For Sale
$6,347,650

4035 Challenger AveRoanoke, VA 24012

Zips Car Wash: Strong ROI, Long Lease

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a Zips Car Wash located at 4035 Challenger Ave NE, Roanoke, VA 24012. Boasting a 6.75% cap rate and a substantial $428,464 NOI, this 4,578 square foot facility sits on a 1.11-acre lot and benefits from a triple-net (NNN) lease with a corporate guarantee. The lease, commencing November 15, 2018, has 14 years remaining, extending to November 30, 2038, with attractive 1.5% annual rent bumps. Six 5-year lease options provide further long-term security. The property enjoys a prime location on an outlot to a Kroger, benefiting from high visibility and traffic counts averaging 38,000 vehicles daily. Nearby retailers include Walmart, Lowe's, Chick-fil-A, CVS, and Starbucks, further enhancing its appeal. The property's proximity to a 440-acre industrial park housing Advance Auto Parts, Elizabeth Arden, FedEx Ground, Orvis, and a prospective Amazon facility, adds to its strategic value. The surrounding area boasts strong demographics, with an average household income of $91,383 within one mile and a population of 88,735 within five miles. Zips Car Wash, operating over 280 locations across 25 states under three brands, ensures a reputable and established tenant. This Roanoke location is situated in a thriving metropolitan region, a hub for transportation, finance, and industry in southwestern Virginia, and a renowned mountain biking destination. The asking price is $6,347,650. This property qualifies for bonus depreciation under the Tax Cuts and Jobs Act of 2017 (consult your CPA). 100% occupancy ensures immediate cash flow.

Highlights

  • Triple-net leased Zips Car Wash with 14 years remaining and 1.5% annual rent increases.
  • Outlot location adjacent to Kroger, on Challenger Ave with 38,000 VPD.
  • Qualifies for bonus depreciation (consult your CPA).
  • Strong retail co-tenancy including Walmart, Lowe's, and numerous national brands; proximity to a large industrial park.
  • Excellent demographics: $91,383 average household income within 1 mile, 88,735 population within 5 miles.
  • Zips Car Wash operates over 280 locations nationwide.

Property Details for 4035 Challenger Ave

Property type
Specialty properties, Car washes
Square Feet
4,578 SF
Year Built
2009
Lot Size (sq. ft)
48,352 SF

Location Insight

City
Roanoke
County
Roanoke
State
Virginia
Latitude
37.3136791
Longitude
-79.8816592
4035 Challenger Ave, Roanoke, Virginia

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4035 Challenger Ave
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