Landshark Car Wash

512 K Avenue, Plano, TX 75074

$5,865,000

Cap Rate 6.65%

DOM: 90 Updated: 08.02.24 Posted: 12.06.23 Status: Sold 03.05.24

Summary

Price $5,865,000	Built/Renov 2023	Tenant Landshark Car Wash
Cap Rate 6.65%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 2,000	Lease Start 05-24-2023	#Units 125
Price/SF $2,932.50	Expiration 05-31-2043	Tenant Type Automotive
NOI $390,000	R. Term 18.0	Ownership Fee Simple
Rent/SF $195.00	Increases 2.0%/1/yrs	Pop 5Mi 308,414
Lot/AC 0.81	Options 2/5yrs/2%	AHHI 5Mi $110,195

Lease Highlights

Brand-new 2023 construction
Landshark Car Wash has 19+ years remaining on the current lease term with 2 (5-year) options to extend
Lease features 2% annual rental increases throughout the initial term and each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Landshark Car Wash is strategically located at the intersection of K Avenue and President George Bush Turnpike, with a combined high traffic count of 167,500 vehicles passing by daily. National retailers in close proximity include Marshalls, Office Depot, Petco, FedEx, and others. The sales territory is poised for further development, with numerous upcoming projects. The 5-mile trade area is...

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Key Features

New construction
Build to suit
Strategically located
Freeway visibility
Top 100 MSA
Income tax free state
Long 15+ yr lease
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

Landshark Car Wash Wikipedia Plano, Texas Zip Code 75074 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Landshark Car Wash
Guarantor:Corporate
Company:Freeman Spogli & Co
# Units:125
Stock:Private

About Tenant

LandShark Car Wash offers a wide range of services including exterior and interior car washing, detailing, and waxing. The Car wash boats a family-friendly environment that includes a comfy lounge...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,059	106,904	317,064
2023 Total Population :	11,441	104,005	312,435
2023 Employed Civilian Pop :	6,251	56,218	166,543
2023 Total Businesses :	1,304	6,796	14,473
2023 Average Household Income :	$ 99,739	$ 117,204	$ 120,153
2023 Total Consumer Spending :	$ 540 M	$ 4374 M	$ 12447 M
2023 Median Age :	32	38	38
2023 Total Households :	6,146	43,423	120,981
2023 Pop Age 25+: Bachelor's Degree :	2,448	24,034	73,677
2023 Average Home Value :	$ 436,801	$ 375,658	$ 380,571

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
K Ave	Hwy 190 Access Rd	2012	17,995	0.02 mi
President George Bush Highway	K Ave	2021	7,168	0.10 mi
President George Bush Turnpike	N Plano Rd	2020	115,893	0.12 mi
Hwy 190 Access Rd	Routh East Dr	2004	1,964	0.13 mi
President George Bush Turnpike	N Plano Rd	2021	131,040	0.13 mi
President George Bush Turnpike	N Plano Rd	2020	121,221	0.13 mi
President George Bush Highway	N Plano Rd	2021	6,646	0.15 mi
Hwy 190 Access Rd	Routh East Dr	2004	1,565	0.17 mi
Hwy 190 Access Rd	Routh East Dr	2012	3,000	0.18 mi
N Plano Rd	Hwy 190 Access Rd	2004	17,430	0.20 mi

Listing Broker

Bill Asher

Hanley Investment Group

Contact

151 Listings
27520 Views
75 Sold

Jeff Lefko

Hanley Investment Group

Contact

151 Listings
26793 Views
78 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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