Killeen, 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 Killeen, 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 E. Stan Schlueter Loop/ FM 3470, a principal regional arterial with 19,400 VPD, providing direct connectivity to SH-201/Clear Creek,
(22,600), SH-195 (11,200 VPD), and I-14/US-190 (83,000 VPD). Situated in a dense retail corridor, the property is an outparcel to a Walmart Neighborhood Market. Other nearby national/credit tenants include Walmart Supercenter, Lowes, Sam’s Club, 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. Killeen, TX was recently ranked by U.S. News & World Report as the second fastest-growing city in the United States, with a 5.5% population increase since the 2020 Census. The property also benefits from strategic proximity to Fort Cavazos, one of the largest U.S. military installations, which supports approximately 173,700 jobs and generates $39 billion in annual economic output. The 5-mile trade area is supported by more than 178,000 residents and 40,000 daytime employees, with average household incomes of $79,554.