Investment Offering
Riverside, CA - Super Star Car Wash
10561 Hole Ave | Riverside, CA 92505
$6,818,000
Price5.5%
Cap Rate$375,000
NOI2023
Year Built6,208
± SF Offering GLA1.31
± AC Land AreaDescription
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate guaranteed, Super Star Car Wash investment property located in Riverside, California. At the close of escrow, the tenant will sign a brand-new, 20-year lease with 2 (5-year) and 1 (4-year and 11-months) option 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. Super Star Car Wash currently operates 117+ locations and has plans to accelerate business growth following a recent agreement from TSG Consumer Partners, a leading private equity firm, to acquire majority stake in the company.
Location
Super Star Car Wash has excellent position and visibility at the signalized, hard corner intersection of Hole Avenue (23,850 VPD) and California Avenue (14,750 VPD). Hole Avenue intersects with Tyler Street (40,900 VPD) 1/2-mile from the subject property. Tyler Street is the primary retail thoroughfare serving the immediate area, featuring national retailers including Target, Lowe’s, and the Galleria at Tyler, a 1 million+ square foot shopping center that receives 4.6 million+ annual visits (per Placer.ai). The site receives significant crossover retail exposure from the retail corridor and increased consumer traffic from nearby on/off ramps from State Highway 91 (215,000 VPD), a heavily trafficked highway utilized by commuters throughout Los Angeles County. The tenant has access to a direct consumer base consisting of 2,300+ apartment and multi-family units within 1-mile, and La Sierra University (1,600+ students) and La Sierra High School (1,500+ students). The surrounding 5-mile trade area is supported by a population of over 260,000 residents and 74,000 employees with an affluent average household income of $117,940.