Overview

Description

Faris Lee Investments is pleased to present the rare opportunity to acquire the fee simple interest in a brand new, drive-thru, net leased Tommy’s Express Car Wash property in Colorado Springs, Colorado. The subject property is adjacent to a Costco Wholesale location and a Target-anchored 1.5M square foot power center. This drive-thru express car wash will be commencing a fresh 20+ year lease with 10% rental increases occurring every 5 years of the lease term, at the close of escrow.

This property has zero landlord responsibilities, which makes it the ideal investment opportunity for a passive investor looking for a well-located NNN property with immense real estate fundamentals and impressive demographics. Tommy’s Express Car Wash is one of the most well-regarded express car wash brands in the United States. A concept created in 2016 by a family of 50-year car wash operators, the brand now has 192 locations with 40 more projected in 2024-2025. The brand gained national recognition after experiencing 881% sales growth during 2019-2021. Newsweek recently rated Tommy’s Express Car Wash as #2 Best Customer Service in the Car Wash category. In addition, Franchise Times ranked Tommy’s Express #1 in the “Fast & Serious” ranking of the smartest growing brands, across all industries in 2023. There are many barriers to entry when building a car wash, and Tommy’s mix of quality franchise operators and proprietary car wash systems/products has created sustainable success. The average Tommy’s Express Car Wash location costs $6M-$8M to build, and franchise operators are required at least $2M liquid capital and $5M net worth to qualify as a Tommy’s Express franchisee with full ownership.

The subject property is situated amongst the premier national retailers and economic drivers located on Tutt Boulevard and around Powers Boulevard (66,000+ VPD). Neighboring retailers driving customer traffic include Costco, Target, TJ Maxx, JoAnn, Ross, Sprouts, JCPenney, Cinemark, Chick-fil-A and more. These retailers are supported by over 223,500 residents within a 5-mile radius. Colorado Springs is one of the fastest growing MSAs in the United States, and expects to be the largest city in the state of Colorado by 2050.

Highlights

• Tommy’s Express Car Wash Adjacent to Costco Wholesale and Target Shopping Centers
• Single Tenant, Freestanding Car Wash on Large 2.24 Acre Parcel
• Brand New 2021 Construction Express Car Wash
• Bonus Depreciation Benefits
• Absolute NNN Lease: No Landlord Responsibilities
• Long Term Lease with Rental Increases Every 5 Years
• Rare Demographics and Residential Population for an Investment Property
• 2,000,000+ Square Feet of Retail in 1-Mile Radius; Premier National Retailers Surrounding Subject Property
• Strategically Located On Tutt Boulevard, Near Powers Boulevard (66,000 VPD)
• Colorado Springs Forecasted To Be the Largest City in the State Of Colorado By 2050

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