For Sale
$2,399,000

144 Palmdale BlvdPalmdale, CA 93550

High-yield, long-term net lease.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a single-tenant, Class B car wash center located at 144 E Palmdale Blvd, Palmdale, CA 93550. The property, situated on a substantial 2.8786-acre lot (APN 3009-005-036), boasts a 5,359 square foot building constructed in 1994 and renovated in 2021. Currently operating under a net lease, the property offers a secure investment with a 10-year lease commencing July 1, 2024, and expiring June 30, 2034, providing a remaining lease term of approximately 9.6 years. The lease includes two 5-year renewal options and a 3% rent increase every 24 months. The current base rent is $14,000 per month, with the tenant responsible for property taxes, generating a substantial net operating income (NOI) of $168,000. This translates to a compelling 7.00% cap rate and a price per square foot of $447.66. The property is zoned for commercial use and features one single-story building. This is an ideal investment for those seeking a stable, high-yield return with a long-term, established tenant in a prime location within Los Angeles County. The property's strong financial performance and long-term lease make it an attractive option for investors seeking a secure and profitable investment.

Highlights

  • Investment-grade car wash property offering a 7% cap rate.
  • 10-year lease with two 5-year options.
  • Rent escalates 3% every two years.
  • $14,000 monthly base rent; tenant pays property taxes.
  • Strong, experienced tenant provides reliable income stream, ideal for 1031 exchange.

Property Details for 144 Palmdale Blvd

Property type
Specialty properties, Lifestyle centers
Square Feet
5,359 SF
Class
B
Year Built/Renovated
1994/2021
Buildings
1
Stories
1
Lot Size (sq. ft)
1,253,918,160 SF

Location Insight

City
Palmdale
County
Los Angeles
State
California
Latitude
34.5788947
Longitude
-118.1281047
144 Palmdale Blvd, Palmdale, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
144 Palmdale Blvd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message