Mister Car Wash (GL)

1910 North Telegraph Road, Monroe, MI 48162

$2,091,000

Cap Rate 5.50%

Updated: 06.14.24 Posted: 01.23.24 Status: Sold

Summary

Price $2,091,000	Built/Renov 2023	Tenant Mister Car Wash (GL)
Cap Rate 5.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 2,000	Lease Start 05-01-2024	#Units 476
Price/SF $1,045.50	Expiration 04-30-2039	Tenant Type Automotive
NOI $115,000	R. Term 13.11	Ownership Ground Lease
Rent/SF $57.50	Increases 10.0%/6/yrs	Pop 5Mi 56,300
Lot/AC 1.71	Options 5/5yrs/10%	AHHI 5Mi $77,918

Lease Highlights

Brand-new 2023 construction featuring state-of-the-art design
Mister Car Wash recently signed a new 15-year lease with 5 (5-year) options to extend
The lease features 10% rental increases throughout the initial term and options
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

This newly constructed Mister Car Wash is strategically located along Telegraph Road with clear visibility and access to an average of 24,300 vehicles passing by daily. Telegraph Road/U.S. Highway 24 is a major commuter route that directly connects the Detroit MSA. The asset is within direct proximity to Monroe Center (312K+ SF), Telegraph Plaza (141K+ SF), The Mall of Monroe (550K+ SF), and...

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Key Features

New construction
Dense retail corridor
Near major nationals
Highway location
Top 100 MSA
Brand new lease
Long 15+ yr lease
Absolute NNN
Traded and rated company
Corporate Guarantee

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Links

Mister Car Wash Wikipedia Monroe, Michigan Zip Code 48162 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Mister Car Wash
Guarantor:Corp T and Rated
Company:Mister Car Wash Holdings, Inc.
# Units:476
Tenant S&P: B
Moody’s: B2
Stock: NYSE: MCW

About Tenant

Mister Car Wash is the nation’s largest car wash brand with over 475 locations across the United States (21 states). The company has come a long way since opening its first location in 1969 in...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	3,836	32,238	56,114
2023 Total Population :	3,829	32,421	56,351
2023 Employed Civilian Pop :	1,659	14,278	24,361
2023 Total Businesses :	230	1,371	1,831
2023 Average Household Income :	$ 68,331	$ 74,301	$ 77,918
2023 Total Consumer Spending :	$ 101 M	$ 889 M	$ 1571 M
2023 Median Age :	43	40	41
2023 Total Households :	1,707	13,695	23,088
2023 Pop Age 25+: Bachelor's Degree :	314	3,101	5,131
2023 Average Home Value :	$ 215,512	$ 200,946	$ 194,513

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Telegraph Rd	Mall Rd	2015	24,300	0.12 mi
Mall Rd	N Telegraph Rd	2013	5,220	0.27 mi
US 24	Stewart Rd	2021	21,338	0.29 mi
Mall Road	N Monroe St	2022	5,841	0.31 mi
Stewart Rd	Parkwest Dr	2009	6,953	0.39 mi
N Telegraph Rd	Stewart Rd	2013	30,000	0.41 mi
Stewart Rd	Huber Dr	2010	12,691	0.50 mi
Greenfield Ave	N Telegraph Rd	2013	2,200	0.58 mi
BETWEEN US-24 AND M-125 (FRENCHTOWN TWP)	Lavender St	2021	17,018	0.67 mi
Stewart Road	Elkton Dr	2022	17,035	0.67 mi

Listing Broker

Frank Rogers

SRS National Net Lease Group

Contact

37 Listings
8419 Views
10 Sold

Michael Carter

SRS National Net Lease Group

Contact

36 Listings
8180 Views
10 Sold

Frank Rogers

Frank Rogers joined the National Net Lease Group as first vice president in the Detroit office in 2018. He specializes in the acquisition and disposition of single-tenant and multi-tenant net-leased investment properties. Frank joined SRS with more than five years of retail investment sales experience. At his previous firm, Frank was responsible for the management of his clients’ real estate portfolios across the nation, for which he advised them on the best course of action for their invest

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Michael Carter

Michael Carter joined the National Net Lease Group as first vice president in the Detroit office in 2018. He specializes in the acquisition and disposition of single-tenant and multi-tenant net-leased investment properties. Michael joined SRS with seven years of retail investment sales experience. Prior to joining SRS, he served as senior director with his previous firm. Michael’s deep understanding of the net lease industry and constantly growing market knowledge has earned him several oppo

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