Midland, TX - Mighty Wash 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, newly constructed, corporate guaranteed, Mighty Wash investment property located in Midland, TX. The tenant recently signed a brand new 20-year lease with 3 (5-year) options to extend. The lease features 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 no landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor in a state with no state income tax. Mighty Wash is a Texas-based car wash chain founded in Lubbock, Texas, in 2012. Today, Mighty Wash operates 28 locations and counting throughout southeastern New Mexico and west Texas, continuing its commitment to providing high-quality car wash and detailing services.

Mighty Wash Car Wash is strategically located along Midland Drive, a major retail and commuter thoroughfare, with an average of 29,100 vehicles passing by daily. The property benefits from convenient on/off-ramp access to State Highway 250 (69,700 VPD). It enjoys excellent visibility and access via multiple points of ingress/egress, significant street frontage, and a large monument sign. Situated in a dense retail corridor, nearby national/credit tenants include Walmart Supercenter, Target, The Home Depot, Staples, PetSmart, Kohl’s, H.E.B, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by more than 129,000 residents and 63,000 daytime employees, with average household incomes of $127,345