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Car Wash

Ultra Clean Express Car Wash

5140 W Cheyenne Ave, Las Vegas, NV 89130

Listing Price: $3,800,000

Cap Rate
5.75%
Tenant Name
Ultra Clean Express Car Wash
Years Remaining On Lease
20.1
Gross SF
1,909
Guarantor
Corporate Guarantee
Rentable SF
1,909
Price/Gross SF
$1,990.57
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$114.46

Investment Overview

Marcus and Millichap is pleased to present for sale, Ultra Clean Express Car Wash in Las Vegas, Nevada. Ultra Clean Express ("Ultra Clean") is a leading operator of express car wash facilities with locations throughout the Las Vegas and Phoenix MSAs. Ultra Clean currently has 20 locations, with six in development with additional larger expansion plans. The company operates multiple brands under the same umbrella: Ultra Clean, 3 Minute Car Wash, Rinse N Ride, Sparkle, and Fast & Friendly. Ultra Clean's sites have industry leading economics, modern express exterior equipment, and a loyal customer base. Ultra Clean's management team has a long track record of success in car wash and multi-site services. Ultra Clean's strategy is to build regional density in attractive MSAs in the Southwest United States. The company operates 14 sites in Arizona with two in development. In Nevada, the company operates six sites with four in development. Lindsay Goldberg ("LG") is a New York-based private investment firm that focuses on partnering with families, founders, and management teams seeking to actively build their businesses and pursue long-term value creation. LG acquired Ultra Clean in late 2021. LG has marked experience investing in multi-site services business models and buy-and-build platforms. The firm takes a long-term view to investing by supporting its investments throughout their life cycle. LG partnered with two highly experienced multi-site services executives to lead the company: CEO Frank Kneller is a four-time PE backed CEO with recent multi-site services experience at Sun Auto (350+ locations); Chairman Tom Mangas is the former CEO of the International Car Wash Group. Known as The Entertainment Capital of the World, Las Vegas is an internationally renowned major resort city, regarded for its gambling, shopping, fine dining, entertainment, and nightlife. It is a top three destination in the United States for business conventions and a global leader in the hospitality industry, claiming more AAA Five Diamond hotels than any other city in the world. Today, Las Vegas annually ranks as one of the world’s most visited tourist destinations and serves as the leading financial, commercial, and cultural center for Nevada.

Investment Highlights

  • Brand New 20-Year Absolute Triple-Net (NNN) Lease with Corporate Guaranty
  • 10 Percent Rental Increases Every Five Years
  • 460,087 Residents within a Five-Mile Radius - Dense Las Vegas Infill
  • Property Qualifies for 80 Percent Year One Bonus Depreciation or 15-Year Accelerated Depreciation Per IRS 1250 Property Designation
  • Located at the Corner of West Cheyenne Avenue and North Rancho Drive with a Combined 54,800 Cars per Day
  • Adjacent to Several National Tenants - McDonald's, Taco Bell, Jack in the Box, Wienerschnitzel, and More
  • Down the Road from North Las Vegas Airport
  • Centrally Located within a 30-Minute Drive of The Las Vegas Strip, Harry Reid International Airport, University of Nevada Las Vegas, and the Las Vegas Motor Speedway

Exclusively Listed By

  • Mark Ruble

    Executive Managing Director Investments

    (602) 687-6766

    Email Mark

    License(s): AZ: SA550593000, NV: S.0192964

    Phoenix

Broker of Record

  • Cameron Glinton

    Regional Manager

    (702) 215-7100

    License(s) NV: B.1002894.CORP

    Nevada

Financing By

Car Wash

Ultra Clean Express Car Wash

Listing Price: $3,800,000

Cap Rate
5.75%
Tenant Name
Ultra Clean Express Car Wash
Years Remaining On Lease
20.1
Gross SF
1,909
Guarantor
Corporate Guarantee
Rentable SF
1,909
Price/Gross SF
$1,990.57
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$114.46

Investment Highlights

  • Brand New 20-Year Absolute Triple-Net (NNN) Lease with Corporate Guaranty
  • 10 Percent Rental Increases Every Five Years
  • 460,087 Residents within a Five-Mile Radius - Dense Las Vegas Infill
  • Property Qualifies for 80 Percent Year One Bonus Depreciation or 15-Year Accelerated Depreciation Per IRS 1250 Property Designation
  • Located at the Corner of West Cheyenne Avenue and North Rancho Drive with a Combined 54,800 Cars per Day
  • Adjacent to Several National Tenants - McDonald's, Taco Bell, Jack in the Box, Wienerschnitzel, and More
  • Down the Road from North Las Vegas Airport
  • Centrally Located within a 30-Minute Drive of The Las Vegas Strip, Harry Reid International Airport, University of Nevada Las Vegas, and the Las Vegas Motor Speedway

Investment Overview

Marcus and Millichap is pleased to present for sale, Ultra Clean Express Car Wash in Las Vegas, Nevada. Ultra Clean Express ("Ultra Clean") is a leading operator of express car wash facilities with locations throughout the Las Vegas and Phoenix MSAs. Ultra Clean currently has 20 locations, with six in development with additional larger expansion plans. The company operates multiple brands under the same umbrella: Ultra Clean, 3 Minute Car Wash, Rinse N Ride, Sparkle, and Fast & Friendly. Ultra Clean's sites have industry leading economics, modern express exterior equipment, and a loyal customer base. Ultra Clean's management team has a long track record of success in car wash and multi-site services. Ultra Clean's strategy is to build regional density in attractive MSAs in the Southwest United States. The company operates 14 sites in Arizona with two in development. In Nevada, the company operates six sites with four in development. Lindsay Goldberg ("LG") is a New York-based private investment firm that focuses on partnering with families, founders, and management teams seeking to actively build their businesses and pursue long-term value creation. LG acquired Ultra Clean in late 2021. LG has marked experience investing in multi-site services business models and buy-and-build platforms. The firm takes a long-term view to investing by supporting its investments throughout their life cycle. LG partnered with two highly experienced multi-site services executives to lead the company: CEO Frank Kneller is a four-time PE backed CEO with recent multi-site services experience at Sun Auto (350+ locations); Chairman Tom Mangas is the former CEO of the International Car Wash Group. Known as The Entertainment Capital of the World, Las Vegas is an internationally renowned major resort city, regarded for its gambling, shopping, fine dining, entertainment, and nightlife. It is a top three destination in the United States for business conventions and a global leader in the hospitality industry, claiming more AAA Five Diamond hotels than any other city in the world. Today, Las Vegas annually ranks as one of the world’s most visited tourist destinations and serves as the leading financial, commercial, and cultural center for Nevada.

Exclusively Listed By

  • Mark Ruble

    Executive Managing Director Investments

    (602) 687-6766

    Email Mark

    License(s): AZ: SA550593000, NV: S.0192964

    Phoenix

Broker of Record

  • Cameron Glinton

    Regional Manager

    (702) 215-7100

    License(s): NV: B.1002894.CORP

    Nevada

Financing By

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