Mister Car Wash
Closed2300 4th St NW, Albuquerque, NM 87102
Property type
Retail
Unit / Space count
1
Price
$4,500,000
Building size
6,008 sf
Rentable area
6,008 SF
Year built
2012
Year renovated
Occupancy
Zoning code
Lot size
1.10 Acres
Sold/status
Sold · Date unknown
Sale price
$4500000
CAP
7.03%
Net Operating Income
$316,156
Property description
Franklin Street is pleased to present this long-term leased Mister Car Wash in Albuquerque, New Mexico. Albuquerque is the most populous city in New Mexico with over 1.1M in the metropolitan. Albuquerque is a hub for technology, fine arts, and media companies. It is home to several historic landmarks, the University of New Mexico, the Albuquerque International Balloon Fiesta, the Gathering of Nations, the New Mexico State Fair, and a diverse restaurant scene. Mister Car Wash is the largest car wash brand in the country and one of the fastest growing. In the last year the brand opened 40 locations and increased net revenues 15.6%. The company operates on a subscription model and in the last year they added 228,000 Unlimited Wash Club members. The average basic package runs around $20 a month, with more premium packages running around $30 a month. The property is located conveniently near I-40 (136,000 VPD) in the core of the Albuquerque market. The immediate area is densely populated with 305,000 residents within 15 minutes of the property and has ideal demographics with household incomes over $83K annually. The property offers a landlord friendly absolute NNN lease structure and attractive annual rental increases of one and a half percent.
Property highlights
- 15+ Years Remaining on Corporate Guaranteed Mister Car Wash in Albuquerque
- Largest National Car Wash Brand: 435+ Locations and $925M in Company Revenue
- Rapidly Expanding Operator: Adding on Average 30 Locations Per Year
- Very Profitable Location: Tenant is Required to Report Annually (Sales Available)
- Publicly Traded Company: NYSE: MCW
- Annual Rental Increases: 1.5% Bumps Every Year (Next Bump Feb 2024)
- Dense Intown Location: 250,000+ Residents Within 5-Mile Radius
- 1.86 Million Unlimited Wash Club Members, an 18.9% Year-Over-Year Increase
- Potential Accelerated Depreciation (Please Contact Your Tax Consultant)