For Sale
$6,800,000

13455 Okeechobee RdHialeah Gardens, FL 33018

High-growth car wash, 20-year NNN lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a brand-new, state-of-the-art, 3,824 square foot car wash located in Hialeah Gardens, Florida. Situated on a 1.2-acre lot at 13455 W Okeechobee Rd, 33018, this Class A property boasts a prime outparcel location adjacent to a Home Depot and within walking distance of the newly developed Shoppes at Highland, a 250,000 square foot shopping center anchored by Publix. The property features a 125-foot tunnel and 26 parking spaces, ensuring ample capacity for customers. The current tenant, a major Florida car wash brand, holds a 20-year absolute NNN lease with a corporate guarantee, providing exceptional security and stability. The lease includes 2% annual rent bumps, further enhancing the investment's long-term value. With a current NOI of $425,000 and a 6.25% cap rate, this property offers a compelling return on investment. The property benefits from excellent visibility on Okeechobee Road (Highway 27), experiencing over 31,000 vehicles per day. The surrounding area is experiencing significant residential growth, including several large-scale residential developments within a 3-mile radius, adding to the property's long-term potential. This is a rare opportunity to acquire a high-performing, strategically located car wash with a strong tenant and significant upside potential. The asking price is $6,800,000. The property is located in a high-income area with an average household income exceeding $142,000 within a 1-mile radius. The investment is also eligible for bonus depreciation.

Highlights

  • Corporate guarantee from El Car Wash, Florida's largest and fastest-growing car wash brand with 43+ operating locations and 40+ under development.
  • Brand new, state-of-the-art, 125-ft tunnel car wash built to El Car Wash's latest prototype.
  • New 20-year lease with approximately $10.3MM+ in guaranteed income and 2% annual rent increases.
  • 7.59% average cap rate over the base lease term (assuming purchase at list price); conservative Year 3 EBITDAR projection of $2MM.
  • Excellent visibility on Okeechobee Road (Highway 27), with 31,000+ vehicles per day (VPD); outparcel to Home Depot.
  • Strong surrounding demographics including a newly developed 250,000 SF shopping center anchored by Publix, Burlington, dd's Discounts, and HomeGoods; 855 new apartment units within walking distance.

Property Details for 13455 Okeechobee Rd

Property type
Specialty properties, Retail properties
Square Feet
3,824 SF
Class
A
Year Built
2024
Lot Size (sq. ft)
52,272 SF
Units
1

Location Insight

City
Hialeah Gardens
County
Miami-Dade
State
Florida
Latitude
25.8939829
Longitude
-80.3759938
13455 Okeechobee Rd, Hialeah Gardens, Florida

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13455 Okeechobee Rd
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