701 Ridge Rd, Pharr, TX 78577
3,034 SF Specialty Building Offered at $3,567,031 at a 6.50% Cap Rate in Pharr, TX 78577
For Sale
Active
Asking Price $3,567,031
- Property Type
-
Specialty
- Square Feet
- 3,034 SF
- Price / Square Foot
- $1,176
Listing Contacts
Ronnie Issenberg
Gabriel Britti
Ricardo Esteves
Kevin O'Hanlon
Peter Deltondo
Property Overview
Marcus & Millichap is pleased to present for sale this fee-simple, absolute net-leased Take-5 Car Wash located at 701 W. Ridge Road in Pharr, Texas. The freestanding single-tenant property consists of a 3,034 SF building and is situated on a large 1.65-acre parcel of land.
This Take 5 Car Wash sits as an outparcel to the newly developed Brentwood Estates, a residential community comprised of 97 brand new single-family homes and Carmel Estates, a newly developed apartment complex with 1, 2, and 3-bedroom apartments for lease. The property also fronts West Ridge Road, a main East-West thoroughfare, which sees vehicle counts in excess of 20,535 per day. Within the immediate trade area you’ll find a plethora of national and regional retailers including but not limited to H-E-B Plus!, McDonald’s, Walmart Supercenter, Burlington, Sam’s Club, Lowe’s, Costco, Starbucks, CVS, Whataburger, IHOP, and numerous others.
Located a few minutes from this the property is the South Texas Health System – Heart, one of the first freestanding cardiology and cardiovascular hospitals built in the United States, dedicated solely to heart-related medical needs for patients. It provide diagnosis and treatment, emergency heart care, cardiac catheterization, heart surgery and education. South Texas Health System Heart is also equipped with a full-service emergency department, as well as a bariatric surgery center. Also nearby is South Texas College with 8,340+ enrolled students and Rio Grand Valley College with more than 700 enrolled students. There are numerous apartment complexes surrounding the property including Palm Garden Apartments with 60 units, Sunset Terrace Apartments with 80 units, Valleyview Apartments with 128 units, Plaza Royale Apartments with 88 units, Summit Apartments, Hearthstone Apartments and Del Oro Apartments.
The tenant initially executed a 22-year lease and currently has 19-years of initial term remaining with attractive 2 percent annual increases commencing in 2029.
Driven Brands Car Wash is the world’s largest local car wash operator. Driven Brands entered the car wash industry in 2020 with the acquisition of International Car Wash Group. Driven Brands operates over 1,100 locations in 14 countries across US, Europe and Australia, with over 350 locations in the United States. The Company was founded in Germany in 1965 under the IMO brand, the name still used at its non-US locations. Driven Brands Carwash is a member of Driven Brands, the largest automotive services company in North America.
This Take 5 Car Wash sits as an outparcel to the newly developed Brentwood Estates, a residential community comprised of 97 brand new single-family homes and Carmel Estates, a newly developed apartment complex with 1, 2, and 3-bedroom apartments for lease. The property also fronts West Ridge Road, a main East-West thoroughfare, which sees vehicle counts in excess of 20,535 per day. Within the immediate trade area you’ll find a plethora of national and regional retailers including but not limited to H-E-B Plus!, McDonald’s, Walmart Supercenter, Burlington, Sam’s Club, Lowe’s, Costco, Starbucks, CVS, Whataburger, IHOP, and numerous others.
Located a few minutes from this the property is the South Texas Health System – Heart, one of the first freestanding cardiology and cardiovascular hospitals built in the United States, dedicated solely to heart-related medical needs for patients. It provide diagnosis and treatment, emergency heart care, cardiac catheterization, heart surgery and education. South Texas Health System Heart is also equipped with a full-service emergency department, as well as a bariatric surgery center. Also nearby is South Texas College with 8,340+ enrolled students and Rio Grand Valley College with more than 700 enrolled students. There are numerous apartment complexes surrounding the property including Palm Garden Apartments with 60 units, Sunset Terrace Apartments with 80 units, Valleyview Apartments with 128 units, Plaza Royale Apartments with 88 units, Summit Apartments, Hearthstone Apartments and Del Oro Apartments.
The tenant initially executed a 22-year lease and currently has 19-years of initial term remaining with attractive 2 percent annual increases commencing in 2029.
Driven Brands Car Wash is the world’s largest local car wash operator. Driven Brands entered the car wash industry in 2020 with the acquisition of International Car Wash Group. Driven Brands operates over 1,100 locations in 14 countries across US, Europe and Australia, with over 350 locations in the United States. The Company was founded in Germany in 1965 under the IMO brand, the name still used at its non-US locations. Driven Brands Carwash is a member of Driven Brands, the largest automotive services company in North America.
Property Details
- Class
- C
- Year Built
- 2021
- Stories
- 1
- Property Subtype
- Car Wash
- Lot Size (sq. ft)
- 71,874 SF
Highlights
- Corporate Guarantee | Driven Brands Inc +/- 1,100 Locations
- Absolute NNN | Zero Landlord Responsibility
- Property Qualifies for Bonus Depreciation
- 19 Years of Initial Term Remaining
- Recent (2021) Construction
- Within Area’s Main Retail Corridor
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