Splash Car Wash

2 Boston Post Road, West Haven, CT
Deal Type:
Sale Leaseback
Price:
$3,333,333
Cap Rate:
6.60%
Current Rent:
$220,000
Lease Type:
Triple Net
Lease Term:
15 Years years
Landlord Responsibilities:
None
Renewal Options:
4, 5-year options
Building Sq. Ft.:
7,092 SF
Rent Increases:
1.50% annually
Site Size:
2.73 Acres

Investment Highlights

  • 15-Year Absolute Triple Net Lease with Annual Rent Increases and Zero Landlord Responsibilities
  • Robust Site-Level EBITDAR/Rent Coverage of 2.47x
  • Tenant recently completed $865k in renovations including a new layout, process flow improvement, addition of free vacuums, and roof repair
  • 58% EBITDAR Growth Projected Over Next 12 months as a Result of Recent Capital Expenditures
  • Excellent Access, Visibility, and Frontage Along US-1 / Boston Post Rd. (20,400 VPD) serving a trade area with a daytime population of 153,000

Listing Agents

Chelsea Mandel

Vice President
516 850 6962
Chelsea@stream-cp.com

Connor Shell

Managing Director
407 913 9009
Connor@stream-cp.com

Graham Gold

Vice President
314 324 8792
Graham@stream-cp.com

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