NNN car wash inventory declined to 200 on-market properties in January 2026, down 40 listings month-over-month.
Cap rates remained stable, pricing held firm, and average lease term continues to support long-duration income positioning for net lease investors.
By the Numbers — January 2026
| Metric | January | December | MTM Change |
|---|---|---|---|
| # On Market | 200 | 240 | ▼ 40 |
| Avg. Cap Rate | 6.24% | 6.26% | ▼ 0.02% |
| Avg. Price | $4,992,084 | $4,994,409 | ▼ $2,325 |
| Avg. NOI | $311,828 | $312,822 | ▼ $994 |
| Avg. Lease Term | 18.5 Years | 18.6 Years | ▼ 0.1 Years |
Inventory contraction was the most notable shift in January. Pricing and yield metrics remained largely steady.
Inventory Trend: Tightening Supply
After peaking at 289 listings in November, inventory has declined for two consecutive months:
- November: 289
- December: 240
- January: 200
This represents a 31% decline from the November high.
For 1031 exchange and private capital investors, fewer listings typically translate to more selective opportunities and competitive bidding for stabilized assets
Cap Rate Stability in the Mid-6% Range
January’s average cap rate settled at 6.24%, continuing a narrow trading band between 6.24% and 6.33% over the past six months.
This consistency reflects:
- Ongoing demand for stabilized car wash operators
- Predictable underwriting expectations
- Continued appetite for long-term net lease income
Premium operators continue to trade below market average, while select smaller operators price above 7%.
The spread reinforces how tenant strength and lease duration remain primary pricing drivers.
Top Operators by Listings
The largest concentrations of inventory by operator:
- Whistle Express Car Wash — 37 listings
- BlueWave Express Car Wash — 30 listings
- Clearwater Express Car Wash — 16 listings
- Caliber Car Wash — 14 listings
Operator scale and geographic footprint continue to influence both pricing and investor perception.
Geographic Distribution
Inventory remains heavily concentrated in Sunbelt states.
Top States by Listings:
- Texas — 66 listings
- Florida — 23 listings
- Georgia — 18 listings
- Arkansas — 13 listings
- California — 12 listings
Texas alone represents roughly one-third of total market supply.
Average cap rates vary by state, ranging from mid-5% levels in certain western markets to mid-6%+ in select secondary markets.
Lease Duration Supports Long-Term Positioning
The average remaining lease term is 18.5 years, reinforcing the car wash sector’s appeal for:
- Long-duration passive income
- 1031 exchange buyers
- Income-focused portfolios
- Defensive positioning strategies
In an environment where stability matters, long-term leased service retail continues to attract capital.
What This Means for Investors
If inventory continues to tighten while cap rates remain steady:
- Competitive bidding may increase
- Premium operators could see modest cap rate compression
- Market dispersion between strong and secondary operators may widen
Investors should monitor:
- Operator scale and expansion trends
- Lease escalations and term remaining
- Market saturation by state
Car wash remains a data-driven, operator-sensitive segment within net lease investing.
Download the Full January 2026 Report
- $43,400,000
- $25,473,000
- $1,366,000