Palm Bay Specialty for Sale - Brevard County
Colliers is proud to present El Car Wash Palm Bay, an absolute NNN single tenant car wash investment for sale in Palm Bay, Florida. This newly constructed express car wash property is located at the Interstate 95 and Malabar Road interchange, Exit 173, one of the most heavily trafficked retail nodes on Florida's Space Coast in Brevard County. The site benefits from more than 145,000 vehicles per day, making this one of the highest traffic net lease car wash locations available in Florida.
Malabar Road is the primary east to west arterial connecting Interstate 95 to the residential core of Palm Bay and the coastal communities of Melbourne and Malabar. The surrounding retail corridor is anchored by Walmart Supercenter, The Home Depot, Lowe's, and a Publix anchored shopping center, along with Palm Bay Hospital and a dense mix of national restaurants, banks, and service retailers. This is an established, daily needs retail trade area with proven consumer traffic, not a speculative growth corridor.
Palm Bay is the largest city in Brevard County and one of the fastest growing cities in Florida. Population growth is driven by in migration, new residential construction, and a deep aerospace and defense employment base that includes SpaceX, L3Harris, Northrop Grumman, Blue Origin, Lockheed Martin, and the United States Space Force. The Melbourne and Palm Bay metro area continues to attract engineering, manufacturing, and technology jobs tied to the commercial space industry, producing rising household incomes and a growing base of vehicle owning households that support long term subscription membership growth for express car wash operators.
Completed in 2022, the property consists of a 5,420 square foot express car wash tunnel on 1.70 acres with modern equipment and the site layout and stacking capacity to process high volume during peak periods. The improvements are new construction with no deferred maintenance and no near term capital expenditure exposure for the buyer.
The property is 100% leased to El Car Wash on an absolute triple net lease, commonly referred to as an absolute NNN lease, with more than 17 years of primary term remaining through December 2043 plus six five year renewal options. The lease features 2% annual rent increases with no flat periods, a corporate guaranty, and zero landlord responsibilities. The landlord has no obligation for roof, structure, parking, maintenance, repairs, taxes, insurance, or capital expenditures. This is a true passive net lease investment ideal for 1031 exchange buyers, out of state investors, family offices, and private investors seeking management free income with built in annual growth.
El Car Wash is one of the fastest growing express car wash brands in the Southeast and the leading subscription car wash operator in South Florida. The company's membership driven model generates recurring, predictable store level revenue and reduces exposure to weather and seasonality. The Palm Bay location extends the brand's footprint north along the Interstate 95 corridor into one of the strongest growth markets on Florida's east coast.
This car wash net lease investment also offers a significant tax advantage. Car wash real estate qualifies for accelerated depreciation, and with 100% bonus depreciation restored under current federal tax law, a substantial portion of the purchase price may be eligible for immediate write off in the year of acquisition. For high income investors and those with capital gains to shelter, the after tax return on a NNN car wash can materially exceed what the cap rate alone suggests. Buyers should consult their tax advisor, but bonus depreciation has become one of the primary reasons sophisticated investors are allocating capital to the car wash sector.
Investment highlights include new construction completed in 2022, an absolute NNN lease with more than 17 years of term, 2% annual rent increases, a corporate guaranty, six five year renewal options, an Interstate 95 interchange location with more than 145,000 vehicles per day, a Walmart, Home Depot, Lowe's, and Publix anchored trade area, a high growth Brevard County market, and bonus depreciation eligibility.
For investors searching for a Florida NNN property for sale, a single tenant net lease investment, a car wash for sale in Florida, a 1031 exchange replacement property, or a bonus depreciation investment, El Car Wash Palm Bay represents one of the most complete net lease car wash opportunities currently available on the market.
