Surfside Beach, SC - Whistle Express Car Wash

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Whistle Express Car Wash investment property located in Surfside Beach (Myrtle Beach), South Carolina. The tenant, Express Wash Operations, LLC has 18.5 years remaining on their initial lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Whistle Express recently acquired Take 5 Car Wash, making it the largest express car wash company in the United States with 530+ locations across 23 states.

The subject property is located near the signalized, hard corner intersection of Coventry Rd and U.S. Hwy 17 with a combined 44,100 VPD. The site is located directly across the street from South Strand Commons, a 400,000 SF power center that is anchored by Lowe’s, Kohl’s, Petsmart, Office Depot, Ross, and more. Other nearby national/credit tenants include Walmart Supercenter, Aldi, Target, Marshalls, Ulta, Petco, Chick-fil-A, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 102,000 residents and 30,000 employees, providing a direct consumer base from which to draw. Residents within a 1-mile radius of the subject property boast an affluent average household income of $110,788.