2800 N Midland Dr - Freestanding FOR SALE


Midland, TX 79707
$6,065,000 USD
973-632-1386
2800 N Midland Dr, Midland, TX for Sale
$6,065,000 USD
Freestanding - FOR SALE
1/9
null | 6.85% Cap Rate

2800 N Midland Dr
Midland, TX 79707


HIGHLIGHTS

  • New construction, 20-year absolute NNN lease | With 10% rent increases every 5 years
  • Corporate guaranteed by Mighty Wash, a growing ~30-unit operator with a dominant presence in West Texas
  • Fee simple - depreciation benefits (bonus depreciation)
  • Located on Midland Dr with strong traffic of 29,100 VPD
  • Situated in a dense retail corridor, nearby national/credit tenants include: Walmart Supercenter, Target, The Home Depot, Staples, PetSmart, Kohl’s, H
  • More than 129,000 residents and 63,000 employees support the trade area | Average household income of $127,345

OVERVIEW

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, newly constructed, corporate guaranteed, Mighty Wash investment property located in Midland, TX. The tenant recently signed a brand new 20-year lease with 3 (5-year) options to extend. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with no landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor in a state with no state income tax. Mighty Wash is a Texas-based car wash chain founded in Lubbock, Texas, in 2012. Today, Mighty Wash operates 28 locations and counting throughout southeastern New Mexico and west Texas, continuing its commitment to providing high-quality car wash and detailing services.

FOR SALE DETAILS

PRICE

$6,065,000 USD

PRICE/SF

$1,368 USD /SF

CAP RATE

6.85%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mighty Wash Car Wash

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2025

SPRINKLERS

-

PARKING SPACES

36

LAND DETAILS

LAND ACRES

1.92 AC

LAND SF

83,635 SF

ZONING

RR

APN/PARCEL ID

R000050-903

ASK ABOUT THIS PROPERTY

Kyle FantSRS Real Estate PartnersMore Info
973-632-1386

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Kyle FantSRS Real Estate PartnersMore Info
973-632-1386

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.