Market Overview – October 2025
As of November 3, 2025, there are 237 net lease car wash properties on the market nationwide — a meaningful month-over-month increase.
Key Metrics (October 2025)
- Total Listings: 237 (up from 176 in September)
- Average Cap Rate: 6.25% (down slightly from 6.27%)
- Average Price: $5,137,621
- Average NOI: $339,920
- Average Lease Term: 18.1 Years
This combination of rising inventory and firm pricing suggests that both institutional and private buyers remain actively engaged, with long lease terms supporting durable investor confidence.
Operator Highlights
Several operators continue to shape activity in the car wash net lease market. October’s top brands include:
Leading Operators by Number of Listings
- Whistle Express Car Wash: 44 Listings | 6.05% Cap | $4.11M Avg. Price
- Tidal Wave Auto Spa: 18 Listings | 6.34% Cap | $5.74M Avg. Price
- Mister Car Wash: 16 Listings | 5.84% Cap | $5.15M Avg. Price
- BlueWave Express: 15 Listings | 6.08% Cap | $5.46M Avg. Price
- Mammoth Car Wash: 13 Listings | 5.98% Cap | $4.97M Avg. Price
- Club Car Wash: 12 Listings | 6.05% Cap | $5.41M Avg. Price
- Caliber Car Wash: 12 Listings | 6.57% Cap | $4.68M Avg. Price
- Quick Quack Car Wash: 12 Listings | 5.55% Cap (among the lowest)
Premium brands continue to command above-market pricing and longer lease commitments:
- Rocket Express: ~$9.99M Avg. Price | 6.50% Cap | 16.1-Year Avg. Term
- Tommy’s Express: ~$7.52M Avg. Price | 7.08% Cap | 19.1-Year Avg. Term
- Wow Carwash: ~$7.18M Avg. Price | 6.14% Cap | 19.2-Year Avg. Term
- El Car Wash: ~$6.82M Avg. Price | 6.08% Cap | 18.7-Year Avg. Term
These patterns reinforce a continued bifurcation: established regional and national brands with strong membership models are securing pricing premiums, while newer entrants and mid-market operators show broader cap rate variability.
State-by-State Snapshot
Activity remains geographically diverse, with notable concentrations in high-growth Sun Belt and Mountain West regions.
Top States by Active Inventory
- Texas: 59 Properties | 6.31% Cap
- Florida: 24 Properties | 6.06% Cap
- Georgia: 23 Properties | 6.50% Cap
- Arkansas: 16 Properties | 6.28% Cap
- California: 12 Properties | 5.33% Cap (among the lowest nationwide)
Additional markets with meaningful activity include Idaho, Tennessee, Nevada, North Carolina, Illinois, South Carolina, and Utah — all generally trading between 6.0% and 6.8% cap rates.
States showing higher cap rates (7.00%–7.25%) include Pennsylvania, New York, and West Virginia, consistent with smaller footprints or tertiary markets.
Download the Full October 2025 Car Wash Report
Access the complete tenant-by-tenant and state-by-state data — including cap rates, pricing, NOI, and average lease terms — in the full October 2025 Car Wash Listed Inventory Report.
- $43,400,000
- $25,473,000
- $1,366,000