Address: 62 Moore Drive, Southaven, Mississippi, United States 38671
Type: Net Leased Car Wash
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $222,578
Net Operating Income: $222,578
Rentable Sq/Ft: 1,930 SF
Rent Sq/Ft: $115.33
Price Sq/Ft: $1922
Lot Size: +/- 0.93 Acres
Marcus & Millichap is pleased to present the exclusive listing for the car wash located at 62 Moore Drive in Southaven, 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 is$222,578 and is subject to 1.75 percent 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.
This car wash property is located at 62 Moore Drive in Southaven, Mississippi. Southaven is a suburb of Memphis, Tennessee, and a principal city in the Memphis metropolitan area.
The subject property is ideally located in the heart of a major retail corridor. National retailers in the vicinity include such brands as: Walmart, Sam’s Club, Home Depot, Lowes, Marshalls, JC Penney, Dillard’s, Bed Bath and Beyond, Target, Best Buy, Office Depot, CVS, Malco Theatres, and many more. Accommodations in the area include Hampton, Hilton, Residence Inn, EconoLodge, Holiday Inn, Comfort Suites, La Quinta Inn & Suites, among others. A number of other major traffic drivers support these businesses, most notably the 339-bed Baptist Memorial Hospital -Desoto. In March of 2017, Baptist Memorial Healthcare began a $19 million expansion, slated to add 20,000 square feet and improve 9,000 square feet of the existing space. The subject property is also just four miles away from the 7,894-student Northwest Mississippi Community College. Additionally, the property is just seven miles away from the Memphis International Airport. Home to the FedEx Express global hub, Memphis International is the second busiest cargo airport in the world, trailing only Hong Kong International. The facility saw over four million passenger enplanements in 2017.
The International Car Wash property has approximately 50,563 individuals residing within a three-mile radius and 115,650 individuals residing within a five-mile radius. The property is located near the intersection between Airways Boulevard and Goodman Road West, which experience average daily traffic counts of 24,000 and 40,000 vehicles per day respectively. Nearby Interstate 55 draws an additional 61,000 vehicles to the immediate area each day.
Southaven, Mississippi’s third largest city, benefits from Nearby Memphis, which is the second largest city in Tennessee and is home to the headquarters of three Fortune 500 companies. Southaven itself benefits greatly from nearby industry and tourism. The Landers Center is an 8,400-seat multi-purpose arena in Southaven, Mississippi. It used as the home rink of the SPHL Mississippi RiverKings and the home court for the NBA G-League’s Memphis Hustle. It also serves as a concert venue, boxing arena, and location for various ice shows and circuses. Since 2009, the Mid-South Fair has been held at the Landers Center. The center houses a 17,000 square foot convention center, which can be broken down into 10 separate meeting rooms. The Tanger Outlets Southaven, completed in 2015, boasts 70 outlet stores and outparcels of restaurants.
MS BROKER OF RECORD: William M. Davis Lic.# B-15586