5985 Babcock St NE - El Car Wash | Palm Bay (Melbourne MSA), FL 5,420 SF Specialty Building Offered at $10,491,872 CAD at a 5.65% Cap Rate in Palm Bay, FL 32907

Colliers is proud to present El Car Wash in Palm Bay, Florida, a newly constructed express car wash strategically located at the Interstate 95 and Malabar Road interchange, one of the most heavily trafficked retail nodes on Florida’s Space Coast. The property benefits from more than 145,000 vehicles per day and serves a rapidly growing market fueled by strong population growth, rising household incomes, and employment from major aerospace and defense employers, including SpaceX, L3Harris, Northrop Grumman, Blue Origin, Lockheed Martin, and the U.S. Space Force.
Completed in 2022, the property features a 5,420-square-foot facility on 1.70 acres and is leased to El Car Wash on an absolute triple net lease with more than 17 years of term remaining through December 2043, plus six five-year renewal options. The lease includes 2% annual rent increases with no flat periods, a corporate guaranty, and no landlord responsibilities for maintenance, repairs, or capital expenditures, creating a long-term, inflation-protected income stream enhanced by bonus depreciation eligibility.