Market Overview – July 2025

As of August 1, 2025, there are 100 car wash NNN properties on the market nationwide. The average cap rate has eased to 6.37%, down from 6.48% in June and 6.60% in February. This change reflects market shifts following the reinstatement of 100% bonus depreciation. This shift follows the reinstatement of 100% bonus depreciation, a tax provision that allows owners to deduct the full cost of eligible assets in the first year—freeing up capital for reinvestment and expansion.

Quick Quack Car Wash tops the list with 11 active listings. It has an average 5.44% cap rate thanks in part to its common ground lease structures. In addition, other active operators include Club Car Wash, Mammoth Car Wash, WhiteWater Express, and Caliber Car Wash.

Operator Highlights

• Whistle Express is now the largest express car wash operator in the U.S. with over 530 locations, following its acquisition of Take 5 Car Washes from Driven Brands. Upgrades in technology, customer experience, and sustainability are planned.
• Mister Car Wash reported Q2 2025 revenue of $265 million (up 4% YoY) and net income growth of 8.7%, now operating 522 locations after eight new openings this year.
• ZIPS Car Wash has reemerged from Chapter 11 bankruptcy, focusing on top-performing sites and launching upgrades at 35 locations starting in Lexington.

State-by-State Snapshot

Leading states by number of car wash properties on the market:

• Texas: 15 properties | 6.23% cap rate
• Arkansas: 12 properties | 6.19% cap rate
• Florida: 11 properties | 6.34% cap rate
• California: 8 properties | 5.40% cap rate

For a full breakdown of states, tenants, average price, NOI, and lease term, download the complete report below.

For Buyers and Sellers

Whether you’re seeking to acquire a net lease car wash property or evaluating a sale leaseback, the July 2025 data offers a real-time view of where opportunities may exist. With steady inventory and strong operator activity, market conditions remain active for both sides of the transaction.