Address: 6040 Mt Moriah Rd, Memphis, Tennessee, United States 38115
Type: Net Leased Car Wash
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $62,761
Net Operating Income: $62,761
Lease Term Remaining: 20 Years
Rental Increases: 1.50% Annually
Options: Four, Five -Year Tenant Renewal Options
Year Built: 2014
Rentable Sq/Ft: 7,476 SF
Rent Sq/Ft: $8.39
Price Sq/Ft: $153
Lot Size: +/- 2.17
Marcus & Millichap is pleased to present the exclusive listing for 6040 Mount Moriah Road in Memphis, Tennessee. The tenant will enter into a brand new, 20-year triple-net (NNN) lease upon close of escrow with absolutely no landlord responsibilities. The base annual rent will be $62,761 and will be subject to 1.50% annual rental escalations throughout the base term as well as the four, five-year tenant renewal option periods. The lease will have a corporate guarantee. International Car Wash Group operates more than 900 locations throughout the United States and Internationally. The property is 7,476 rentable square feet and is situated on 2.17 acres.
The subject Car Wash benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, hospitality accommodations, and academic institutions. Major national tenants in the area include Walmart, Walgreens, Dollar Tree, Kroger, The Home Depot, CVS Pharmacy, Big Lots, Ross Dress For Less, McDonald’s, Burger King, Starbucks, Chick-fil-A, Wendy’s, Subway, Denny’s, IHOP, Taco Bell, Pizza Hut, and many more. The property is also within immediate proximity of several hospitality accommodations. These include Extended Stay America, Courtyard by Marriott, Homewood Suites by Hilton, Hampton Inn, and many more. The subject property also benefits from its close proximity to several academic institutions, the most notable being the University of Memphis. The public university is approximately 10-miles from the subject property and is home to over 20,500 students. Methodist Le Bonheur Healthcare is also located less than three-miles from the subject property, which is a 422-bed general and surgical hospital. The subject property is approximately 10-miles from Memphis International Airport, which is the 2nd busiest cargo airport in the world with an annual passenger count of 4,419,541 in 2018.
The site is situated on Mount Moriah Road, which has an average daily traffic count of 22,115 vehicles. Mount Moriah Road runs parallel to Bill Morris Parkway and intersects Hickory Hill Road, which each bring an additional 150,315 and 34,540 vehicles into the immediate area per day, respectively. There are approximately 212,924 individuals within a five-mile radius of this property and 663,673 individuals within a ten-mile radius.
Memphis is a city located in Shelby County, Tennessee. Memphis is the largest city ion the Mississippi River, the second most populous city in Tennessee, and the 25th largest city In the United States. Greater Memphis is the 42nd largest metropolitan area in the United States. Memphis is the anchor of West Tennessee and the greater Mid-South region. The city’s central geographic location has been strategic to its business development. Located on the Mississippi River and intersected by five major freight railroads and two Interstate Highways, Memphis is ideally located for commerce in the transportation and shipping industry. Memphis is also the home of founders and pioneers of various American music genres, including Memphis soul, blues, gospel, rock n’ roll, rap, and country music. Beale Street is a national historical landmark and shows the impact Memphis has had on American blues. This is a site that many visitors and natives come to Memphis to explore, as there are many restaurants, shops, museums and other landmarks located along the legendary street.
Broker of Record: Jody McKibben License #307629