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.
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Contacts
Keith Sturm
Amanda Leathers
Deborah Vannelli
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693 Willow Ave, Cookeville, Tennessee, 38501
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
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693 Willow Ave
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