4234 Hacks Cross RdMemphis, TN 38125

Property Details for 4234 Hacks Cross Rd

Year built

2006

Lot size

1.04 AC

Property size (Sq ft)

5,110 SF

Zone code

CA

Property type

Car washes

APN

D02-42 - - -00435

APU

D024200435

Description

This exceptional investment opportunity presents a 4,751 square foot Zips Car Wash located at 4234 Hacks Cross Rd, Memphis, TN 38125. The property sits on a 1.04-acre lot and boasts a strong triple-net (NNN) lease with a corporate guarantee from a leading operator with over 280 locations nationwide. The lease commenced December 19, 2017, and has a remaining term of 13.6 years, expiring June 30, 2038. The lease includes six 5-year renewal options with 1.5% annual rent increases. The current annual net operating income (NOI) is $251,906, representing a 7.00% cap rate on the asking price of $3,598,660. The property benefits from its prime location on Hacks Cross Road, a major thoroughfare with over 37,000 vehicles per day, and its proximity to Hwy 385, which sees over 84,000 vehicles daily. The surrounding area features strong demographics, with a population of 164,365 within a 5-mile radius and an average household income of $115,191. Nearby schools include Southwind High School, Southwind Elementary School, Power Center Academy, and Lowrance K-8 School. The property was built in 2006 and offers potential tax advantages, including bonus depreciation (consult your tax advisor). This is a turnkey investment with a proven business model and significant upside potential. The property is situated near numerous national retailers, including Costco, Lowe's, Walmart, Sam's Club, Kroger, TopGolf, and more.

• CAP approach

  CAP return

  Valuation

  6%

  $1,082,317

  6.5%

  $999,062

  7%

  $927,700

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,003,906

  Geo Method

  $1,003,906

• Alternative Use

  Use

  Valuation

  Residential

  $842,746

  Hospitality

  $771,951

  Educational

  $642,254

  Medical

  $664,342

  Retail

  $999,062

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.033

Longitude

-89.7951

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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