For Sale
$5,177,000

23719 Katy FwyKaty, TX 77494

NNN Lease, High-Growth Location, Strong Tenant

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 4,078 square foot, single-tenant, absolute NNN leased car wash in Katy, Texas. Located on a 1.02-acre lot at 23719 Katy Fwy, 77494, this property boasts a prime location on a Costco outparcel at the I-10/US 99 interchange, surrounded by major national retailers. The 2021-built facility is leased to WhiteWater Express Car Wash, a national company with over 125 locations, under a 20-year lease (commencing October 1, 2021, and expiring September 30, 2041) with 16.9 years remaining. The lease includes a corporate guarantee and features 1.25% annual rent bumps and four five-year renewal options. The property offers a strong 6.00% cap rate with a current NOI of $310,622 and an asking price of $5,177,000 ($1,269.49/sq ft). The property is zoned C2 and benefits from fee simple ownership, providing tax advantages through accelerated depreciation. Situated in a high-growth Houston suburb with established residential neighborhoods, this investment offers exceptional stability and potential for long-term appreciation. The tenant's commitment, prime location, and favorable lease terms make this a compelling opportunity for discerning investors.

Highlights

  • Absolute NNN lease with WhiteWater Express Car Wash; 17+ years remaining lease term.
  • Strong corporate guarantor; WhiteWater operates 125+ nationwide locations.
  • 1.25% annual rent increases; four, five-year renewal options.
  • 2021 construction, built to tenant specifications.
  • Excellent location: Costco outparcel at I-10/US 99 interchange, surrounded by national retailers.
  • Fee simple ownership; tax advantages via accelerated depreciation.

Property Details for 23719 Katy Fwy

Property type
Retail properties, Retail space
Square Feet
4,078 SF
Year Built
2021
Lot Size (sq. ft)
44,431 SF

Location Insight

City
Katy
County
Harris
State
Texas
Latitude
29.7839891772
Longitude
-95.783116139459
23719 Katy Fwy, Katy, Texas

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23719 Katy Fwy
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