NNN Pro Group is pleased to present the exclusive listing for an ICWG located at 2750 S. Perkins Road in Memphis, Tennessee. Built in 2007, the site consists of roughly 3,367 rentable square feet of building space on estimated 1.34-acre parcel of land. This ICWG is subject to a 16-year absolute triple-net (NNN) lease with zero landlord responsibilities. The current annual rent is $68,948 and is scheduled to increase by 1.50% annually.
About the Investment:
✓ Long Term Lease With Zero Landlord Responsibilities: Triple-Net (NNN) Lease With Approximately 16 Years Remaining On Initial Term
✓ Accelerated & Bonus Depreciation: This Property Qualifies for Both 80% Bonus Depreciation & 15 Year Accelerated Depreciation
✓ Attractive Annual Increases: Annual Rental Increases of 1.50%
✓ Corporate Guarantee: The Lease is Subject to a Corporate Guarantee by International Car Wash Group Ltd. (UK) “ICWG” and the More Than 1,100 Locations Across Europe, Australia and the U.S.
About the Investment:
✓ 20-Year Triple-Net (NNN) Lease with +/- 15.1 Years Remaining | No Landlord Responsibilities
✓ Income Tax Free Jurisdiction | TN is an Income Tax Free State
✓ High Performing Location | Inquire With Listing Agent
✓ Robust Affluent Demographic Profile | More Than 209,000 Residents Within a Five-Mile Radius | Household Income of Roughly $85,100 within a Three-Mile Radius
✓ Corporate Guaranty | Driven Brands Inc (4,600+ Locations)
✓ Potential Tax Benefits | Qualifies for 80% Bonus Depreciation & 15 Year Straight Line Method (please consult your CPA)
✓ Attractive Rental Increases | 1.75% Annual Rental Increases Through Initial Term and the Four (4), Five (5)-year Tenant Renewal Options
The NNN Pro Group is pleased to present the exclusive listing for the Zips Car Wash located at 3294 Poplar Avenue, Memphis, TN 38111. The site will consist of roughly 3,041 rentable square feet of building space on estimated 0.88-acre parcel of land. The Zips Car Wash is subject to an absolute triple-net (NNN) lease that commenced on 9/01/2022. The initial annual rent is $280,915 and is scheduled to increase by 2.00% annually throughout the base term and continuing through 4, 5-Year Options.
✓ Long-Term, 20-Year Absolute Triple Net (NNN) Lease
✓ Approximately 18 Years Remaining
✓ 2.00% Rental Increases Occurring Annually
✓ Four (4), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 40 Years
✓ This Property Qualifies for 15-Year Accelerated Depreciation as well as Bonus Depreciation
