Marcus & Millichap Sells Two El Car Washes In South Florida For $14.05M
2851 Okeechobee Road & 7366 West Boynton Beach Boulevard
$14,047,000
Building Size
—
Asset Type
Retail
Closing
Jan 10, 2024
About this deal
AI
Marcus & Millichap has sold Two El Car Washes in South Florida for $14,047,000. The properties are located at 2851 West Okeechobee Road in Hialeah and 7366 Boynton Beach Boulevard in Boynton Beach. The retail assets have 20-year Absolute NNN Leases, demonstrating the strong demand in the National Car Wash Industry. The sale was facilitated by Eduardo Toledo and Jonathan De La Rosa, brokers from Marcus & Millichap.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $14,047,000
- Address: 2851 West Okeechobee Road, Hialeah & 7366 Boynton Beach Boulevard, Boynton Beach
- Market: Hialeah & Boynton Beach
Marcus & Millichap played a significant role in this deal, representing the seller El Car Wash, with Justin Landau as the owner. The transaction highlights the demand for car wash properties and the investment potential they offer. Marcus & Millichap's expertise in the Miami market allowed them to recognize the opportunity and facilitate a successful sale.
On the Map
$14,047,000
Retail
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Hialeah Retail Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93