8833 Staples Mill RdRichmond, VA 23228

Property Details for 8833 Staples Mill Rd

Year built

2008

Lot size

0.91 AC

Property size (Sq ft)

3,336 SF

Zone code

B-1

Property type

Car washes

APN

770-756-1815

APU

7707561815

Description

This exceptional investment opportunity presents a fee-simple 3,336 square foot car wash in Richmond, Virginia, operating under an absolute NNN lease with Flagstop Car Wash. The property boasts a strong 18.4 years remaining on the original 20-year lease, featuring 2% annual rent escalations throughout the base term and further secured by four and five-year extension options. The current annual net operating income (NOI) stands at $275,000, yielding a compelling 6.90% cap rate on the $3,985,507 asking price, translating to a price per square foot of $1,194.70. The property sits on a 0.91-acre lot and was built in 2007. The tenant is backed by a corporate guarantee, providing significant security for investors. Benefiting from its location in a robust retail corridor with approximately 36,000 vehicles per day, the car wash shares access with a high-performing Wawa, ranking in the 80th percentile nationwide. The affluent surrounding demographics and high average household income of $121,412 within a 5-mile radius further enhance the property's appeal. This asset is ideally positioned to benefit from the rapid growth of the car wash industry, with 72% of drivers utilizing professional car washing services. Furthermore, fee-simple car wash properties are eligible for accelerated depreciation and 60% bonus depreciation in 2024 (consult a tax professional for details). This is a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,034,516

  6.5%

  $954,938

  7%

  $886,728

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,404,006

  Geo Method

  $1,404,006

• Alternative Use

  Use

  Valuation

  Residential

  $805,526

  Hospitality

  $737,857

  Educational

  $613,889

  Medical

  $635,001

  Retail

  $954,938

Location Insight

City

Henrico

County

Henrico

State

Virginia

Latitude

37.6346

Longitude

-77.508

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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