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International Car Wash Group

$ 4,421,800
Madison, Mississippi
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Newly Listed

Address: 251 New Mannsdale Road, Madison, Mississippi, United States 39110

Type: Net Leased Car Wash

Cap Rate: 5.50%

Lease Type: Triple-Net (NNN)

Annual Rent: $243,199

Net Operating Income: $243,199

Lease Term Remaining: 20 Years

Rental Increases: 1.75% Annually

Options: Four (4), Five (5) Year Options

Rentable Sq/Ft: 2,758 SF

Rent Sq/Ft: $88.18

Price Sq/Ft: $1603

Lot Size: +/- 1.66 Acres

Marcus & Millichap is pleased to present the exclusive listing for 251 New Mannsdale Road, Madison, MS. There are currently 19+ years remaining on a true triple net lease (NNN) with four, five-year tenant renewal options and absolutely zero landlord responsibilities. The base annual rent increases to$243,199 on July 19th, 2020 and is subject to 1.75% annual rental escalations throughout the entire lease term. The lease is subject to a corporate guarantee from International Car Wash Group (“ICWG”). ICWG operates more than 900 locations throughout the United States and Internationally.

The subject Car Wash benefits from being well-positioned adjacent to Colony Crossing Shopping Center and Madison Central Highschool. The subject property is situated in a highly dense retail corridor consisting of national and local tenants, shopping centers, hospitality accommodations, and large academic institutions. Major national tenants in the area include Walmart Supercenter, Kroger, Lowe’s, Walgreens, Best Buy, HomeGoods, The Home Depot, Sam’s Club as well as many more.

The subject property benefits from being within a two-mile radius of several five academic institutions, most notable of these being Jackson State University, with a combined total enrollment exceeding 14,000 Students. There are also numerous hospitality accommodations within a one-mile radius, these include Courtyard by Marriot and Hilton Garden Inn. The subject Car Wash benefits from a prominent surrounding medical presence. St. Dominic’s, a 535-bed state-of-the-art medical facility, is located within a one-mile radius as well as six other medical tenants.
The site is situated on New Mannsdale Road which has an average daily traffic count
of 37,000 vehicles. New Mannsdale Road intersects with Interstate-55, which brings
an additional 65,000 vehicles into the immediate area per day, as well as connecting the City of Jackson to Memphis, Tennessee. There are approximately 58,000 individuals within a five-mile radius of this property and 169,000 individuals within a ten-mile radius. The subject Car Wash benefits from being located in an affluent community. The average household income within a three-mile radius exceeds $103,000.

Madison is a city in Madison County, Mississippi. The city was named after James Madison, the fourth President of the United States. Today, Madison is a great place
to live with a lower than average crime rate, highly rated schools and stringent building codes which sustain the downtown’s authenticity. There are numerous food, entertainment, exercise and recreational opportunities as well as immediate access to good doctors and a range of medical facilities. Madison benefits from being only 15-miles north of Jackson, Mississippi, on Interstate-55 and therefore included in Jackson Metropolitan Area. The City of Jackson is the capital and most populous city of the state of Mississippi. The city is situated on the Pearl River and has the state’s second largest metropolitan area, approximately home to one fifth of the state’s population.

 

MS BROKER OF RECORD: Mickey Davis  Lic.# B-15586

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Glen Kunofsky

President, Founder
(212) 430-5115

Richard Nardi

Senior Managing Director, Investments
(212) 430-5202