El Car Wash | Palm Bay (Melbourne MSA), FL

Colliers is proud to present El Car Wash at 5985 Babcock Street NE in Palm Bay, Florida, a newly built express car wash commanding the Interstate 95 interchange at Malabar Road on Florida's Space Coast. The three roads feeding this node carry a combined 145,000 vehicles per day: Interstate 95 at 63,325, Malabar Road at 49,413, and Babcock Street at 32,401. Fuel, convenience, and car care traffic all concentrate at this exit. This is where southern Brevard County stops on its way to and from the interstate.

The market behind the node is the growth story. U-Haul ranked the Melbourne market the number one growth city in the United States on its migration index; the five-mile population of 141,432 has grown 1.70% annually since 2020, and average household income within five miles is projected to climb from $91,708 to $106,240 by 2031. That income is the Space Coast payroll: SpaceX, L3Harris, Northrop Grumman, Blue Origin, Lockheed Martin, and the United States Space Force's STARCOM command relocating to Patrick Space Force Base, converting into rooftops across Palm Bay.

The improvements were completed in 2022: a 5,420-square-foot facility on 1.70 acres that ranks among the largest formats in the tenant's portfolio, and El Car Wash occupies it on an absolute triple net lease running through December 31, 2043, more than seventeen years of primary term, followed by six five-year extension options. Rent increases 2% every January 1, through the initial term and through every option period, with no flat stretches. The lease is guaranteed at the corporate level, rent is payable without offset, and the landlord carries no maintenance, repair, or capital obligation of any kind. Fee simple car wash ownership also carries 100% Bonus Depreciation Eligibility, which materially changes the after-tax return on this asset. Interchange positions in growth markets are what net lease investors say they want. This is one, with seventeen years of compounding income attached.

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