201 Towne Centre BlvdPineville, NC 28134

Property Details for 201 Towne Centre Blvd

Year built

1990

Lot size

1.12 AC

Property size (Sq ft)

6,256 SF

Zone code

B-4

Property type

Retail properties

Property subtype

Other car washes

APN

22113113

APU

22113113

Description

This exceptional investment opportunity presents a fee-simple ZIPS Car Wash located at 201 Towne Centre Blvd, Pineville, NC 28134, within Mecklenburg County. The property boasts 8,496 square feet on a 1.14-acre lot and enjoys a prime location in a robust retail corridor near Carolina Place Mall. Currently operating under a 19-year Absolute NNN lease with a corporate guarantee from ZIPS Car Wash, the lease commenced June 1, 2020, and has 14.5 years remaining until May 31, 2039. The lease includes attractive 1.50% annual rent escalations throughout the base term, and 7.5% increases in the six, five-year extension options. The property generates a strong NOI of $204,953, resulting in a compelling 7.75% cap rate. The 100% occupancy rate and the long-term lease provide exceptional stability and predictable cash flow. This asset is ideally suited for investors seeking a secure, high-yield investment with significant upside potential. The Pineville location benefits from a strong demographic profile, including a 1.19% population growth since 2020, and is situated in an area identified as one of the eight best places to live in the United States. Furthermore, the property's classification as a fee-simple car wash qualifies it for accelerated depreciation and 60% bonus depreciation in 2024 (consult a tax professional for details). This is a rare opportunity to acquire a well-positioned, high-performing car wash in a thriving market. The asking price is $2,644,554.

• CAP approach

  CAP return

  Valuation

  6%

  $3,234,519

  6.5%

  $2,985,710

  7%

  $2,772,445

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,669,666

  Geo Method

  $2,669,666

• Alternative Use

  Use

  Valuation

  Residential

  $2,518,558

  Hospitality

  $2,306,986

  Educational

  $1,919,385

  Medical

  $1,985,396

  Retail

  $2,985,710

Location Insight

City

Pineville

County

Mecklenburg

State

North Carolina

Latitude

35.0845

Longitude

-80.8838

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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