For Sale
$3,986,415

693 Willow AveCookeville, TN 38501

High-traffic, NNN-leased car wash, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 4,038 square foot Zips Car Wash located at 693 S Willow Ave, Cookeville, TN 38501. The property sits on a 0.76-acre lot and boasts a prime location with high visibility along S Willow Ave, averaging 21,030 vehicles daily, and near I-40 with 58,071 vehicles daily. The property benefits from a strong retail environment, including nearby Hobby Lobby, TJ Maxx, Petco, Starbucks, and other national brands. The car wash is operating under a Triple Net (NNN) lease with a corporate guarantee, providing significant tenant credit strength. The lease commenced December 19, 2017, and expires June 30, 2038, offering a substantial remaining lease term of 13.6 years. The lease includes six 5-year options with 1.5% annual rent increases. The property's Net Operating Income (NOI) is $279,049, resulting in a 7.00% cap rate. The asking price is $3,986,415. Built in 2012, this car wash benefits from a strong demographic area with a 5-mile population of 53,780 and an average household income of $72,976. The property's proximity to Tennessee Tech University, with over 10,000 students, further enhances its appeal. Potential tax advantages exist through bonus depreciation (consult your tax advisor). This is a turnkey investment with a proven operator and a long-term lease, offering significant return potential.

Highlights

  • Triple-net lease with 13+ years remaining and 1.5% annual rent increases.
  • Potential for 60% bonus depreciation (consult your CPA); Tennessee offers no state income tax.
  • High-visibility location on Willow Ave N, a major thoroughfare with 21,030 VPD, connecting I-40 and downtown Cookeville.
  • 5-mile radius boasts 53,780 residents with an average household income of $72,976.
  • Strong retail market anchored by national brands including Hobby Lobby, TJ Maxx, HomeGoods, and Starbucks.
  • Zips Car Wash, a leading operator with 280+ locations nationwide, provides a proven business model.

Property Details for 693 Willow Ave

Property type
Specialty properties, Car washes
Square Feet
4,038 SF
Year Built
2012
Lot Size (sq. ft)
33,106 SF

Location Insight

City
Cookeville
County
Putnam
State
Tennessee
Latitude
36.1489962
Longitude
-85.5194116
693 Willow Ave, Cookeville, Tennessee

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693 Willow Ave
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