NNN Car Wash Listed Inventory – September 2025

Market Overview – September 2025

As of October 1, 2025, there are 176 net lease car wash properties on the market nationwide—up 72 listings month-over-month and the highest level of inventory since December 2024.

• Average Cap Rate: 6.27% (down from 6.33% in August)
• Average Price: $5.24M (up from $5.09M)
• Average NOI: $329,480
• Average Lease Term: 17.7 years

This growth and tightening in yields reflect a market energized by the reinstated 100% bonus depreciation provision passed in July, which has improved cash flow for operators and fueled both new development and sale-leaseback activity.

Operator Highlights

Leading car wash operators by active listings:

• Whistle Express Car Wash – 20 Listings | Avg. Cap Rate: 6.13%
• Tidal Wave Auto Spa – 14 Listings | Avg. Cap Rate: 6.23%
• Mister Car Wash – 14 Listings | Avg. Cap Rate: 5.82%
• ClearWater Express Car Wash – 12 Listings | Avg. Cap Rate: 6.15%
• Quick Quack Car Wash – 11 Listings | Avg. Cap Rate: 5.50%
• Club Car Wash – 10 Listings | Avg. Cap Rate: 6.00%

Premium operators such as ClearWater Express, Cobblestone Car Wash, and Wow Carwash continue to command top-tier pricing, supported by strong lease terms (19–20 years) and high investor demand.

Notably, Zips Car Wash—fresh out of Chapter 11 restructuring—has reentered the market with five listings averaging a 6.71% cap rate, while Tsunami Express Car Wash expanded its footprint by acquiring 53 Take 5 Car Wash locations, marking major growth in the Midwest.

State-by-State Snapshot

Top states for active net lease car wash properties:

• Texas: 38 Properties | 6.28% Cap Rate
• Arkansas: 14 Properties | 6.23% Cap Rate
• Florida: 13 Properties | 6.39% Cap Rate
• California: 13 Properties | 5.34% Cap Rate
• Georgia: 12 Properties | 6.65% Cap Rate

Other active markets include Nevada, Illinois, Idaho, and Michigan, with cap rates generally ranging between 6.10% and 6.50%.

For Buyers and Sellers

With inventory at a nine-month high, the September 2025 car wash market offers robust opportunities for both acquisition and sale-leaseback strategies. The sector continues to benefit from favorable tax treatment, long-term leases, and strong tenant performance, making it one of the most dynamic segments within net lease real estate today.

Download the full September 2025 Car Wash Report for a complete breakdown by tenant, state, and property type, including average cap rates, pricing, and NOI metrics.