Marcus & Millichap is pleased to present the opportunity to acquire the Fast Lap Xpress Wash operating business and leasehold interest at 3830 North 51st Avenue in Phoenix, Arizona. The ±5,970-square-foot express car wash, built in 2020, sits on ±1.10 acres and operates under an NNN ground lease with zero landlord responsibilities, ±9 years of remaining term through December 2035, and three (3) five-year renewal options. Annual ground rent is $150,000, with scheduled 10% increases every five years. Offered at $4,999,999, the business generates $110,000 in current annual EBITDA, with pro forma EBITDA of $400,000 representing an 8.00% projected yield and meaningful upside through improved operations.
The site fronts North 51st Avenue (±41,589 VPD) just south of its signalized intersection with Indian School Road (36,262 VPD), one of the highest-traffic intersections in West Phoenix. The property sits directly adjacent to American Family Fields of Phoenix, the Milwaukee Brewers' spring training complex drawing 130,000+ visitors annually, and neighbors a top 10% performing Walmart Supercenter and Maryvale Plaza, home to Burlington, Dollar Tree, and Ace Hardware. The 5-mile trade area holds 472,829 residents with an average household income of $88,621, and new multi-tenant redevelopment is underway at 51st Avenue and Indian School Road. The asset sits within the 5.2 million-resident Phoenix MSA, one of the fastest-growing metros in the nation.