Current Use by Public Records
- Specialty properties
Property Details for 1565 Germantown Pkwy
- Year built
- 2006
- Lot size
- 1.00 lot acres
- Property type
- Specialty properties
- Property subtype
- Car washes
Description
This exceptional investment opportunity presents a Zips Car Wash located at 1565 N Germantown Pkwy, Memphis, TN 38016. The property, built in 2006, boasts a 4,628 square foot building situated on a one-acre lot in a high-traffic area with 30,636 vehicles passing daily. The property benefits from a strong tenant, Zips Car Wash, a leading operator with over 280 locations across 25 states. The current lease is a Triple Net (NNN) lease with a corporate guarantee, offering significant security and a remaining term of approximately 13.6 years, expiring June 30, 2038. The lease commenced December 19, 2017, and includes six 5-year renewal options with 1.5% annual rent increases. The asking price is $3,995,445, representing a 7.00% cap rate and a Net Operating Income (NOI) of $279,681. The property's prime location is surrounded by strong retail anchors including Marshalls, HomeGoods, Kroger, Wells Fargo, Aldi, and many more, serving a dense population with an average household income of $107,566 within a 5-mile radius. The property offers potential tax advantages, including potential bonus depreciation (consult your tax advisor). This is a rare opportunity to acquire a high-performing, well-located car wash with a long-term lease and significant upside potential in a rapidly growing area of Memphis, Tennessee, a state with no income tax.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.794
- Latitude
- 35.1676
