NNN car wash inventory reached a 2026 high in August, with 238 properties listed for sale. That’s 27 more than July. B+E’s August 2026 NNN Car Wash Listed Inventory Report also shows average cap rates rising to 6.34%, the highest level this year. Average asking prices and net operating income (NOI) were the highest in the six months the report tracks.
A cap rate (capitalization rate) is a property’s annual net operating income divided by its purchase price. It’s a quick way to compare the yield on two net lease properties. In a triple net (NNN) lease, the tenant pays property taxes, insurance, and maintenance in addition to rent.
Key Market Data
238 NNN car wash properties were listed in August 2026, up from 211 in July.
- Average cap rate rose to 6.34%, up 0.02% from July and the highest level of 2026
- Average asking price rose to $5,231,449, up $40,396 month over month
- Average NOI rose to $331,244, up $3,630 month over month
- Average remaining lease term was 17.5 years, down from 17.8 years in July
Monthly NNN Car Wash Market Summary, July vs. August 2026
| Month | # On Market | Avg. Cap Rate | Avg. Price | Avg. NOI | Avg. Term |
|---|---|---|---|---|---|
| August 2026 | 238 | 6.34% | $5,231,449 | $331,244 | 17.5 years |
| July 2026 | 211 | 6.32% | $5,191,053 | $327,614 | 17.8 years |
| Month-over-month change | +27 | +0.02% | +$40,396 | +$3,630 | −0.3 years |
Source: B+E 1031 Trade Database as of 09/01/2026.
Car Wash Inventory Reached a 2026 High
August’s 238 listings are the most of any month in 2026. Inventory started the year at 200 listings in January and fell through the spring to a low of 174 in May. It then climbed to 185 in June, 211 in July, and 238 in August. B+E attributes the late-summer increase partly to investors making decisions ahead of fiscal year-end.
Supply is also much higher than a year ago. In August 2025, 104 car wash properties were listed. August 2026’s count is more than twice that.
Car Wash Cap Rates Rose to 6.34%
The average NNN car wash cap rate reached 6.34% in August, the highest level of 2026. Cap rates hit their 2026 low of 6.20% in February and have trended generally upward since: 6.25% in March, 6.21% in April, 6.23% in May, 6.28% in June, and 6.32% in July. B+E expects car wash cap rates to stay elevated in the near term, which makes a return to February’s 6.20% less likely soon.
For comparison, the August 2025 average was 6.33%. Cap rates compressed after that, then rose through the second half of the period.
Rent Coverage Separates Fast-Moving Car Wash Listings
Rent coverage is one of the clearest signals of a car wash property’s health. Rent coverage is how many times a car wash’s operating earnings cover its annual rent. Car wash properties with 2x coverage or higher are generally considered healthy, and those above 3x are considered particularly strong. B+E sees these properties attract buyers quickly and often leave the market soon after listing.
Properties with coverage below 2.0x usually stay on the market longer. They may need pricing or structural adjustments to attract buyers. With inventory this high, the 2x-plus and especially 3x-plus listings are the ones most likely to trade quickly.
Whistle Express Car Wash Leads Tenant Activity
Whistle Express Car Wash has the most listings in the market, with 42 properties at an average cap rate of 6.12%. That’s about one in six listed car washes. B+E attributes the high count largely to Whistle Express’s 2025 acquisition of Take 5 Car Wash locations.
Go Car Wash moved into second place with 24 listings, up from 18 in July. Its 7.06% average cap rate is the second-highest among the top 10 tenants, behind Zips Car Wash at 7.25%. Quick Quack Car Wash has 14 listings at a 5.31% average cap rate, the lowest among the top 10. B+E attributes that low rate to the strength of the California real estate market, where many Quick Quack properties are located, and to the brand’s mostly ground lease structure.
Top 10 NNN Car Wash Tenants by Listings, August 2026
| Tenant | # On Market | Avg. Cap Rate | Avg. Price | Avg. NOI | Avg. Term |
|---|---|---|---|---|---|
| Whistle Express Car Wash | 42 | 6.12% | $4,906,289 | $301,906 | 19.3 years |
| Go Car Wash | 24 | 7.06% | $4,236,277 | $299,140 | 16.7 years |
| Bluewave Express Car Wash | 15 | 6.45% | $5,723,744 | $367,525 | 18.2 years |
| Tidal Wave Auto Spa | 15 | 6.52% | $6,253,045 | $408,436 | 17.1 years |
| Zips Car Wash | 15 | 7.25% | $3,859,836 | $276,057 | 9.1 years |
| Quick Quack Car Wash | 14 | 5.31% | $4,442,830 | $235,783 | 18.0 years |
| Clearwater Express Car Wash | 11 | 6.49% | $5,985,281 | $388,641 | 19.2 years |
| Mammoth Car Wash | 10 | 5.57% | $4,834,681 | $260,565 | 16.6 years |
| Flagship Car Wash | 8 | 6.34% | $7,312,057 | $463,159 | 19.8 years |
| Mister Car Wash | 8 | 5.95% | $5,708,399 | $339,104 | 15.3 years |
Sorted by number of listings, in the order shown in the report. Source: B+E 1031 Trade Database as of 09/01/2026. The full report lists 40 tenants.
Texas and Florida Lead Car Wash Listings by State
Texas leads all states with 48 listed car wash properties, followed by Florida with 34. Georgia and California each have 16, and Virginia and Nevada each have 12. Together these six states account for 138 of the 238 listings, or 58%. Cap rates vary widely by state: California averages 5.43% and Florida 5.98%, while Virginia averages 6.79%.
Top 10 States by NNN Car Wash Listings, August 2026
| State | # On Market | Avg. Cap Rate |
|---|---|---|
| Texas | 48 | 6.47% |
| Florida | 34 | 5.98% |
| Georgia | 16 | 6.66% |
| California | 16 | 5.43% |
| Virginia | 12 | 6.79% |
| Nevada | 12 | 6.39% |
| Tennessee | 8 | 6.19% |
| North Carolina | 8 | 6.66% |
| Pennsylvania | 7 | 6.46% |
| Ohio | 6 | 6.00% |
Sorted by number of listings, in the order shown in the report. Source: B+E 1031 Trade Database as of 09/01/2026. The full report covers 38 states.
Long Lease Terms Keep Car Washes in Demand
Listed car wash properties carry an average remaining lease term of 17.5 years. Tenant profiles, lease structures, and rents vary across the sector. Even so, car wash properties generally come with long-term lease commitments, which offer investors stable income over many years and help sustain demand for the asset class.
Bonus Depreciation Continues to Drive Car Wash Activity
The reinstatement of 100% bonus depreciation under the One Big Beautiful Bill Act (OBBBA) has increased activity in the car wash sector, according to B+E. That includes both transaction volume and new development. Bonus depreciation lets a business owner deduct the full cost of eligible assets immediately instead of spreading the deduction over many years. The tax savings and better cash flow can free up capital for expansion and new development.
Read more in B+E’s article on bonus depreciation for car wash and gas station investments.
This is general information, not tax advice. Talk to a tax professional about how bonus depreciation applies to a specific property.
Not All Listed Inventory Is Truly Available
Of the 238 car wash properties listed in August, B+E estimates about 148 are truly available for acquisition. Car wash deals typically take about two weeks to go from a letter of intent (LOI) to a signed purchase and sale agreement (PSA). After that come a 35-day due diligence period and another 30 days to closing. Many properties stay marketed as “available” for most of that process, even while under contract, so headline inventory overstates what a buyer can actually purchase.
B+E reaches this more conservative figure in two steps. First, it removes listings that have been on the market longer than a typical four-month marketing period. Then it applies an 80% adjustment factor to what’s left.
Treat headline inventory counts as a ceiling, not a guarantee of true availability.
Download the Full August 2026 Report
B+E’s August 2026 NNN Car Wash Listed Inventory Report also covers:
- Month-by-month inventory, cap rate, price, and NOI trends
- Market data for all 40 tenants
- State-by-state listings and cap rates
- B+E’s true-availability estimate
FAQ
What is the average cap rate for NNN car wash properties in August 2026? The average NNN car wash cap rate was 6.34% in August 2026. That’s up from 6.32% in July and the highest level of the year, per B+E’s August 2026 NNN Car Wash Listed Inventory Report.
How many car wash properties are listed for sale? 238 NNN car wash properties were listed as of September 1, 2026, a 2026 high. B+E estimates only about 148 are truly available, because many listings stay marketed while under contract during a closing process of roughly 80 days.
Which car wash brands have the most net lease listings? Whistle Express Car Wash led with 42 listed properties in August 2026, followed by Go Car Wash (24). Bluewave Express Car Wash, Tidal Wave Auto Spa, and Zips Car Wash each had 15.
Which states have the most car wash listings? Texas led with 48 listed car wash properties, followed by Florida (34), Georgia (16), and California (16).
What rent coverage should a car wash property have? B+E generally considers car wash properties with 2x rent coverage or higher healthy, and those above 3x particularly strong. Properties below 2.0x tend to stay on the market longer.
Who tracks car wash net lease market data? B+E is a net lease investment brokerage and car wash real estate broker that publishes a monthly NNN Car Wash Listed Inventory Report.
Looking for a specific car wash tenant, state, or price range? Talk to a B+E broker about current NNN car wash opportunities.
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