15389 Southern Blvd - 3.6x Rent Coverage I El Car Wash | West Palm 4,843 SF Specialty Building Offered at $7,606,885 at a 5.65% Cap Rate in Loxahatchee, FL 33470

Colliers is proud to present the sale of El Car Wash at 15389 Southern Boulevard in West Palm Beach, Florida, a newly constructed express car wash strategically positioned within Palm Beach County's largest residential growth corridor. The property benefits from exceptional demographics, including a one-mile average household income of $257,714, and is surrounded by the rapidly expanding Westlake and Arden master-planned communities, which are entitled for more than 6,500 homes. This rare combination of affluent households and significant residential growth creates a compelling long-term investment opportunity.
LONG-TERM ABSOLUTE NNN LEASE WITH ZERO LANDLORD RESPONSIBILITIES
Completed in 2023, the property is leased to El Car Wash on an absolute triple net basis through December 31, 2043, with over 17 years remaining in the primary term and six additional five-year renewal options, providing potential site control for decades to come. The lease features uninterrupted 2% annual rent increases throughout both the initial term and all option periods, delivering built-in income growth every single year of ownership and a natural hedge against inflation — a structure rarely found in net lease retail, where flat primary terms or increases limited to option periods are far more common. The lease is backed by a corporate guaranty and requires no landlord responsibilities whatsoever for maintenance, repairs, insurance, taxes, or capital expenditures, making this a true mailbox-money investment suited to both local and out-of-state ownership.
STRONG UNIT-LEVEL PERFORMANCE — 3.6X RENT COVERAGE
The location is performing at a high level, with unit-level rent coverage of approximately 3.6x. Coverage of this magnitude demonstrates that the store's sales comfortably support its rent obligation, providing investors with a meaningful margin of safety well beyond the corporate guaranty alone. Strong store-level economics also underscore the tenant's long-term commitment to the site: locations that perform are locations that renew.
BUILT-IN INCOME GROWTH
The 2% annual escalations compound throughout the entire lease term, meaning the income stream grows every year without renegotiation, capital investment, or management effort. For investors comparing flat-lease alternatives at similar going-in yields, the effective yield on this asset widens steadily over the hold period, enhancing both cash-on-cash returns and the residual value at exit.
EPICENTER OF PALM BEACH COUNTY'S RESIDENTIAL EXPANSION
The property sits in the path of growth along the Southern Boulevard corridor, the primary artery serving the western communities of Palm Beach County. Immediately surrounding the site, the Westlake and Arden master-planned communities are entitled for a combined 6,500+ homes, systematically adding rooftops — and daily-drive-by car wash customers — to the immediate trade area year after year. New residential construction of this scale creates a durable, expanding customer base for membership-driven express car wash operations, which depend on high-frequency repeat visits from nearby households. With a one-mile average household income of $257,714, the existing customer base is among the most affluent in the region, supporting strong membership adoption and premium wash package sales.
THE EXPRESS CAR WASH ADVANTAGE
Express car washes have become one of the most sought-after categories in single-tenant net lease investing. The membership subscription model generates recurring, predictable revenue for the operator; the service is internet-resistant, cannot be replicated online, and serves an everyday consumer need. Newly constructed facilities such as this one feature modern tunnel equipment, efficient site layouts, and the contemporary branding that drives customer loyalty in this category.
FEE SIMPLE OWNERSHIP WITH SIGNIFICANT TAX ADVANTAGES
The offering includes fee simple ownership of both land and improvements. Car wash properties are among the most tax-advantaged asset types in net lease real estate: a substantial portion of the improvements may qualify for accelerated depreciation, and under current law investors may be able to take advantage of 100% bonus depreciation, potentially sheltering significant income in the early years of ownership. Prospective purchasers should consult their tax advisors regarding their individual circumstances, but for investors with passive income to offset, the after-tax return profile of this asset can be exceptional.
INVESTMENT HIGHLIGHTS
• New 2023 construction — modern express tunnel facility with decades of useful life remaining
• Absolute NNN lease — zero landlord responsibilities for maintenance, repairs, or capital expenditures
• 17+ years of primary term remaining through December 31, 2043, plus six 5-year renewal options
• Uninterrupted 2% annual rent increases through the primary term and all option periods
• Strong unit-level performance with approximately 3.6x rent coverage
• Corporate guaranty backing the lease
• Affluent trade area — $257,714 average household income within one mile
• Direct exposure to the Westlake and Arden master-planned communities, entitled for 6,500+ new homes
• Fee simple ownership with potential 100% bonus depreciation benefits
• Positioned on Southern Boulevard within Palm Beach County's largest residential growth corridor
This offering represents a rare opportunity to acquire a newly built, high-performing express car wash with long-term contracted income, annual growth, exceptional demographics, and a tangible margin of safety at the store level — all with none of the management obligations of traditional real estate ownership. For additional information, including the offering memorandum and financial details, please contact the listing broker.