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    1665 Eldridge Pkwy Houston, TX 77077

    Sponsored
    For Sale
    $7,077,358

    High-ROI, NNN Lease, Bonus Depreciation

    Property size:
    5,187 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a fee-simple ownership of a thriving BlueWave Express Car Wash in Houston, TX. Located at 1665 Eldridge Pkwy, this 5,187 square foot facility sits on a 0.95-acre lot and boasts a 25-year absolute NNN lease with 12.4 years remaining, commencing April 1, 2022, and expiring March 31, 2037. The lease includes six 5-year renewal options and features a 10% rent increase every five years, providing a hedge against inflation. The property, built in 2007, currently enjoys 100% occupancy and generates a strong NOI of $375,100, representing a 5.30% cap rate and a price per square foot of $1,364.44. The asking price is $7,077,358. The tenant, a strong franchisee, operates an express car wash with 16 covered vacuum stations, utilizing eco-friendly practices and a state-of-the-art water reclamation system. The property benefits from its prime location in a high-traffic, affluent area of Houston within the Harris County, 77077 zip code. The fee-simple ownership structure allows for the utilization of bonus depreciation, offering significant tax advantages. This is a turnkey investment with minimal landlord responsibilities, providing a stable and predictable income stream for years to come. The Houston MSA's robust population and economic growth further enhance the long-term value of this asset.

    Property Features for 1665 Eldridge Pkwy

    General Information

    Property type
    Automotive properties
    Square Feet
    5,187 SF
    Lot Size
    41,382 SF

    Building Details

    Year Built
    2007

    HighLights

    • Over 12 years remaining on a 25‑year absolute NNN lease with six 5‑year renewal options.
    • 10% rent increases every five years throughout the lease term.
    • Established BlueWave Express Car Wash location operational for over 10 years.
    • Absolute NNN lease; no landlord responsibilities.
    • Strong franchisee/guarantor: BlueWave operates 41 locations in Texas and California.
    • Fee‑simple ownership allows for bonus depreciation.
    Property Profile Location Intelligence

    Current Use by Public Records

    BlueWave Express Car ... Car Wash

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.625159890263
    Latitude
    29.752557276783

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    FAQs

    What type of property is this?
    Automotive property - High-ROI, NNN Lease, Bonus Depreciation
    Where is this automotive property located?
    The property is located at 1665 Eldridge Pkwy Houston, TX.
    What is the asking price?
    The asking price for this property is $7,077,358.
    What are key features of this property?
    This property features: Over 12 years remaining on a 25-year absolute NNN lease with six 5-year renewal options.; 10% rent increases every five years throughout the lease term.; Established BlueWave Express Car Wash location operational for over 10 years.
    Request Owner's contact information
    1665 Eldridge Pkwy Houston, TX 77077
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1665 Eldridge Pkwy Houston, TX 77077
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