Spark Car Wash
West Nyack, NY
Key Details
| Price: | $6,539,714 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $457,780 |
| Address: | 357 New York 59, West Nyack, New York 10994 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 21 Years |
|---|---|
| Lease Commencement: | 4/1/2023 |
| Lease Expiration: | 3/30/2044 |
| Lease Term Remaining: | 19.4 Years |
| Rental Increases: | 2.00% Annually Starting Year 6 |
| Lot Size: | 1.41 Acres |
| Building Size: | 4,460 SF |
| Year Built: | 1984 |
NNN Pro is pleased to present the exclusive listing for a Spark Car Wash located at 357 New York 59, West Nyack, New York 10994. The site consists of roughly 4460 rentable square feet of building space on an estimated 1.41-acre parcel of land. This Spark Car Wash is subject to a 21-year Triple Net (NNN) lease, which commenced 4/1/2023. The current annual rent is $457,780 and has scheduled increases of 2.00% Annually Starting Year 6.
About the Investment
- Long-Term, 21-Year Absolute Triple Net (NNN) Lease | Over 20 Years of NNN Term Remain | Zero Landlord Responsibilities
- Highly Exposure Location| Interstate 87 | 150,000 Vehicles Per Day, Respectively
- Ideal Consumer Base for Vehicle Repair Services that Spark Offers
- Average Household Income of Over $150,000
- 2.00% Annual Rental Increases | Ideal Location for a Car Wash in Affluent Core New York Market
- Located Directly Across From The Palisades Center | 13th Largest Mall in the United States
About the Location
- Dense Retail Corridor | Target, Walgreens, Buffalo Wild Wings, McDonald’s, Starbucks, Dunkin Donuts, Best Buy, Mavis Discount Tire and Many More
- Strong Real Estate Fundamentals | Palisades Center | 225 Tenants | 13th Largest Mall in the United States
- Very Affluent Community | Average Household Income Within a Three-Mile Radius Exceeds $150,000
- Well Populated Area | Population Within a Five-Mile Radius Exceeds 161,000 Individuals
- New York City | Located Approximately 30 Minutes Away | Largest City In The United States
- High Academic Presence | Nyack Middle School | Less Than Two Miles Away | 660+ Students
- Immediate Access To Healthcare | Montefiore Nyack Hospital | Located Less Than Two Miles Away | Massive 319-Bed Facility
About the Tenant/Brand
- Team of Highly Experienced Car Wash Experts | In Addition to the 5 Operating Sites, They Have 26 Under Contract in Various Stages of Development Across New Jersey, New York and Pennsylvania and 8 Locations Under Exclusive LOIs (NJ: 6, NY: 0, PA: 2)
- The Spark Car Wash Model Includes High-Performance Express Tunnel Car Washes in Prime Retail and High Traffic Corridors
- Subscription Based Model With Locations in Affluent New Jersey Markets
Key Details
| Price: | $6,539,714 |
|---|---|
| Cap Rate: | 7.00% |
| Annual Rent: | $457,780 |
| Address: | 357 New York 59, West Nyack, New York 10994 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 21 Years |
|---|---|
| Lease Commencement: | 4/1/2023 |
| Lease Expiration: | 3/30/2044 |
| Lease Term Remaining: | 19.4 Years |
| Rental Increases: | 2.00% Annually Starting Year 6 |
| Lot Size: | 1.41 Acres |
| Building Size: | 4,460 SF |
| Year Built: | 1984 |
Talk to the Pros
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Anthony D'Ambrosia
adambrosia@nnnpro.com
License: NY: 10401294012
Josh Kanter
jkanter@nnnpro.com
License: NY: 10401294056
Ilan Bley
ibley@nnnpro.com
License: NY: 10401372865
Broker of Record
Glen Kunofsky
NNN Properties, LLC
License: 49KU1129178
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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.