This exceptional investment opportunity presents a brand-new, 3,600 square foot, state-of-the-art express car wash in Myrtle Beach, South Carolina. Located on US Highway 17, this property boasts excellent visibility with approximately 44,000 vehicles passing daily. The car wash is situated in a thriving retail corridor, directly across from South Strand Commons, a 400,000 square foot power center anchored by Lowe's and Kohl's, and near other major retailers including Target, Walmart, and numerous restaurants and businesses. The property sits on a 1.74-acre lot with 19 parking spaces. The single-tenant, absolute NNN lease with Whistle Express Car Wash, a credit-rated corporate entity with 150+ locations, offers a 20-year term commencing January 14, 2024, with 2% annual rent increases. The current NOI is $469,547, representing a 6.85% cap rate based on the asking price of $6,855,000. The lease includes four, five-year renewal options, providing long-term stability and a hedge against inflation. The property benefits from a dense and affluent population within a 3-mile radius, with an average household income exceeding $109,100 and significant population growth. This e-commerce and recession-resistant business model, coupled with the strong lease terms and prime location, makes this a compelling investment opportunity in a high-growth area with over 20 million annual visitors to the Grand Strand region. The building was constructed in 2024. The investment qualifies for 60% bonus depreciation (through 12/31/24).
Highlights
Brand new, build-to-suit car wash featuring state-of-the-art equipment and eco-friendly technology.
Corporately guaranteed lease with Whistle Express, a top-10 national car wash brand with 150+ locations. Oaktree Capital Management recently acquired a majority stake.
Wash Club membership program boasts over 200,000 active members.
19+ years remaining on the lease with rare 2% annual rent increases, offering inflation protection.
Over $10.7MM in guaranteed income over the lease term, yielding an 8.23% blended cap rate (at list price).
Significant tax advantages including potential for 60% bonus depreciation (through 12/31/24). Consult your tax advisor.
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Contacts
Aron Cline
Matt Coates
Calvin Short
Gary Chou
Ransome Foose
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8671 Us-17, Myrtle Beach, South Carolina, 29575
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8671 Us-17
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