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Views: 66 Updated: 01.22.24 Posted: 08.05.23 Status: Sold

Summary

Price $4,800,000
Built/Renov 2023
Tenant WhiteWater Express Car Wash
Cap Rate 6.25%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 4,400
Lease Start 09-01-2023
#Units 88
Price/SF $1,090.91
Expiration 09-01-2043
Tenant Type Automotive
NOI $300,000
R. Term 19.2
Ownership Fee Simple
Rent/SF $68.18
Increases 1.3%/1/yrs
Pop 5Mi 54,689
Lot/AC 1.50
Options 4/5yrs/1.25%
AHHI 5Mi $103,230

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 a 1.25% annual rental increase 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 strategically located at the signalized, hard corner intersection of East Highway 30 and South Burnside Avenue with access to 40,000 vehicles per day. The site is an outparcel to a new mixed use development in the heart of the city, Heritage Crossing, which is anchored by Alexanders Heritage Market grocery store, 300 apartments, 79 single...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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 : 5,466 24,895 56,511
2023 Total Population : 5,193 23,369 53,734
2023 Employed Civilian Pop : 2,460 11,579 26,759
2023 Total Businesses : 444 1,538 2,369
2023 Average Household Income : $ 75,915 $ 80,982 $ 94,166
2023 Total Consumer Spending : $ 131 M $ 632 M $ 1642 M
2023 Median Age : 37 38 37
2023 Total Households : 1,991 9,013 20,145
2023 Pop Age 25+: Bachelor's Degree : 477 2,459 6,649
2023 Average Home Value : $ 181,110 $ 208,706 $ 231,415
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
LA 30 S Dianne Ave 2021 11,390 0.14 mi
LA 30 S Roth Ave 2021 19,285 0.41 mi
LA 44 E Petite St 2021 10,873 0.43 mi
LA 44 E Hidden Haven St 2021 11,347 0.49 mi
LA0940 S Sandra Ave 2020 6,283 0.53 mi
LA 44 E Neal St 2021 29,729 0.57 mi
W Orice Roth Rd S Ringer Ave 2010 6,769 0.62 mi
South Philippe Avenue W Orice Roth Rd 2021 2,055 0.79 mi
LA 940 S Lanoux Ave 2021 3,894 0.79 mi
South Lanoux Avenue W Orice Roth Rd 2021 1,463 0.81 mi

Listing Broker

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