WhiteWater Express Car Wash

5762 West Central Avenue, Toledo, OH 43615

$4,545,000

Cap Rate 6.60%

$4,880,000

Cap Rate 6.15%

Views: 90 DOM: 91 Updated: 02.29.24 Posted: 09.21.23 Status: Sold 12.21.23

Summary

Price $4,545,000 $4,880,000	Built/Renov 2023	Tenant WhiteWater Express Car Wash
Cap Rate 6.60% 6.15%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 3,756	Lease Start 09-15-2023	#Units 88
Price/SF $1,210.06 $1,299.25	Expiration 08-31-2043	Tenant Type Automotive
NOI $300,000	R. Term 18.11	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,...

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Key Features

New construction
Signalized intersection
Hard corner intersection
Dense retail corridor
Highway location
Top 100 MSA
Strong demographics
Brand new lease
Long 20+ yr lease
Corporate Guarantee

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Links

WhiteWater Express Car Wash Wikipedia Toledo, Ohio Zip Code 43615 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

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,...

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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

*ESRI data is presented for informational purposes only

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

Listing Broker

Bill Asher

Hanley Investment Group

Contact

142 Listings
12174 Views
60 Sold

Jeff Lefko

Hanley Investment Group

Contact

142 Listings
11894 Views
62 Sold

Bill Asher

Bill Asher specializes in advising clients in the acquisition and disposition of retail properties nationwide. With over 20 years of experience in commercial real estate, his transaction expertise, industry relationships, and unparalleled professionalism have allowed him to close and contribute to more than $2 billion in sales, including over 550 sales in the last 10 years. Bill’s dedication and unwavering commitment to his clients have made him one of the top agents at the company earning him

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Jeff Lefko

As Executive Vice President at Hanley Investment Group, Jeff Lefko specializes in advising clients in the acquisition and disposition of retail properties nationwide. Jeff is focused on developing meaningful relationships that go beyond a singular transaction by proactively advising his clients to help achieve their long-term financial goals and objectives. Jeff’s commitment to his clients has allowed him to close over $1.5 billion in sales since 2017, which included 114 transactions va

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