Spin Car Wash North Lauderdale, Florida

$1,460,000
Cap Rate: 6.50%
Closed Single-Tenant
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.50%
Price: $1,460,000
Annual Rent: $95,000
GLA: 3,200 SF
Rent PSF: $29.69
Land Area: 1.21 Acres
Year Built: 2019
Lease Type: NNN Ground
Lease Term: 12 Years
Option Periods: 3, 5-Year Options
Rent Increases: 10% Every 5 Years
Expiration: 12-Yrs from Commencement

Investment Highlights

  • Brand New, 12-Year, Triple Net (NNN) Ground Lease
  • 10% Rent Increases Every 5 Years in Base Term and Option Period
  • Three, Five-Year Renewal Options
  • Outparcel to Walmart Supercenter
  • Tenant Paid Two Years Worth of Rent Up Front, Showing Commitment to Site
  • Strong Traffic Counts off McNab Rd. with 38,000 VPD, University Dr. with 55,000 VPD
  • This Is A Brand-New Location, Opening at the Beginning Of 2019!

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Spin Car Wash located in North Lauderdale, Florida. The subject property is a 3,200 square-foot single tenant building on 1.21 acres of land. Spin Car Wash offers a brand new 12-Year Triple Net (NNN) Ground Lease. The offering provides three, five-year renewal options with 10% rental escalations every five years. This is a brand-new location that will be opening in early 2019. 

Spin Car Wash is a South Florida regional express-model car wash chain with a customer-focused, high quality approach. There are six Spin carwash locations throughout Broward and Miami-Dade Counties in South Florida. Guaranteed by T Car Wash LLC. The tenant has paid two years’ worth of rent up front, showing a strong commitment to the site. 

It is ideally situated with excellent access and visibility off McNab Road, with more than 38,000 vehicles per day and University Drive with over 55,000 vehicles per day. Spin Car Wash is strategically situated on a primary retail and commercial corridor, it will be an outparcel to Walmart Supercenter. Surrounding national retailers with a presence in the immediate vicinity include Walmart Supercenter, Ross, Publix, 7-Eleven, CVS, Regions Bank, ALDI, Dunkin Donuts, Taco Bell, Napa Auto Parts, Burger King, McDonalds, Dollar Tree, Auto Zone, Foot Locker, Home Depot, Pollo Tropical, Papa Johns, Chase and many more. 

Located in North Lauderdale, the property offers attractive demographics. Broward County is bordered to the north and south by Palm Beach and Miami-Dade Counties and boasts a population of 1.9 million people. The population continues to grow at a pace well above the U.S. rate. It is also a desirable corporate location due to its proximity to Latin American markets, large educated workforce, and desirable climate.

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