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WhiteWater Express Car Wash
5762 West Central Avenue, Toledo, OH 43615
$4,880,000
Cap Rate 6.15%
Summary
| Price $4,880,000 | Built/Renov 2023 | Tenant WhiteWater Express Car Wash |
| Cap Rate 6.15% | Lease Type
Abs NNN | Guarantor Corporate |
| Size/SF
3,756
| Lease Start
09-15-2023
| #Units
88
|
| Price/SF $1,299.25 | Expiration
08-31-2043
| Tenant Type Automotive |
| NOI $300,000 | R. Term 19.8 | Ownership Fee Simple |
| Rent/SF
$79.87
| Increases 1.3%/1/yrs | Pop 5Mi 178,625 |
| Lot/AC 0.93 | Options 4/5yrs/1.25% | AHHI 5Mi $81,225 |
| | |
Lease Highlights
- Brand new 2023 construction
- WhiteWater Express Car Wash recently signed a brand new 20-year lease with 4 (5-year) options to extend
- Lease features 1.25% annual rental increases throughout the initial term and during each option
- Absolute NNN | Zero landlord responsibilities
- Corporate guarantee by Freeman Spogli & Co.
Location Description
This newly constructed WhiteWater Express Car Wash is conveniently located along Central Avenue, the area’s primary retail corridor which sees in excess of 26,500 vehicles per day. The property is surrounded by over one dozen car dealerships along Central Avenue, including Ford, Buick GMC, Mazda, Nissan, and more, creating strong crossover business. Nearby tenants include Walmart Supercenter,...
...Features
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New construction
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Signalized intersection
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Hard corner intersection
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Dense retail corridor
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Highway location
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Top 100 MSA
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Strong demographics
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Brand new lease
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Long 20+ yr lease
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Corporate Guarantee
...
Maps
Tenant
- Tenant: WhiteWater Express Car Wash
- Guarantor:Corporate
- Company:Freeman Spogli & Co.
- # Units:88
- Stock:Private
About Tenant
WhiteWater Express Car Wash is a high-growth, multi-state operator of express car washes. The chain uses state-of-the-art technology using only half the amount of water as the industry standard,...
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 5,953 | 64,401 | 177,092 |
| 2023 Total Population : | 6,024 | 65,270 | 179,267 |
| 2023 Employed Civilian Pop : | 2,873 | 33,096 | 89,194 |
| 2023 Total Businesses : | 390 | 3,413 | 6,693 |
| 2023 Average Household Income : | $ 97,355 | $ 108,566 | $ 91,909 |
| 2023 Total Consumer Spending : | $ 228 M | $ 2714 M | $ 6140 M |
| 2023 Median Age : | 43 | 44 | 40 |
| 2023 Total Households : | 2,707 | 28,981 | 77,054 |
| 2023 Pop Age 25+: Bachelor's Degree : | 808 | 11,757 | 27,395 |
| 2023 Average Home Value : | $ 206,653 | $ 243,204 | $ 211,831 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| West Central Avenue | Elmont Rd | 2021 | 28,285 | 0.13 mi |
| North Holland Sylvania Road | Huntingfield Blvd | 2021 | 17,721 | 0.26 mi |
| N Holland Sylvania Ave | Bonsels Pkwy | 2008 | 17,380 | 0.29 mi |
| W Central Ave | Fairbanks Ave | 2010 | 32,340 | 0.37 mi |
| N Holland Sylvania Ave | Elmer Dr | 2001 | 19,400 | 0.53 mi |
| Moffat Rd | W Central Ave | 2004 | 8,700 | 0.62 mi |
| RAMP FROM US20-120 TO IR475-23 NB | W Central Ave | 2021 | 11,527 | 0.70 mi |
| RAMP FROM IR475-23 NB TO US20-120 | Triple Crown Ln | 2021 | 9,461 | 0.71 mi |
| North Reynolds Road | Central Ave W | 2021 | 15,662 | 0.71 mi |
| I- 475 | W Central Ave | 2004 | 10,600 | 0.71 mi |
