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Phone: 916-403-1812

Email: McKenney.Houck@cushwake.com

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Ultra Car Wash & Gas Station, Boise, ID

Ultra Car Wash & Gas Station, Boise, ID


Investment Summary

Price $5,825,000
Cap Rate 6.00%
NOI $349,500
Lease Term 20 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built Retrofitted in 2023
Building Size 6,420 SF
Lot Size 1.1 acres (47,916 SF)
Status Available
Lead Brokers McKenney Houck
Senior Brokerage Coordinator
916.403.1812
mckenney.houck@cushwake.com
License #CB59034

Investment Highlights

NEW 20-YEAR GUARANTEED ABSOLUTE NNN LEASE WHICH QUALIFIES FOR ACCELERATED DEPRECIATION
» New 20-year fee simple absolute NNN lease, creating a stable, long-term investment
» As a full service and auto detailing shop, Ultra Car Wash is renowned throughout Boise and Meridian, Idaho for their speedy service and attention to detail
» This asset is deliverable well-below replacement cost and qualifies for accelerated depreciation

HIGH PROFILE ASSET LOCATED AT ENTRANCE TO MAJOR LOWE’S AND WALMART CENTER
» Strategically located along West Overland Road, one of Boise’s busiest retail corridors with direct visibility and access to more than 35,000 vehicles per day directly in front of the store
» High-visibility from Interstate 84 / Vietnam Veterans Memorial Highway (93,500 AADT)
» Outparcel to one of the busiest Walmart’s and Lowe’s in all of Idaho and positioned
across the street from the most visited Costco in all of Idaho, providing substantial customer traffic to the area
» Located at the main entrance to Lowe’s, directly adjacent to large Lowe’s pylon signage

DENSELY POPULATED AND AFFLUENT CUSTOMER BASE WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 246,432 residents live within five miles of the property (an increase of more than 22%
since 2010)
» Excellent average annual household income of $96,742 within a five-mile radius of the property (expected to increase more than 15% by 2028)
» Surrounded by high-density single-family housing developments, including The Prospect (91 fully renovated apartment homes), Movado Estates, Movado Village, and Movado Greens (brand-new single-family home communities with 430 building lots on 102.69 acres)
» Less than five miles from Boise State University (26,162 students and 3,197 faculty & staff) which has an estimated economic impact of $1.5B to the area

NEW 2023 HIGH-QUALITY RENOVATION
» The property underwent extensive renovations, including all new car wash equipment and a new parking lot

Property Description

» New 20-Year Absolute NNN Lease: An excellent investment opportunity in one of the most sought-after markets in the U.S., this bodes well for potential investor demand for the subject property
» Exceptional Visibility and Access: This Ultra Car Wash has an easily accessible location along West Overland Road (35,476 AADT) and high-visibility from Interstate 84 / Vietnam Veterans Memorial Highway, one of the busiest Idaho thoroughfares that traverses the state (93,500 AADT)
» Outparcel to Walmart and Lowe’s: The property is positioned in one of Boise’s busiest retail corridors with a nearby Costco warehouse and Regal Edwards cinema, creating significant crossover traffic
» Beneficial Proximity to Densely-Populated Communities: The site greatly benefits from its proximity to high-density communities and housing developments such as the Movado Estates, Movado Village, and Movado Greens communities (totalling to 430 building lots on 102.69 acres)
» Large and Reliable Customer Base: An excellent average annual household income of $96,742 supports the 246,432 residents living within a five-mile radius of the site

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