24855 Iris Ave Moreno Valley, CA 92551-7207
- Car washes
- 3,596 SF
- 0.79 lot acres
Current Use by Public Records
- Quick Quack Car Wash / Car Wash / Car Detailing Service
Property Details for 24855 Iris Ave
- Year built
- 2023
- Construction
- TILT-UP CONCRETE
- Lot size
- 0.79 lot acres
- Property size
- 3,596 SF
- Property type
- Car washes
- APN
- 316-030-027
- APU
- 316030027
Description
Exceptional investment opportunity: a 20-year absolute NNN ground lease with a Quick Quack Car Wash in Moreno Valley, CA. This 3,596 square foot, 2023-built car wash enjoys a prime location in a thriving 100% occupied shopping center alongside ALDI, The Habit Burger, and Starbucks. The property benefits from high visibility at a signalized intersection with 35,000 cars daily. The lease includes two 5-year and one 4-year, 11-month options with 10% rent increases. The 0.8-acre lot offers significant long-term value in a rapidly growing area with a strong tenant and a 4.71% cap rate based on a $160,000 NOI. The corporate guaranteed lease provides exceptional security and consistent income. Moreno Valley's robust economy, fueled by major employers and significant population growth (13.59% within a 1-mile radius from 2010-2020), ensures a strong and stable investment. This is a recession-resistant, service-based investment in a $15 billion industry growing at 3.2% annually. The synergistic retail environment, including national brands like Home Depot, Fitness 19, and others, further enhances the property's appeal and potential for long-term growth. This is a rare opportunity to acquire a high-performing asset in a desirable location with significant upside potential. The property's APN is 316030023. The asking price is $3,400,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,480,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,180,000
- 6.5%
- $3,090,000
- 7%
- $3,365,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,070,000
- Geo Method
- $3,705,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,330,000
- Retail
- $3,675,000
- Mixed-Use
- $3,240,000
- Hospitality
- $3,235,000
- Educational
- $3,720,000
- Residential Income
- $3,100,000
- Energy
- $3,580,000
- Income-Based Land
- $3,000,000
- Food Service
- $3,275,000
Location Insight
- Map
- Local Demand
- City
- Moreno Valley
- County
- Riverside
- State
- California
- Longitude
- -117.228
- Latitude
- 33.888
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
