8671 Us-17 Myrtle Beach, SC 29575

Property Details for 8671 Us-17

Year built

2024

Lot size

1.74 lot acres

Property size

3,600 SF

Property type

Specialty properties

Property subtype

Retail properties & Spaces

Description

This exceptional investment opportunity presents a brand-new, 3,600 square foot, state-of-the-art express car wash in Myrtle Beach, South Carolina. Located on US Highway 17, this property boasts excellent visibility with approximately 44,000 vehicles passing daily. The car wash is situated in a thriving retail corridor, directly across from South Strand Commons, a 400,000 square foot power center anchored by Lowe's and Kohl's, and near other major retailers including Target, Walmart, and numerous restaurants and businesses. The property sits on a 1.74-acre lot with 19 parking spaces. The single-tenant, absolute NNN lease with Whistle Express Car Wash, a credit-rated corporate entity with 150+ locations, offers a 20-year term commencing January 14, 2024, with 2% annual rent increases. The current NOI is $469,547, representing a 6.85% cap rate based on the asking price of $6,855,000. The lease includes four, five-year renewal options, providing long-term stability and a hedge against inflation. The property benefits from a dense and affluent population within a 3-mile radius, with an average household income exceeding $109,100 and significant population growth. This e-commerce and recession-resistant business model, coupled with the strong lease terms and prime location, makes this a compelling investment opportunity in a high-growth area with over 20 million annual visitors to the Grand Strand region. The building was constructed in 2024. The investment qualifies for 60% bonus depreciation (through 12/31/24).

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Longitude

-78.9848

Latitude

33.6445