693 Willow AveCookeville, TN 38501

Property Details for 693 Willow Ave

Year built

2013

Lot size

0.92 AC

Property size (Sq ft)

5,038 SF

Zone code

CG

Property type

Commercial real estate

APN

071066A A 00903

APU

071066AA00903

Description

This exceptional investment opportunity presents a 4,038 square foot Zips Car Wash located at 693 S Willow Ave, Cookeville, TN 38501. The property sits on a 0.76-acre lot and boasts a prime location with high visibility along S Willow Ave, averaging 21,030 vehicles daily, and near I-40 with 58,071 vehicles daily. The property benefits from a strong retail environment, including nearby Hobby Lobby, TJ Maxx, Petco, Starbucks, and other national brands. The car wash is operating under a Triple Net (NNN) lease with a corporate guarantee, providing significant tenant credit strength. The lease commenced December 19, 2017, and expires June 30, 2038, offering a substantial remaining lease term of 13.6 years. The lease includes six 5-year options with 1.5% annual rent increases. The property's Net Operating Income (NOI) is $279,049, resulting in a 7.00% cap rate. The asking price is $3,986,415. Built in 2012, this car wash benefits from a strong demographic area with a 5-mile population of 53,780 and an average household income of $72,976. The property's proximity to Tennessee Tech University, with over 10,000 students, further enhances its appeal. Potential tax advantages exist through bonus depreciation (consult your tax advisor). This is a turnkey investment with a proven operator and a long-term lease, offering significant return potential.

• Alternative Use

  Use

  Valuation

  Residential

  $996,187

  Hospitality

  $912,502

  Educational

  $759,191

  Medical

  $785,301

  Retail

  $1,180,964

Location Insight

City

Cookeville

County

Putnam

State

Tennessee

Latitude

36.149

Longitude

-85.5195

CBSA code

18260

CBSA name

COOKEVILLE, TN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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