7773 Dixie HwyLouisville, KY 40258

Property Details for 7773 Dixie Hwy

Year built

2008

Lot size

1.02 AC

Property size (Sq ft)

3,190 SF

Zone code

C1-COMMERCIAL

Property type

Retail properties

Property subtype

Retail space

APN

24104100100000

APU

24104100100000

Description

This exceptional investment opportunity presents a fee-simple, 3,222 square foot Zips Car Wash located at 7773 Dixie Hwy, Louisville, KY 40258, Jefferson County. The property sits on a 0.86-acre lot and boasts a strong 7.65% cap rate, generating a net operating income (NOI) of $205,530. The property features a 20-year absolute triple-net (NNN) lease with a corporate guarantee, commencing December 28, 2018, and expiring December 31, 2038. Approximately 14.1 years remain on the initial lease term. The lease includes six, five-year tenant renewal options, potentially extending the lease to 50 years. Annual rent increases of 1.00% are built into the lease structure. Built in 2008, this property is eligible for 15-year accelerated depreciation and bonus depreciation. The asking price is $2,686,667, translating to a price per square foot of $833.85. The tenant, Zips Car Wash, a nationally recognized brand, recently received a significant $70 million investment from Atlantic Street Capital, further solidifying its financial strength and long-term viability. This presents a compelling investment opportunity with substantial upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $707,192

  6.5%

  $652,792

  7%

  $606,164

• Comparable approach

  Method

  Valuation

  Relative Method

  $691,980

  Geo Method

  $691,980

• Alternative Use

  Use

  Valuation

  Residential

  $550,655

  Hospitality

  $504,397

  Educational

  $419,652

  Medical

  $434,085

  Retail

  $652,792

Location Insight

City

Louisville

County

Jefferson

State

Kentucky

Latitude

38.1386

Longitude

-85.8418

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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