1565 Germantown PkwyMemphis, TN 38016

Property Details for 1565 Germantown Pkwy

Year built

2006

Lot size

1.00 AC

Property size (Sq ft)

4,628 SF

Property type

Specialty properties

Property subtype

Car washes

Description

This exceptional investment opportunity presents a Zips Car Wash located at 1565 N Germantown Pkwy, Memphis, TN 38016. The property, built in 2006, boasts a 4,628 square foot building situated on a one-acre lot in a high-traffic area with 30,636 vehicles passing daily. The property benefits from a strong tenant, Zips Car Wash, a leading operator with over 280 locations across 25 states. The current lease is a Triple Net (NNN) lease with a corporate guarantee, offering significant security and a remaining term of approximately 13.6 years, expiring June 30, 2038. The lease commenced December 19, 2017, and includes six 5-year renewal options with 1.5% annual rent increases. The asking price is $3,995,445, representing a 7.00% cap rate and a Net Operating Income (NOI) of $279,681. The property's prime location is surrounded by strong retail anchors including Marshalls, HomeGoods, Kroger, Wells Fargo, Aldi, and many more, serving a dense population with an average household income of $107,566 within a 5-mile radius. The property offers potential tax advantages, including potential bonus depreciation (consult your tax advisor). This is a rare opportunity to acquire a high-performing, well-located car wash with a long-term lease and significant upside potential in a rapidly growing area of Memphis, Tennessee, a state with no income tax.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.1676

Longitude

-89.794

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