Zips Car Wash

Highlights

• LONG TERM LEASE - Just under 15 years remaining on a 20-year absolute NNN lease, providing a long term and stable investment.
• 50,000 VEHICLES PER DAY - The subject property is situated and excellently visible along N Hwy 17, a major thoroughfare in the city of Mt Pleasant, which see traffic counts of approximately 50,000 vehicles per day and is in close proximity to Charleston, SC.
• ABSOLUTE NNN LEASE – Absolute NNN lease requires no landlord responsibilities and management headaches, ideal for an out-of-area investor .
• RENTAL INCREASES - There are 1.5% rental increases annually, providing an investor a hedge against inflation.
• BONUS DEPRECIATION - Fee simple ownership of an Express Car Wash provides the landlord the opportunity to use accelerated Bonus depreciation model (see Page 7). Consulting your Accountant or Tax Attorney is advised.
• CORPORATE GUARANTEE - The lease is guaranteed by Zips Car Wash, which boasts over 230 locations across the United States.

Description

Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a recently remodeled, free standing, Zips Car Wash located in Mt Pleasant, South Carolina, a vibrant and affluent community. The subject property was originally built in 2012 as a Wizard Wash, and due to its excellent location and performance throughout the years, was leased to Zips Car Wash in 2018, who then signed a brand new 20-year Absolute NNN lease.

The original lease has just under 15 years remaining on its initial term, which commenced on August 28, 2018. This absolute NNN lease has 1.5% annual rental increases throughout the base term to help an investor hedge against inflation.

The Property has excellent visibility and is conveniently situated along N Hwy 17. N Hwy 17 is a main corridor in the area and serves approximately 50,000 vehicles per day. The site is easily accessible from Interstate 526 and is in close proximity to downtown Charleston. Nationally recognized tenants such as Dunkin Doughnuts, Sonic Drive-In, Walgreens, T-Mobile, Panera, 7-Eleven, Walmart, Starbucks and McDonald’s surround the Property, further driving consumers to the area.

This specific location boasts a number of amenities that are desirable for a cash wash, including, but not limited to: 15 vacuum stalls for interior cleaning (with the potential to expand to 18 stalls), a large and easily accessible tunnel for vehicles, and a large lot that allows for easier flow of traffic.

Zips Car Wash, headquartered in Little Rock, Arkansas, has over 230 locations across the United States. The company was founded in 2003 by Brett Overman. In the years to come, Zips is looking to expand the brand to over 500 sites and today employs over 1,600 people across all of its locations.

Mount Pleasant is a large suburban town in Charleston County, South Carolina, United States. In the Lowcountry, it is the fourth most populous municipality and largest town in South Carolina, and for several years was one of the state's fastest-growing areas, doubling in population between 1990 and 2000. The population was 90,801 at the 2020 census. It is part of the Charleston metropolitan area. Mount Pleasant is located on the east side of Charleston Harbor and the tidal Wando River. The town is wonderfully situated over the beautiful Ravenel Bridge on the east and northeast side of Charleston Harbor and the tidal Wando River. It is bordered to the south by Sullivan’s Island. Over time, the town limits have pushed northeastward from the along Rte. 17, almost to more rural Awendaw. Mount Pleasant is separated from Charleston by the Cooper River. For many years, the town was populated largely on a seasonal basis by Charleston residents wealthy enough to afford summer homes across the river from the Charleston peninsula.

Mount Pleasant is a coastal destination just a bridge away from historic Charleston, SC. Stay awhile and experience our slice of paradise with relaxing modern accommodations, world-class coastal cuisines, a rich culture and that history you can immerse yourself into, attractions for all ages, and more! Whether you have sea legs or are a land lover, Mount Pleasant has exciting activities and attractions that will have you coming back for more. From touring local waterways to playing the back nine, you are sure to top your fun meter. The town is home to a variety of world-class restaurants and eateries. Find your perfect waterfront view or venture inland. Mount Pleasant has a cherished history and is overflowing with culture that you can immerse yourself into. Mount Pleasant has a passion for promoting local. This means visitors and residents alike can shop for unique local items and expect service with southern charm. Find products at specialized boutiques, expansive shopping centers, sweetgrass stands, and antique stores.

Nearby this ZIPS Express Wash lies the city of Charleston, the largest city in the state of South Carolina. The 2020 population of the Charleston metropolitan area, comprising Berkeley, Charleston, and Dorchester counties, was 799,636 residents, the third-largest in the state and the 74th-largest metropolitan statistical area in the United States. Sometimes known as Silicon Harbor, the city is becoming a popular location for high tech and innovation, and this sector has had the highest rate of growth between 2011 and 2012, due in large part to the Charleston Digital Corridor. In 2013, the Milken Institute ranked the Charleston region as the ninth-best performing economy in the US because of its growing IT sector. Notable companies include Blackbaud, Greystar Real Estate Partners, Evening Post Industries, Le Creuset, SPARC a Booz Allen Hamilton subsidiary, BoomTown, CSS, and Benefitfocus.

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