The triple net lease (NNN) car-wash real estate market continued to mature and expand in 2022, with more than 245 leased properties changing hands for a gross market value of more than $1 billion, according to CoStar data and B+E research. The average sale price of a NNN car wash was $4,480,273 and deals traded at an average cap rate of 5.79 percent.
“We saw some very impressive trade points in 2022,” said Jim Ceresnak, a director at B+E who specializes in car-wash dispositions and acquisitions. “Interest in the net lease car wash market remains high, and the robust deal activity we saw last year reflects that.”
B+E advised both buyers and sellers on an estimated $100 million of NNN car wash property transactions in 2022.
While the 2022 transaction statistics for the car-wash sector are impressive, they do not tell the full story of a market that faced headwinds as interest rates rose and inventory surged in the second half of the year. With many buyers
