Austin, TX - Watershed Car Wash

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a newly constructed, absolute NNN ground leased, drive-through Watershed Car Wash investment property located in Austin, TX, an income tax-free state. The tenant, WCW Four Points, LLC d.b.a Watershed Car Wash, recently signed a brand new, long-term 20 year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features attractive 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, 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. The site is expected to be open by Summer 2020. Tenant to install leasehold improvements and car wash equipment at their cost, well in excess of $1.5M. Contact agent for details.

Watershed Car Wash is located directly fronting North Farm to Market Road 620 (28,000 VPD), a primary north/south thoroughfare serving the affluent suburbs around Lake Travis. The asset is part of a new 27-acre, mixed-use development known as The Center at Four Points, featuring a Staybridge Suites hotel, 125,000 SF of office space, and multiple multi-tenant retail buildings and pad sites. The subject property benefits from increased exposure as a result of its location to other confirmed retail tenants such as Discount Tire, Chipotle, Little Sunshine’s Playhouse & Preschool, Panda Express, Verizon, IHOP, Roosters Men’s Grooming, Chick-fil-A, Bliss Nails, & more to come. Watershed Car Wash is also directly across the street from Tintara at Canyon Creek (551 Units) apartment complex and within close proximity to other such as Nolina Flats (288 Units), Abelia Flats (444 Units), Bell Four Points (344 Units), and Alicante Townhomes (154 Units), providing a strong direct residential consumer base from which to draw from. Nearby national/credit tenants include a high-volume H-E-B, Target, The Home Depot, Anytime Fitness, Walgreens, 7-Eleven, CVS, and more, further increasing consumer traffic to the area. The Concordia University Texas is located just 1.5 miles north of the car wash with over 2,500 current students enrolled, further bolstering the consumer base for the property. The 5-mile trade area is supported by a population of over 109,000 residents with an affluent average household income exceeding $142,500.