Monroe, MI - Mister Car Wash

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, newly built, corporate signed, Mister Car Wash investment property located in Monroe, MI (Detroit MSA). The tenant, CWP West, LLC (DBA Mister Car Wash), recently signed a brand new 15-year lease with 5 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features 10% rental increases throughout the initial term and options, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment for a passive investor. The building, which is scheduled to open in the second half of 2023, will feature a state-of-the-art design using the highest-grade materials available.

Mister Car Wash is strategically located along Telegraph Road with clear visibility and access to an average of 24,300 vehicles passing by daily. Telegraph Road / U.S. Highway 24 is a major commuter route that directly connects the Detroit MSA, providing easy commutes for both employees and customers. The asset is within direct proximity to Monroe Center (312K+ SF), Telegraph Plaza (141K+ SF), The Mall of Monroe (550K+ SF), and other major shopping centers. The nearby national/credit tenants consist of Lowe’s Home Improvement, Kohl’s, ALDI, Walmart Supercenter, Staples, and many others. The nearby national and regional tenant presence drives
a steady stream of loyal, local consumers and promotes crossover store exposure for the site. Furthermore, the asset is near numerous single-family communities and multi-family complexes including Park West club (160 units), Hidden Trail (162 units), Hampton Apartments & Townhomes (307 units), and others, providing a direct residential consumer base for the site. The 5-mile trade area is supported by over 56,300 residents and 25,400 daytime employees, with an average household income of $77,918.