24855 Iris Ave Moreno Valley, CA 92551-7207

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.

Location Insight

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

Property Tax & Assessments