December 2025 Net Lease Car Wash Market Report: Inventory Pulls Back as Cap Rates Remain Stable
The net lease car wash sector closed out 2025 with measured normalization in available inventory, while pricing, cap rates, and lease terms remained largely intact. According to B+E’s December 2025 Net Lease Car Wash Listed Inventory Report, the market absorbed a wave of prior-month supply without a meaningful shift in investor pricing expectations.
Drawing from the B+E 1031 Trade Database, this update examines December activity across listings, cap rates, tenant performance, and geographic concentration — providing a clear snapshot of where the car wash net lease market stands heading into 2026.
Net Lease Car Wash Market Overview – December 2025
As of January 2, 2026, there are 240 net lease car wash properties actively listed nationwide, reflecting a pullback from November’s elevated inventory levels.
Key Market Metrics (December 2025):
- Total Listings: 240 (▼ 49 month over month)
- Average Cap Rate: 6.26%
- Average Price: $4,994,409
- Average NOI: $312,822
- Average Lease Term: 18.6 years
Despite fewer assets on the market, pricing and lease duration remained steady, reinforcing continued buyer confidence in long-term car wash fundamentals.
Month-Over-Month Trends: December vs. November
Compared to November 2025, December data points to market absorption rather than softening:
- Inventory: ▼ 49 listings
- Cap Rates: ▼ 0.01%
- Average Price: ▼ $94,519
- Average NOI: ▼ $6,477
- Average Lease Term: No change (18.6 years)
This modest reset suggests that demand kept pace with supply throughout Q4, allowing the market to stabilize without cap rate expansion.
Leading Net Lease Car Wash Operators – December 2025
Scaled operators continue to dominate listings while maintaining long lease durations and competitive cap rates.
Top Operators by Active Listings
- Whistle Express Car Wash: 46 listings | 6.00% cap rate | $3.81M avg. price | 20.8-year avg. term
- BlueWave Express Car Wash: 30 listings | 6.29% cap | $5.47M avg. price
- Clearwater Express Car Wash: 25 listings | 6.32% cap | $5.79M avg. price
- Caliber Car Wash: 17 listings | 6.46% cap | $4.86M avg. price
- Club Car Wash: 12 listings | 6.00% cap | $5.36M avg. price
- Tidal Wave Auto Spa: 12 listings | 6.40% cap | $5.76M avg. price
Several brands continue to command pricing premiums supported by scale and operating history:
- Rocket Express: ~$9.74M avg. price | 6.50% cap
- Tommy’s Express: ~$6.64M avg. price | 6.25% cap | 19.7-year leases
- El Car Wash: ~$6.82M avg. price | 6.08% cap
Lower cap rates among nationally recognized operators highlight continued institutional appetite for durable, membership-driven cash flow.
Net Lease Car Wash Activity by State
Inventory remains concentrated in growth-oriented and car-centric markets, with cap rates varying by regional competition and tenant mix.
Top States by Listings
- Texas: 78 properties | 6.33% cap
- Florida: 26 properties | 6.21% cap
- Georgia: 22 properties | 6.47% cap
- Arkansas: 16 properties | 6.05% cap
- California: 13 properties | 5.80% cap
Additional activity spans Tennessee, Idaho, Ohio, North Carolina, Alabama, Illinois, and Utah, with most states trading between 6.0% and 6.7%. Select tertiary markets continue to show higher cap rates above 7.0%.
What This Means for Net Lease Car Wash Investors
For buyers, December presents:
- Reduced but still diversified inventory
- Continued access to long-term leases
- Stable cap rates despite year-end normalization
For owners and operators, particularly those considering sale-leasebacks, the data supports ongoing valuation strength for well-located assets backed by scalable brands and long lease terms.
Download the Full December 2025 Net Lease Car Wash Report
The complete December 2025 Net Lease Car Wash Listed Inventory Report provides full tenant-level and state-level detail, including pricing, cap rates, NOI, and lease terms across the U.S.
- $43,400,000
- $25,473,000
- $1,366,000