3120 Horner Boulevard - ModWash | 16 Yr Corp Absolute NNN
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3120 Horner Boulevard - ModWash | 16 Yr Corp Absolute NNN
3,924 SF Speciality Building Offered at £3,711,356 at a 6.50% Net Initial Yield in Sanford, NC 27332
Investment Highlights
- Over 16 Years Remaining | Scheduled Rental Increases | Corporate Guaranteed | Well-Known & Established Brand
- Located Along Horner Boulevard | Centralized Location | Major Surrounding Shopping Centers | Dense Retail Trade Area
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities | Bonus Depreciation
- Direct Residential Consumer Base | Demographics in 5-Mile Trade Area
Executive Summary
• The tenant has over 16 years remaining on their initial term with an additional 6 (5-year) option periods to extend
• The lease features 1.25% annual rental increases throughout the initial term and options, steadily growing NOI and hedging against inflation
• The lease is guaranteed by the corporate entity
• Founded in 2020, ModWash has quickly became among the top U.S. express tunnel car wash brands with 92 operating locations
• ModWash is strategically located along Horner Boulevard with clear visibility and access to an average of 26,500 vehicles passing by daily
• The property benefits from direct access onto State Highway 87 (28,000 VPD) and US Highway 421 (13,500 VPD), making it a centralized location
• The subject is adjacent to the Shops at Cameron Place (159K+ SF), Southside Plaza (214K+ SF), and Shoppes at Sanford (291K+ SF)
• The surrounding tenants include Lowe’s, ALDI, Walmart Supercenter, Marshalls, Big Lots!, Save-a-Lot, Piggly Wiggly, Harbor Freight Tools, and others
• The lease features 1.25% annual rental increases throughout the initial term and options, steadily growing NOI and hedging against inflation
• The lease is guaranteed by the corporate entity
• Founded in 2020, ModWash has quickly became among the top U.S. express tunnel car wash brands with 92 operating locations
• ModWash is strategically located along Horner Boulevard with clear visibility and access to an average of 26,500 vehicles passing by daily
• The property benefits from direct access onto State Highway 87 (28,000 VPD) and US Highway 421 (13,500 VPD), making it a centralized location
• The subject is adjacent to the Shops at Cameron Place (159K+ SF), Southside Plaza (214K+ SF), and Shoppes at Sanford (291K+ SF)
• The surrounding tenants include Lowe’s, ALDI, Walmart Supercenter, Marshalls, Big Lots!, Save-a-Lot, Piggly Wiggly, Harbor Freight Tools, and others
Property Facts
| Price | £3,711,356 | Building Class | B |
| Price Per SF | £946 | Lot Size | 1.23 AC |
| Sale Type | Investment | Building Size | 3,924 SF |
| Net Initial Yield | 6.50% | Number of Floors | 1 |
| Property Type | Speciality | Year Built | 2019 |
| Property Subtype | Car Wash | Parking Ratio | 6.37/1,000 SF |
| Price | £3,711,356 |
| Price Per SF | £946 |
| Sale Type | Investment |
| Net Initial Yield | 6.50% |
| Property Type | Speciality |
| Property Subtype | Car Wash |
| Building Class | B |
| Lot Size | 1.23 AC |
| Building Size | 3,924 SF |
| Number of Floors | 1 |
| Year Built | 2019 |
| Parking Ratio | 6.37/1,000 SF |
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PROPERTY TAXES
| Parcel Number | 9661-08-1392-00 | Improvements Assessment | £533,083 |
| Land Assessment | £339,583 | Total Assessment | £872,667 |
PROPERTY TAXES
Parcel Number
9661-08-1392-00
Land Assessment
£339,583
Improvements Assessment
£533,083
Total Assessment
£872,667
zoning
| Zoning Code | C-2 (General Commercial District) |
| C-2 (General Commercial District) |
-
Teddy Leonard -
Power Broker Patrick Nutt -
SRS Real Estate Partners
(512) 387-9770
x25
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3120 Horner Boulevard - ModWash | 16 Yr Corp Absolute NNN
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