Property Details for 8641 Hwy

Year built

2001

Lot size

0.63 lot acres

Property size

2,799 SF

Property type

Specialty properties

Description

This exceptional investment opportunity presents a thriving, established car wash business and accompanying real estate in Port Richey, Florida. Located at 8641 U.S. Hwy 19, this single-story, 2,799 square foot facility sits on a 0.63-acre lot and boasts a prime location anchored by a Walmart Supercenter, generating over 2.15 million annual visits. Built in 2001 and renovated in 2022, the property includes a 100-foot express tunnel and a rollover unit. The car wash utilizes well water and features an on-site shed for parts and maintenance. Currently operating at 100% occupancy, the business generated a Net Operating Income (NOI) of $268,832 in the last reporting period, representing a 15.81% cap rate. The asking price is $1,700,000, translating to $607.36 per square foot and $1,700,000 per unit. Recent capital expenditures included replacing bushings on brush arms, couplings on wheel brushes and bright arms, hydraulic lines and fittings, hydraulic pumps, rollers, and roller chains. The property offers significant value-add potential for an experienced operator, including re-implementing previously successful revenue streams such as detailing services, a referral program with a nearby gas station, and an employee incentive program to boost subscription sales. Currently, there are 197 active subscriptions, compared to over 500 prior to the COVID-19 pandemic. On-site management, maintenance, and daily labor are already in place. This is an owner-user opportunity with a strong existing business and significant upside. The property includes a billboard.

Location Insight

City

Port Richey

County

Pasco

State

Florida

Longitude

-82.7157

Latitude

28.2833