2806 Patterson St - Car Washes FOR SALE


Greensboro, NC 27407- Hewitt Area
$4,138,000 USD
310-691-1350
2806 Patterson St, Greensboro, NC for Sale
$4,138,000 USD
Car Washes - FOR SALE
1/7
null | 7.25% Cap Rate

2806 Patterson St
Greensboro, NC 27407
Hewitt Area


HIGHLIGHTS

  • 15-Year Corporate NNN Lease – New as of April 2025, with six 5-year options & 1.5% annual bumps.
  • Hands-Off Ownership – Fee simple, zero landlord responsibilities.
  • 100% Bonus Depreciation – Immediate expense of qualifying improvements for cash flow boost.
  • Prime Hard-Corner Location – 1.5-acre parcel, 54K VPD, ideal for long-term value.
  • Post-Bankruptcy Rent Reset – Durable, realistic cash flow at attractive yields.

OVERVIEW

Pegasus Investments Real Estate Advisory and ParaSell, Inc., as exclusive advisors for the Seller, are excited to offer the opportunity to purchase the fee simple (land & building) interest in a Zips Car Wash located in the sought-after Greensboro-High Point metro area (the “Property”). The Property features a 4,469-square-foot express tunnel car wash on a large 1.49-acre parcel, backed by a brand-new absolute triple net (NNN) corporate lease executed in April 2025. The lease includes a new full 15-year primary term with 1.50% annual rent increases and six (6) 5-year renewal options, each with continued annual increases, offering long-term, predictable income growth. The lease structure is 100% passive and offers new owners the opportunity to achieve new bonus deprecation that is now available via the Big New Bill passed in July 2025 (investors are required to consult their tax advisors). The Property offers a premier hard-corner location at the signalized intersection of Patterson Street and S Holden Road, midway between US-70 and I-40, two of Greensboro’s most heavily trafficked thoroughfares. This prime positioning provides exceptional visibility and accessibility within a dense industrial corridor that houses more than 30 logistics, warehouse, and industrial businesses within a one-block radius. Additionally, the site is nestled within a well-established automotive hub along Patterson Street, surrounded by operators such as B&B Truck Repair, Auto Solutions of Greensboro, and Randall’s Tire & Automotive, making it an ideal location for car wash use. With nearly 100,000 residents and 40,000 households in the surrounding 3-mile trade area, averaging two vehicles per household, the Property is perfectly positioned to capitalize on sustained customer traffic and long-term operational demand. Further enhancing the value proposition is the reinstatement of 100% bonus depreciation under the federal tax reform package passed as part of the “Big New Bill” in July 2025. This legislation allows investors to immediately expense the full cost of qualifying property, including car wash improvements, equipment and systems, meaningfully improving after-tax returns. For car wash assets, the accelerated deductions available through bonus depreciation and cost segregation strategies can significantly boost early investment cash flow and overall internal rates of return (IRRs). The result is a compelling opportunity for investors seeking tax-efficient income backed by depreciable real assets in a high-growth sector (investors are required to consult their tax advisors). The Property is situated in Greensboro, a city benefiting from strong economic growth and a steady rise in employment. The local economy is supported by a range of major employers, including Honda Aircraft Company, HAECO Americas, Qorvo, Mack Trucks, The Fresh Market, and FedEx, all contributing to the city’s thriving industrial and logistics sectors. Piedmont Triad International Airport plays a key role as a regional logistics hub, handling more than 300,000 tons of freight annually and employing approximately 8,600 people across FedEx, Honda Aircraft, and HAECO operations. Further boosting the area’s outlook, Toyota is currently developing a large battery manufacturing facility in neighboring Randolph County. As a result of this economic activity and population growth, the Greensboro–High Point area has been ranked one of the top 10 hottest housing markets in the U.S. for 2025, with projected year-over-year home sales and price increases of around 17%. Importantly, the lease reflects a clean slate following Zips’ successful emergence from Chapter 11 bankruptcy in early 2025. The Property was one of the locations retained during the company’s operational restructuring, with the former master lease dissolved and the rent reset to market levels, creating a healthier EBITDA operating margin for the Tenant and increasing their likelihood of their forward success at this location. For investors, this offering represents a stabilized, essential service asset with a restructured lease, and attractive tax-efficient cash flow, in one of the strongest commercial corridors in the country.

FOR SALE DETAILS

PRICE

$4,138,000 USD

PRICE/SF

$926 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Absolute NNN Zips Car Wash - Greensboro, NC

PROPERTY TYPE

Specialty

PROPERTY SUBTYPE

Car Washes

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2016

SPRINKLERS

-

PARKING SPACES

31

LAND DETAILS

LAND ACRES

1.49 AC

LAND SF

64,904 SF

ZONING

Commercial (HI)

APN/PARCEL ID

0017899

ASK ABOUT THIS PROPERTY

David ChasinPegasus InvestmentsMore Info
310-691-1350

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David ChasinPegasus InvestmentsMore Info
310-691-1350

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