8833 Staples Mill Rd, Richmond, VA 23228

3,336 SF Specialty Building Offered at $3,985,507 at a 6.90% Cap Rate in Richmond, VA 23228

Asking Price $3,985,507

Property Type: Specialty
Square Feet: 3,336 SF
Price / Square Foot: $1,195

Listing Contacts

Jim Ceresnak

Max Eaton

Property Info

Property Overview

Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase an express car wash leased to Flagstop Car Wash with 18.4 years left on an original 20-year Absolute NNN lease. This lease includes 2% annual rent escalations throughout the base term as well as well as the 4, 5-year extension options. The Property shares access with a high performing Wawa that is in the 80th percentile of all Wawa’s nationwide (Source: Placer.ai). Fee simple car wash properties qualify for Accelerated Depreciation and 60% Bonus Depreciation in 2024 (must consult a tax professional). In Association With Christopher Doerr, VA Lic. #0225186980.

Property Details

Class: C
Year Built: 2007
Stories: 1
Property Subtype: Car Wash
Lot Size (sq. ft): 39,640 SF

Highlights

Long-Term Lease | 2% Annual Rent Escalations | Corporate Guarantee
Shared Access w/ Top Performing (80th Percentile) Wawa Nationwide | Robust Retail Corridor
Highly Trafficked Road | +/- 36,000 VPD | Going-Home Side
Affluent Surrounding Demographics | 5 Mile AHHI - $121,412
Rapid Industry Growth | 72% of Drivers Use Professional Car Washing Services
Eligible for Accelerated Depreciation & 60% Bonus Depreciation

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