3294 Poplar Ave Memphis, TN 38111-4649

Exceptional investment opportunity: a fee-simple Zips Car Wash in Memphis, TN. This 3,041 square foot facility, built in 2021, sits on a 0.88-acre lot at 3294 Poplar Ave, 38111. The property boasts a strong 7.50% cap rate, generating a net operating income (NOI) of $280,915. Secured by a corporate guarantee, the NNN lease commenced September 1, 2022, and has a remaining term of 17.9 years, extending to September 30, 2042. Annual rent increases of 2.00% are built into the lease, providing consistent growth. Four five-year tenant renewal options exist, potentially extending the lease term to 40 years. The asking price is $3,745,534, translating to $1,231.68 per square foot. This property is eligible for 15-year accelerated depreciation and bonus depreciation, further enhancing its investment appeal. The tenant, Zips Car Wash, benefits from recent significant investment from Atlantic Street Capital, bolstering its financial stability and long-term prospects. This is a rare opportunity to acquire a high-performing, long-term leased asset in a prime Memphis location.