1665 Eldridge PkwyHouston, TX 77077

  • Retail properties
  • 4,935 SF
For Sale
$7,077,358 View listing

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
Retail properties
Property subtype
Other 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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,485,723
    6.5%
    $1,371,437
    7%
    $1,273,477
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,838,186
    Geo Method
    $3,723,274
  • Alternative Use

    Use
    Valuation
    Residential
    $1,156,858
    Hospitality
    $1,059,676
    Educational
    $881,638
    Medical
    $911,959
    Retail
    $1,371,437
1665 Eldridge Pkwy, Houston, Texas

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$35,748
$1,040,550
$700,516
$1,741,066
-
$1,040,550
$700,516
$1,741,066

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].