Caliber Car Wash
Fort Walton Beach, FL
Key Details
| Price: | $3,414,050 |
|---|---|
| Cap Rate: | 6.00% |
| Annual Rent: | $204,843 |
| Address: | 162 Eglin Parkway Northeast, Fort Walton Beach, Florida 32548 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 3/1/2022 |
| Lease Expiration: | 2/28/2042 |
| Lease Term Remaining: | 16.9 Years |
| Rental Increases: | 1.50% Annually |
| Lot Size: | 0.51 Acres |
| Building Size: | 2,373 SF |
| Year Built: | 2014 |
| Year Renovated: | 2021 |
NNN Pro is pleased to present the exclusive listing for a Caliber Car Wash located at 162 Eglin Parkway Northeast, Fort Walton Beach, Florida 32548. The site consists of roughly 2373 rentable square feet of building space on an estimated 0.51-acre parcel of land. This Caliber Car Wash is subject to a 20-year Triple Net (NNN) lease, which commenced 3/1/2022. The current annual rent is $204,843 and has scheduled increases of 1.50% Annually.
About the Investment
- Long-Term, Absolute Triple Net (NNN) Lease | The lease is an original 20-year lease with over 17 years of term remaining. The lease is an absolute NNN lease and features no landlord responsibilities.
- Attractive Rental Increases | The lease will feature 1.50% rental increases occurring annually.
- Corporate Guarantee | The lease will be subject to a strong corporate guarantee from Clydsdale Holdings LLC. Caliber is one of the fastest-growing express car wash businesses in the country currently operating over 50 washes in Florida, North Carolina, South Carolina, Georgia, Alabama, and Texas.
- Affluent Community | The subject property is situated in an affluent community where the average household income within a five-mile radius exceeds $82,100.
- Strong Traffic Counts | The subject property benefits from strong traffic counts of 49,000 and 38,200 vehicles per day on Eglin Parkway and US Highway-98, respectively.
- Income Tax Free State | Florida is one of 8 states that does not levy income taxes. Per IRS Section 179 property qualifies for 60% Bonus Depreciation if purchased in 2024. Please consult a tax expert to verify current regulations.
Key Details
| Price: | $3,414,050 |
|---|---|
| Cap Rate: | 6.00% |
| Annual Rent: | $204,843 |
| Address: | 162 Eglin Parkway Northeast, Fort Walton Beach, Florida 32548 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Commencement: | 3/1/2022 |
| Lease Expiration: | 2/28/2042 |
| Lease Term Remaining: | 16.9 Years |
| Rental Increases: | 1.50% Annually |
| Lot Size: | 0.51 Acres |
| Building Size: | 2,373 SF |
| Year Built: | 2014 |
| Year Renovated: | 2021 |
Talk to the Pros
Jonathan Eckerd
jeckerd@nnnpro.com
License: AZ: SA663487000
Cassandra Mosser
cmosser@nnnpro.com
License: AZ: SA677563000
Broker of Record
Brian Brockman
Bang Realty-Naples, Inc
License: BK3327646
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.