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Mighty Wash Car Wash 2800 N Midland Dr 4,432 SF Retail Building Midland, TX 79707 $8,466,255 CAD ($1,910.26 CAD/SF) 6.85% Cap Rate
INVESTMENT HIGHLIGHTS
- New construction, 20-year absolute NNN lease | With 10% rent increases every 5 years
- Fee simple - depreciation benefits (bonus depreciation)
- Situated in a dense retail corridor, nearby national/credit tenants include: Walmart Supercenter, Target, The Home Depot, Staples, PetSmart, Kohl’s, H
- Corporate guaranteed by Mighty Wash, a growing ~30-unit operator with a dominant presence in West Texas
- Located on Midland Dr with strong traffic of 29,100 VPD
- More than 129,000 residents and 63,000 employees support the trade area | Average household income of $127,345
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, newly constructed, corporate guaranteed, Mighty Wash investment property located in Midland, TX. The tenant recently signed a brand new 20-year lease with 3 (5-year) options to extend. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with no landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor in a state with no state income tax. Mighty Wash is a Texas-based car wash chain founded in Lubbock, Texas, in 2012. Today, Mighty Wash operates 28 locations and counting throughout southeastern New Mexico and west Texas, continuing its commitment to providing high-quality car wash and detailing services.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
4,432 SF
Building Class
B
Year Built
2025
Price
$8,466,255 CAD
Price Per SF
$1,910.26 CAD
Cap Rate
6.85%
NOI
$579,962 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.05
Lot Size
1.92 AC
Zoning
RR - Regional Retail District
Parking
36 Spaces (8.12 Spaces per 1,000 SF Leased)
Frontage
340’ on West Dengar Avenue
AMENITIES
- Signage
Walk Score®
Very Walkable (74)
NEARBY MAJOR RETAILERS
1 of 10
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Mighty Wash Car Wash | 2800 N Midland Dr
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