145 Ernest W Barrett Pkwy Marietta, GA 30066
- Specialty properties
- 0.85 lot acres
Current Use by Public Records
- Landshark Car Wash / Car Wash
Property Details for 145 Ernest W Barrett Pkwy
- Year built
- 2008
- Lot size
- 0.85 lot acres
- Property type
- Specialty properties
- Property subtype
- Car washes
Description
This exceptional investment opportunity presents a 3,192 square foot, fee-simple Landshark Car Wash located at 145 Ernest W Barrett Pkwy, Marietta, GA 30066. The property sits on a 0.85-acre lot and benefits from a 20-year absolute NNN lease, commencing February 16, 2023, and expiring February 28, 2043, with two 10-year renewal options, each including 2% annual rent increases. The current lease boasts a remaining term of 18.3 years and features 2% annual rent bumps starting July 2025. The property's strong financial performance is reflected in its $370,000 NOI and a 6.90% cap rate, with an asking price of $5,360,000. Built in 2008 and renovated in 2023, this car wash enjoys a prime location adjacent to a freeway and directly across from Town Center at Cobb, a major shopping destination attracting over 4.1 million customers annually. The surrounding area exhibits robust demographics, including a high average household income and significant population growth. This investment is further strengthened by corporate and personal guarantees covering the entire lease term, making it an ideal opportunity for bonus depreciation. The Landshark Car Wash brand's history of development, revenue stabilization, and sale to larger operators presents potential for future credit enhancement. The property is also conveniently located within 10 miles of several major corporate headquarters.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Marietta
- County
- Cobb
- State
- Georgia
- Longitude
- -84.5554
- Latitude
- 34.0135
