Las Vegas, NV - Ultra Clean Car Wash

Description:

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Ultra Clean Car Wash investment property located in Las Vegas, Nevada. The tenant, Ultra Clean Leasing, LLC has over 18 years remaining on their initial term with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years 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.

The Car Wash is located near the signalized, hard corner intersection of W Cheyenne Ave and State Highway 599 with a combined (102,300 VPD). State Highway 599, is a major retail thoroughfare serving the city of Las Vegas. The property is located just east of Cheyenne Commons, a 446,000 square foot shopping center with national/credit tenants including Walmart Supercenter, Floor & Decor, and Goodwill. Additionally, the asset is situated northeast of Best in the West Shopping Center, a 468,000 square foot Marshalls, Ross Dress for Less, and T.J. Maxx anchored center. Furthermore, the site is positioned a few miles southwest from North Mesa Plaza, a 425,000 square foot center anchored by Walmart Supercenter, Big Lots, Harbor Freight Tools, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Lowe’s Home Improvement, Target, Albertson’s, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 455,800 with an average household income of $92,341.