8833 Staples Ml Rd, Henrico, VA 23228-2014
- Car washes
- 3,336 SF
- 0.91 lot acres
Current Use by Public Records
- Isalis / (Bike/Boat/Book/etc) Store
- Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
- Skunk Funk / Big Box & Wholesale Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store
Property Details for 8833 Staples Ml Rd
- Year built
- 2008
- Lot size
- 0.91 lot acres
- Zone code
- B-1
- Property type
- Car washes
- APN
- 770-756-1815
- APU
- 7707561815
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Feb 2, 2023 | $4,166,666 | Scf Rc Funding IV LLC | Nester Properties LLC | Special Warranty Deed | — |
| Jun 22, 2017 | — | Nester Properties LLC | — | Deed · related | $200k · Evb |
| Jan 12, 2017 | $3,840,000 | Nester Properties LLC | Flagstop Corp | Grant Deed | — |
| Dec 23, 2013 | $650,000 | Redco Properties LLC | Flagstop Corp | Grant Deed | $1.5M · Branch Banking & Trust Co |
| Feb 22, 2012 | — | Flagstop Corp | — | Deed Of Trust · related | $1.9M · Branch Banking & Trust Co |
| Aug 7, 2006 | — | Flagstop Corporation | — | Deed Of Trust · related | $1.7M · Peoples Bank Va |
| Jun 15, 2006 | $675,000 | Flagstop Corp Of Va | Wawa INC | Grant Deed | — |
| — | — | Flagstop Corporation | — | Deed Of Trust · related | $350k · Peoples Bank Va |
| — | — | Nester Properties LLC | — | Deed Of Trust · related | $200k · Evb |
Description
This exceptional investment opportunity presents a fee-simple 3,336 square foot car wash in Richmond, Virginia, operating under an absolute NNN lease with Flagstop Car Wash. The property boasts a strong 18.4 years remaining on the original 20-year lease, featuring 2% annual rent escalations throughout the base term and further secured by four and five-year extension options. The current annual net operating income (NOI) stands at $275,000, yielding a compelling 6.90% cap rate on the $3,985,507 asking price, translating to a price per square foot of $1,194.70. The property sits on a 0.91-acre lot and was built in 2007. The tenant is backed by a corporate guarantee, providing significant security for investors. Benefiting from its location in a robust retail corridor with approximately 36,000 vehicles per day, the car wash shares access with a high-performing Wawa, ranking in the 80th percentile nationwide. The affluent surrounding demographics and high average household income of $121,412 within a 5-mile radius further enhance the property's appeal. This asset is ideally positioned to benefit from the rapid growth of the car wash industry, with 72% of drivers utilizing professional car washing services. Furthermore, fee-simple car wash properties are eligible for accelerated depreciation and 60% bonus depreciation in 2024 (consult a tax professional for details). This is a rare opportunity to acquire a stable, high-performing asset with significant long-term growth potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,605,000
- ML approach
- $3,690,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Henrico
- County
- Henrico
- State
- Virginia
- Longitude
- -77.508
- Latitude
- 37.6346
- CBSA code
- 40060
- CBSA name
- RICHMOND, VA METROPOLITAN STATISTICAL AREA
