November 2025 Net Lease Car Wash Market Report: Inventory Rises as Cap Rates Hold Steady
The net lease car wash sector continues to demonstrate resilience as 2025 draws to a close. According to B+E’s November 2025 Net Lease Car Wash Listed Inventory Report, available inventory expanded meaningfully month over month, while cap rates, pricing, and lease terms remained relatively stable.
Using insights from the B+E 1031 Trade Database, this update breaks down the latest trends across listings, pricing, tenant activity, and regional performance — helping investors, operators, and owners assess where opportunities are emerging in today’s market.
Net Lease Car Wash Market Overview – November 2025
As of December 1, 2025, there are 289 net lease car wash properties actively listed nationwide, representing a notable increase from October.
Key Market Metrics (November 2025):
- Total Listings: 289 (▲ 52 month over month)
- Average Cap Rate: 6.27%
- Average Price: $5,088,928
- Average NOI: $319,299
- Average eLease Term: 18.6 years
While inventory rose sharply, pricing and cap rates remained largely range-bound, suggesting continued buyer demand even as additional assets come to market. Longer average lease terms further reinforce investor confidence in the durability of car wash cash flows.
Month-Over-Month Trends: November vs. October
Compared to October 2025, the November data reflects a market absorbing new supply without material disruption:
- Inventory: +52 properties
- Cap Rates: +0.02% (essentially flat)
- Average Price: ▼ $48,693
- Average NOI: ▼ $20,621
- Lease Term: ▲ 0.5 years
These modest shifts point to normalization rather than weakening fundamentals, with buyers remaining selective but active.
Top Net Lease Car Wash Operators by Listings
Brand strength and operational scale continue to influence pricing and lease structure in the net lease car wash market.
Leading Operators – November 2025
- Whistle Express Car Wash: 59 listings | 6.00% cap | $3.90M avg. price | 20.3-year avg. term
- BlueWave Express Car Wash: 30 listings | 6.27% cap | $5.49M avg. price
- Clearwater Express Car Wash: 23 listings | 6.37% cap | $5.96M avg. price
- Club Car Wash: 19 listings | 6.00% cap | $5.45M avg. price
- Tidal Wave Auto Spa: 14 listings | 6.45% cap | $5.72M avg. price
- Mister Car Wash: 14 listings | 5.95% cap | $5.36M avg. price
Several premium brands continue to trade at higher valuations and longer lease terms:
- Tommy’s Express: ~$7.49M avg. price | 6.65% cap
- Wow Carwash: ~$7.18M avg. price | 6.14% cap
- Rocket Express: ~$9.99M avg. price | 6.50% cap
Lower cap rates among nationally recognized operators reflect strong investor appetite for scale, membership-driven revenue, and established operating histories.
Net Lease Car Wash Cap Rates by State
Geographically, listings remain concentrated in high-growth and population-dense states, with cap rates varying by market maturity and competition.
Top States by Active Inventory
- Texas: 89 properties | 6.35% cap
- Florida: 29 properties | 6.25% cap
- Georgia: 25 properties | 6.47% cap
- Arkansas: 17 properties | 6.09% cap
- California: 13 properties | 5.70% cap
Additional activity spans Tennessee, Idaho, Nevada, Ohio, Illinois, and Utah, with most markets trading between 6.0% and 6.8%. Higher cap rates persist in select tertiary markets, including New York, Pennsylvania, and parts of the Midwest.
What This Means for Net Lease Car Wash Investors
For buyers, the November data presents:
- Expanded inventory across multiple price points
- Continued access to long-term leases
- Stable cap rates despite increased supply
For owners and operators, especially those considering sale-leasebacks, current conditions remain favorable. Strong brand premiums, long lease durations, and steady investor demand continue to support attractive valuations — particularly for institutional-quality assets.
Download the Full November 2025 Net Lease Car Wash Report
The full November 2025 Net Lease Car Wash Listed Inventory Report includes complete tenant-level and state-by-state data, covering pricing, cap rates, NOI, and lease terms across the U.S. market.
- $43,400,000
- $25,473,000
- $1,366,000