104 Harris PlEden, NC 27288

For Sale
$5,175,000

High-Yield NNN Leased Car Wash

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a newly constructed, 3,745 square foot, single-tenant car wash in Eden, North Carolina. The property boasts a 20-year NNN lease with a 1.5% annual rent increase, commencing April 17, 2023, and expiring April 17, 2043. The tenant, ModWash, operates over 100 locations across 10 states and is experiencing significant growth. Located on a hard corner, signalized intersection with high visibility (26,000+ vehicles per day), the car wash is situated in a thriving retail area anchored by Food Lion and Tractor Supply Co. Nearby retailers include Walmart, CVS, and numerous fast-food and automotive businesses. The property offers a strong 6.50% cap rate and a substantial net operating income (NOI) of $336,242. The asking price is $5,175,000, translating to $1,381.84 per square foot. The 0.89-acre lot provides ample space for the fully automated car wash. This asset is ideal for a 1031 exchange or an investor seeking long-term, inflation-resistant income with minimal landlord responsibilities. The property benefits from a strong local economy and a high household income ($75,397). The tenant's proven track record, coupled with the strategic location and lease terms, makes this a compelling investment opportunity.

Highlights

  • Brand new, 3,745 SF, single-tenant car wash; 20-year absolute NNN lease with 1.5% annual rent increases.
  • Investment-grade car wash property leased to a rapidly expanding national operator with over 100 locations.
  • High-visibility location on a signalized intersection (26,000+ VPD), adjacent to a Food Lion-anchored center and across from Walmart and Tractor Supply.
  • Located in an affluent Eden, NC suburb with high household income ($75,397) and strong population growth.
  • Tenant demonstrates a proven track record of strong sales and membership growth, with excellent financials.
  • Features pride-of-ownership construction, eco-friendly design, and a rare 1.5% annual rent increase; 6.50% cap rate, $336,242 NOI, $5,175,000 asking price ($1,381.84/SF).

Property Details for 104 Harris Pl

Property type
Other specialty properties, Automotive properties
Square Feet
3,745 SF
Lot Size (sq. ft)
38,768 SF

Location Insight

City
Eden
County
Rockingham
State
North Carolina
Latitude
36.486305
Longitude
-79.738703
104 Harris Pl, Eden, North Carolina
Leaflet | © OpenStreetMap contributors

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104 Harris Pl
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