1665 Eldridge PkwyHouston, TX 77077

Property Details for 1665 Eldridge Pkwy

Year built

2007

Construction

STEEL & CONCRETE

Lot size

0.96 AC

Property size (Sq ft)

4,935 SF

Property type

Car washes

APN

1213570010002

APU

1213570010002

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving BlueWave Express Car Wash in Houston, TX. Located at 1665 Eldridge Pkwy, this 5,187 square foot facility sits on a 0.95-acre lot and boasts a 25-year absolute NNN lease with 12.4 years remaining, commencing April 1, 2022, and expiring March 31, 2037. The lease includes six 5-year renewal options and features a 10% rent increase every five years, providing a hedge against inflation. The property, built in 2007, currently enjoys 100% occupancy and generates a strong NOI of $375,100, representing a 5.30% cap rate and a price per square foot of $1,364.44. The asking price is $7,077,358. The tenant, a strong franchisee, operates an express car wash with 16 covered vacuum stations, utilizing eco-friendly practices and a state-of-the-art water reclamation system. The property benefits from its prime location in a high-traffic, affluent area of Houston within the Harris County, 77077 zip code. The fee-simple ownership structure allows for the utilization of bonus depreciation, offering significant tax advantages. This is a turnkey investment with minimal landlord responsibilities, providing a stable and predictable income stream for years to come. The Houston MSA's robust population and economic growth further enhance the long-term value of this asset.

• CAP approach

  CAP return

  Valuation

  6%

  $1,195,680

  6.5%

  $1,103,710

  7%

  $1,024,870

• Comparable approach

  Method

  Valuation

  Relative Method

  $758,616

  Geo Method

  $1,536,590

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,195,970

  Mixed-Use / Specialty

  $1,082,140

  Hospitality / Lodging

  $770,973

  Office

  $1,057,340

  Institutional / Educational

  $1,118,690

  Residential Income

  $1,308,860

  Multifamily

  $1,667,540

  Automotive / Energy

  $958,874

  Parking / Income-Based Land

  $348,317

  Restaurant / Food Service

  $525,195

  Healthcare / Senior Housing

  $1,127,800

Location Insight

City

Houston

County

Harris

State

Texas

Latitude

29.7526

Longitude

-95.6248

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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