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International Car Wash Group

$ 2,975,000
Valdosta, Georgia
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under contract

Address: 415 Norman Drive, Valdosta, Georgia, United States 31601

Type: Net Leased Car Wash

Cap Rate: 6.00%

Lease Type: Triple-Net (NNN)

Annual Rent: $178,500

Net Operating Income: $178,500

Lease Term Remaining: 20 Years

Rental Increases: 1.50% Annually

Options: Four, Five -Year Tenant Renewal Options

Year Built: 2015

Rentable Sq/Ft: 2,840 SF

Rent Sq/Ft: $62.85

Price Sq/Ft: $1048

Lot Size: +/- 2.00

Marcus & Millichap is pleased to present the exclusive listing for 415 Norman Drive in Valdosta, Georgia. 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 $178,500 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 2,840 rentable square feet and is situated on 2.00 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. Major national tenants in the area include: Walmart, The Home Depot, Lowes, JCPenney, Belk, Bed Bath & Beyond, Target, Dollar Tree, Family dollar, Office Max, T.J. Maxx, Sam’s Club, Starbucks, McDonald’s, and many more. There are also several hotel accommodations within close proximity of the subject property such as: Fairfield Inn & Suites, Super 8, Hampton Inn, Courtyard by Marriott, Comfort Suites, and more. The subject property also benefits from being located within three miles of Valdosta State University, which has a total enrollment that exceeds 11,000 students. In addition, the subject investment property is located approximately five miles from South Georgia Medical Center, which has 418 licensed-beds.

The site is situated on Norman Drive, which intersects St. Augustine Road. St. Augustine Road has average daily traffic counts of 19,300 vehicles. Additionally, Interstate 75 is in close proximity to Norman Drive, which brings an additional 41,300 vehicles into the immediate are per day. There are approximately 65,000 individuals within a five-mile radius of this property and 100,000 individuals within a ten-mile radius.

Valdosta is a city in and the county seat of Lowndes County, located on the southern border of Georgia. The city is located along Interstate 75, a major north-south artery, approximately halfway between Atlanta and Tampa. Valdosta is the home of Valdosta State University, a regional university that has a total enrollment that exceeds 11,000 students. The Dedo Maranville Fine Arts gallery is a part of Valdosta State University and exhibits student and national artists. The local public Valdosta High School has the football program with the most wins of any high school in the United States. Additionally, Valdosta is called the Azalea City, as the plant grows in profusion there. The city hosts an annual Azalea Festival in March. Valdosta is the retail center for nine counties in south Georgia and north Florida, with $1.5 billion in sales in 2003. The surrounding area produces tobacco, naval stores, particularly turpentine, as well as pine lumber, and pulpwood. . A main attraction in the area is the Wild Adventures Theme Park, which offers a variety of rollercoasters, several dining options, exotic animals, and much more. The Valdosta mall is an enclosed shopping mall located within the city limits and is compromised of more than 70 stores and restaurants in 560,000 square feet of gross leasable area. The stores that anchor this mall are Belk and JCPenney.

 

Broker of Record: John Leonard License #252904

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Glen Kunofsky

President, Founder
(212) 430-5115

Edward Otocka

Senior Managing Director, Investments
(212) 430-5235