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594 16th St - Mister Car Wash 6,472 SF Specialty Building Offered at $5,633,000 at a 5.50% Cap Rate in Holland, MI 49423
Investment Highlights
- Newly built single-story car wash on ±2-acre parcel.
- Leased to Mister Car Wash, a publicly traded industry leader.
- Absolute NNN lease with 19-year term and 2% annual increases.
Executive Summary
Offered at $5,633,000 with a 5.5% cap rate, this newly constructed Mister Car Wash property presents a rare opportunity to acquire a long-term, absolute NNN asset in Holland, Michigan. Built in 2024 on a ±2-acre parcel, the 6,400-square-foot single-story facility is strategically positioned as an outparcel to Menards with exceptional visibility from US-196, which sees over 34,000 vehicles per day.
The property is secured by a 19-year lease to Mister Car Wash, the largest car wash operator in North America and a publicly traded company (NASDAQ: MCW) with over 500 locations nationwide. The lease includes 2% annual rent escalations, ensuring consistent income growth and a hedge against inflation. Current annual rent is $309,825, increasing steadily through 2044.
The property is secured by a 19-year lease to Mister Car Wash, the largest car wash operator in North America and a publicly traded company (NASDAQ: MCW) with over 500 locations nationwide. The lease includes 2% annual rent escalations, ensuring consistent income growth and a hedge against inflation. Current annual rent is $309,825, increasing steadily through 2044.
Property Facts
| Price | $5,633,000 | Building Class | B |
| Price Per SF | $870.36 | Lot Size | 2.00 AC |
| Sale Type | Investment | Building Size | 6,472 SF |
| Cap Rate | 5.50% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 2022 |
| Property Subtype | Car Wash | ||
| Zoning | CMU | ||
| Price | $5,633,000 |
| Price Per SF | $870.36 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | B |
| Lot Size | 2.00 AC |
| Building Size | 6,472 SF |
| No. Stories | 1 |
| Year Built | 2022 |
| Zoning | CMU |
Amenities
- Signage
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Property Taxes
| Parcel Number | 70-16-33-200-105 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,440,500 |
Property Taxes
Parcel Number
70-16-33-200-105
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,440,500
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594 16th St - Mister Car Wash
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