For Sale
$6,800,000

510 State Road 434Winter Springs, FL 32708

Florida car wash, 20-year NNN lease.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a fee-simple, Class A, 6,318 square-foot car wash located at 510 W State Rd 434, Winter Springs, FL 32708. Boasting a prime location with nearly 57,000 vehicles passing daily, this property benefits from exceptional visibility and accessibility. The single-tenant building, constructed in 2019 and renovated in 2025, sits on a 1.16-acre lot and includes 26 parking spaces. Currently operating under a 20-year Absolute NNN lease with a credit-rated corporate guarantor, Bluewave Car Wash (rebranding to El Car Wash within 6-12 months), the property offers a substantial $425,000 NOI and a 6.25% cap rate at the asking price of $6,800,000. The lease includes 2% annual rent bumps and six, 5-year renewal options, ensuring consistent income growth. The tenant, a major player in the Florida car wash market, is expected to expand its site count significantly. This property is situated in a high-traffic area, near major roadways and shopping centers, within a densely populated and affluent community with average household incomes exceeding $105,000 within a 10-minute radius. The property's strong financials, long-term lease, and prime location make it an attractive investment with significant potential for appreciation. The investment is eligible for bonus depreciation.

Highlights

  • El Car Wash corporate guarantee.
  • 20-year NNN lease with 2% annual rent increases and six 5-year renewal options; $10.3M+ guaranteed income.
  • 6,318 SF Class A car wash on 1.16-acre lot with 26 parking spaces; renovated in 2025.
  • Prime location on State Road 434 (56,920+ VPD) near US Highway 17-92 (48,500 VPD), Winn-Dixie, Big Lots, and LA Fitness-anchored shopping centers.
  • Strong demographics: 76,200+ residents within a 10-minute drive, average household income exceeding $105,000.
  • $6,800,000 asking price, $425,000 NOI, 6.25% cap rate (7.59% average cap rate over base lease term).

Property Details for 510 State Road 434

Property type
Specialty properties, Retail properties
Square Feet
6,318 SF
Class
A
Year Built/Renovated
2019/2025
Buildings
1
Lot Size (sq. ft)
50,530 SF
Units
1

Location Insight

City
Winter Springs
County
Seminole
State
Florida
Latitude
28.6986111
Longitude
-81.3107744
510 State Road 434, Winter Springs, Florida

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510 State Road 434
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