Building Details

Tenancy Single

Listing Agency: Berlin Group

Listed By: Benedict Gutierrez · License #3317434 Show Phone

Source: Onesothebysrealty

Added: Aug 14 Changed: Sep 8 Last Checked: Sep 14 at 8:20AM

Report an Issue

Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berlin Group

Investment Insights

Based on property information with market context.

Whistle Express Car Wash is offered as a single-tenant automotive property supported by an Absolute NNN lease. The lease structure places landlord maintenance responsibilities with the tenant and includes approximately 13 years remaining in the initial term.

The property is situated along a visible commercial corridor with reported traffic exceeding 19,000 vehicles per day. Lease terms include a corporate guaranty from Whistle Express and scheduled annual rent increases of 1.75%.

Key Highlights

• Whistle Express Car Wash tenant
• Absolute NNN lease structure
• Approximately 13 years remaining on the initial lease term

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$371,993

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

7.27%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$7,439,860 $7.4M

Cap Rate 7%

$5,314,186 $5.3M

Cap Rate 9%

$4,133,256 $4.1M

Market Conditions

NOI Build-Up for 54,842 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$559.4K $10.20/SF

− Vacancy

−$28.0K −$0.51/SF

EGI

$531.4K $9.69/SF

− OpEx

−$159.4K −$2.91/SF

NOI

$372.0K $6.78/SF

Area

Tallahassee, FL

Vacancy

5.00%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$7,439,860

Cap Rate 7%

$5,314,186

Cap Rate 9%

$4,133,256

Alternative Uses

Best Use

Specialty Retail

$8.95M

$7.83M – $10.44M (±1% cap)

NOI $626,350 @ 7.0% cap · market cap 12.23%

Second Best

Retail

$7.61M

$6.66M – $8.88M (±1% cap)

NOI $532,653 @ 7.0% cap · market cap 10.40%

Theoretical Best

Office A

$13.44M

$11.76M – $15.69M (±1% cap)

NOI $941,141 @ 7.0% cap · market cap 18.38%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Self service car ...

Suggested Use

Top Pick Dental Office HVAC Service Plumbing Service (Bike/Boat/Book/etc) Store Electrical Service Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

3,060

Businesses Nearby

35k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Hotels & Casinos 57% Dining 28% Shops & Services 15%

DoubleTree by Hilton Hotel Tallahassee Hotels & Casinos

12,422 visits/mo 0.1 miles

Popeyes Louisiana Kitchen Dining

9,807 visits/mo 0.4 miles

Four Points by Sheraton, Tallahassee Downtown Hotels & Casinos

7,674 visits/mo 0.4 miles

Capital City Bank Shops & Services

3,018 visits/mo 0.3 miles

Firestone Complete Auto Care Shops & Services

2,284 visits/mo 0.5 miles

Demographics for 32055, FL

16,624

Population

7,498

Households

2.2

Avg Household Size

42

Median Age

18%

College-Educated

84%

High-School Grad

184.4 sq mi

ZIP Area

90

Density / Sq Mi

$57,328

Median Household Income

$30,840

Median Earnings

$873

Median Rent

$161,200

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this self service car washes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Self service car wash - Absolute NNN lease with approximately 13 years remaining and 1.75% annual rent increases.

Where is this self service car wash located?

The property is located at 345 W Duval Street Other City - In The State Of Florida, FL.

What is the asking price?

The asking price for this property is $5,120,000.

What are key features of this property?

This property features: Whistle Express Car Wash tenant; Absolute NNN lease structure; Approximately 13 years remaining on the initial lease term