Whistle Express Car Wash
3,600 SF Specialty Building Offered at $6,975,000 at a 6.60% Cap Rate in Myrtle Beach, SC 29575
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,975,000
- Property Type
-
Specialty
- Square Feet
- 3,600 SF
- Price / Square Foot
- $1,938
Listing Contacts
Lakin Parr
Verified Profile
Tyson Glasser
Verified Profile
- Property Info
Property Overview
Trinity Partners is pleased to serve as exclusive listing broker and present to the investment marketplace this offering of the Whistle Express Car Wash located in the Myrtle Beach, South Carolina MSA (“Whistle Express” or the “Property”).
The Property was developed as a build-to-suit (BTS) for one of the leaders in the express car wash industry and was completed in January of 2024. This was the developer’s third BTS project for this operator. Prior to being completely scraped and redeveloped, the Property was a Ryan’s Family Steakhouse that originally opened in the late 1990’s.
The Property is leased to Whistle Express on an initial 20-year absolute NNN term that commenced in January 2024. There are 4 options to renew for 5 years each with 2% annual rent increases throughout the initial term and option periods. Whistle Express is fully responsible for all costs associated with managing and maintaining the Property. The lease has a corporate guaranty with no burn-off or sunset period.
The Property is located in the extremely popular Grand Strand region of South Carolina’s Atlantic coastline along the US Hwy 17 corridor, the market’s primary commercial and most traveled thoroughfare. Part of a strong trade area that anchors the southern end of the Mrytle Beach metro area, the Property is well positioned among a myriad of retail, restaurant, medical, office, hospitality, residential and recreation options.
The Property was developed as a build-to-suit (BTS) for one of the leaders in the express car wash industry and was completed in January of 2024. This was the developer’s third BTS project for this operator. Prior to being completely scraped and redeveloped, the Property was a Ryan’s Family Steakhouse that originally opened in the late 1990’s.
The Property is leased to Whistle Express on an initial 20-year absolute NNN term that commenced in January 2024. There are 4 options to renew for 5 years each with 2% annual rent increases throughout the initial term and option periods. Whistle Express is fully responsible for all costs associated with managing and maintaining the Property. The lease has a corporate guaranty with no burn-off or sunset period.
The Property is located in the extremely popular Grand Strand region of South Carolina’s Atlantic coastline along the US Hwy 17 corridor, the market’s primary commercial and most traveled thoroughfare. Part of a strong trade area that anchors the southern end of the Mrytle Beach metro area, the Property is well positioned among a myriad of retail, restaurant, medical, office, hospitality, residential and recreation options.
Property Details
- Class
- A
- Year Built
- 2024
- Stories
- 1
- Property Subtype
- Car Wash
- Lot Size (sq. ft)
- 75,794 SF
Highlights
- Class A construction completed in January 2024 offering the most state-of-the-art equipment and eco-friendly services in the express car industry
- 20-year absolute NNN corporate lease with 4 renewal options of 5 years each and 2% annual rent increases throughout
- The asset qualifies for 60% bonus depreciation (through 12/31/24) offering an investor tremendous tax savings in year 1 of ownership
- Excellent visibility from US Hwy 17, the market’s primary 4-lane thoroughfare that averages traffic counts of approximately 44,000 cars per day
- Located 10 minutes from Myrtle Beach International Airport, voted the #1 Best Small Airport by USA Today in 2021 and has 50+ daily nonstop flights
- Surfside Beach is part of the popular Grand Strand region that includes 60 miles of Atlantic Coast beaches and an estimated 14 million visitors/year
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