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St Petersburg, FL ModWash

$2,909,000
3939 49th St N
Lease Type Absolute Net Ground Lease
Cap Rate 5.50%
Property Type Freestanding Building
Land Area 1.27 Acres
Remaining Term 20 Years
Property Highlights
  • Rare, 20-Year Ground Lease with one of the largest car wash operators in the US
  • ModWash currently operates approximately 70 car washes in 11 states and has approximately 40+ locations in development
  • Corporately guaranteed ground lease provides completely passive ownership and stable cash flow for out of state investor
  • Priced below replacement cost, average tenant investment is $3.5 million +/- in addition to the land value
  • 10% rental increases provide hedge against inflation and a 6.38% average return over the initial lease term
  • High-profile location with excellent visibility and access to 29,000 cars per day along 49th Street
  • Dense in-fill market with over 130,000 people within 3 miles
  • From 2016 – 2021 the Tampa-St. Petersburg-Clearwater MSA’s population grew by 5.6% to over 3.2 million people, ranking it as one of the fastest growing large MSAs in the Country
  • Florida has no state income tax and in 2022 ranked as the fastest growing state in the US with nearly 10,000 people moving to the Sunshine State every week