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International Car Wash Group

Lake City, Florida

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Marcus & Millichap is pleased to present the exclusive listing for 345 West Duval Street in Lake City, FL. The tenant entered a brand new, 20-year triple-net (NNN) lease with no landlord responsibilities on December 28th, 2018. There are 1.75% annual rental escalations throughout the base term as well as the four, five-year tenant renewal option periods. The lease has a corporate guarantee by International Car Wash Group (“ICWG”). ICWG operates more than 950 locations throughout the United States and Internationally.

About the Investment:

✓ Tax Free State: Florida ICWG Location
✓ Qualifies For Bonus Depreciation: The Property Qualifies for 100% Bonus Depreciation In Year One of Ownership
✓ Long Term Lease With Zero Landlord Responsibilities & Annual Increases: True Triple Net (NNN) Lease With Approximately Eighteen Years Remaining In Initial Term With 1.75% Annual Rental Increases and Four, Five-Year Extension Options
✓ Corporate Guarantee: The Lease is Subject to a Corporate Guarantee by International Car Wash Group “ICWG” With More Than 950 Locations Across Europe, Australia and the U.S.
✓ Strong Store Sales: Please Inquire With Listing Agent For More Information

About the Location:

✓ Strong Traffic Counts | West Duval Street & Main Boulevard | 43,500 & 22,000 Vehicles Per Day, Respectively
✓ Dense Retail Corridor | The Home Depot, Dick’s Sporting Goods, Aldi, Publix, Big Lots, CVS Pharmacy, Walgreens, Hobby Lobby, PetSmart, Winn-Dixie, McDonald’s, Taco Bell, Wendy’s, Toyota and Many More
✓ Immediate Access to Healthcare | One Mile From Lake City VA Medical Center |
283- Bed State-of-the-Art Facility

About the Tenant/Brand:

✓ The World’s Largest Car Wash Company: ICWG was Founded In 1965 and is Now the World’s Largest Car Wash Operator, Washing More Than 35 Million Cars Every Year.
✓ In August 2015, ICWG entered the U.S. market and now operates more than 135 locations, making it the country’s second largest operator.
✓ Favorable Industry Trends: In the U.S., the Percentage of Drivers that Wash their Vehicle at a Professional Car Wash has Increased from 47% in 1994 to 72% in 2014

Key Details

Price:
$5,342,490
Cap Rate:
5.50%
Annual Rent:
$293,837
Address:
345 West Duval St, Lake City, Florida 32055
Property Type:
Net-Leased Car Wash
Lease Type:
Triple-Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
December 28th, 2018
Lease Expiration:
December 31st, 2038
Rental Increases:
1.75% Annually
Lot Size:
+/- 1.26 Acres
Building Size:
6,566 SF
Tenant:
International Car Wash Group

Broker of record

Ryan Nee

License: BK3154667


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