampa MSA. Riptide Car Wash is located near...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Riptide Car Wash
  • Guarantor:Corporate
  • Company:Riptide Car Wash
  • # Units:3
  • Stock:Private

About Tenant

Riptide Car Wash is a new exterior express car wash company. Founded in 2018, the company currently runs a single car wash location that features a 120ft tunnel featuring stat-of-the-art car wash...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,086 106,532 272,172
2023 Total Population : 4,013 106,957 273,008
2023 Employed Civilian Pop : 2,706 59,778 154,636
2023 Total Businesses : 848 6,215 16,114
2023 Average Household Income : $ 70,919 $ 81,329 $ 91,437
2023 Total Consumer Spending : $ 100 M $ 2926 M $ 8844 M
2023 Median Age : 33 39 40
2023 Total Households : 1,606 41,294 111,326
2023 Pop Age 25+: Bachelor's Degree : 615 16,678 49,620
2023 Average Home Value : $ 302,978 $ 326,071 $ 369,585
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W Waters Ave Lynn Turner Rd 2011 45,888 0.04 mi
Anderson Rd W Waters Ave 2010 26,451 0.12 mi
W Waters Ave Benjamin Rd 2011 46,400 0.28 mi
Florida Mining Blvd Eagle TrlDr 2011 9,320 0.46 mi
Anderson Rd Benjamin Rd 2015 33,000 0.46 mi
Benjamin Rd W Sitka St 2017 16,201 0.46 mi
Anderson Rd W Crenshaw St 2015 25,207 0.52 mi
SR600/DALE MABRY HWY Veterans Expy 2021 38,000 0.54 mi
W Waters Ave 2020 5,600 0.55 mi
CR 584 EB/WATERS AVE Veterans Expy 2021 6,500 0.55 mi

Listing Broker

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