NNN car wash inventory jumped to 299 listed properties in September 2026, a new high for the year and 61 more than August. B+E’s September 2026 NNN Car Wash Listed Inventory Report shows the average cap rate easing to 6.29% from August’s 6.34%, the first monthly decline since April. Average asking price and net operating income (NOI) also dipped. The average remaining lease term held at 17.5 years.
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.
299 NNN car wash properties were listed in September 2026, up from 238 in August.
- Average cap rate eased to 6.29%, down 0.05% from August
- Average asking price dipped to $5,172,016, down $59,433 month over month
- Average NOI dipped to $325,222, down $6,022 month over month
- Average remaining lease term held at 17.5 years, unchanged from August
Monthly NNN Car Wash Market Summary, August vs. September 2026
| Month | # On Market | Avg. Cap Rate | Avg. Price | Avg. NOI | Avg. Term |
|---|---|---|---|---|---|
| September 2026 | 299 | 6.29% | $5,172,016 | $325,222 | 17.5 years |
| August 2026 | 238 | 6.34% | $5,231,449 | $331,244 | 17.5 years |
| Month-over-month change | +61 | −0.05% | −$59,433 | −$6,022 | No change |
Source: B+E 1031 Trade Database as of 10/01/2026.
Car Wash Inventory Climbed to a New 2026 High
September’s 299 listings are the most of any month in 2026, and the 61-listing jump is the largest monthly increase in the six months the report tracks. That’s about 26% more inventory than August. Listings bottomed out at 174 in May, then rose four months in a row: 185 in June, 211 in July, 238 in August, and 299 in September.
For context, B+E’s August report showed inventory starting 2026 at 200 listings in January. September’s count is roughly 50% above that starting point.
Car Wash Cap Rates Eased to 6.29%
The average NNN car wash cap rate eased to 6.29% in September, down from August’s 2026 high of 6.34%. It’s the first month-over-month decline since April. Even so, September’s average sits above every month from February through June: 6.20% in February and 6.25% in March (per B+E’s August report), then 6.21% in April, 6.23% in May, and 6.28% in June.
Average Prices and NOI Dipped Slightly
The average asking price for a listed NNN car wash fell to $5,172,016 in September, and average NOI fell to $325,222. Both stayed within the range the report has tracked since April. Prices have ranged from $5,110,558 (April) to $5,231,449 (August), and NOI from $318,603 (April) to $331,244 (August).
Rent Coverage Separates Fast-Moving Car Wash Listings
With 299 car washes on the market, rent coverage is one of the clearest ways to sort the strongest properties from the rest. Rent coverage is how many times a car wash’s operating earnings cover its annual rent. B+E generally considers car wash properties with 2x coverage or higher healthy, and those above 3x particularly strong. In B+E’s experience, those 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. (B+E’s rent coverage guidance is from its August 2026 report.)
Whistle Express Leads as Mister Car Wash Listings Double
Whistle Express Car Wash still has the most listings in the market, with 45 properties at an average cap rate of 6.13%. That’s about 15% of all listed car washes, up from 42 listings in August. B+E’s August report attributed Whistle Express’s high listing count largely to its 2025 acquisition of Take 5 Car Wash locations.
Go Car Wash held second place with 24 listings at a 7.06% average cap rate. Zips Car Wash moved to third with 18 listings. Its 7.15% average cap rate is the highest among the top 10 tenants, and its 10.1-year average remaining lease term is the shortest.
Mister Car Wash had the biggest jump in the top 10, going from 8 listings in August to 17 in September. Club Car Wash entered the top 10, going from 4 listings to 11.
Quick Quack Car Wash has 17 listings at a 5.36% average cap rate, the lowest among the top 10. B+E’s August report linked Quick Quack’s low cap rates to the strength of the California real estate market, where many of its properties are located, and to the brand’s mostly ground lease structure.
Top 10 NNN Car Wash Tenants by Listings, September 2026
| Tenant | # On Market | Avg. Cap Rate | Avg. Price | Avg. NOI | Avg. Term |
|---|---|---|---|---|---|
| Whistle Express Car Wash | 45 | 6.13% | $4,906,165 | $302,488 | 19.4 years |
| Go Car Wash | 24 | 7.06% | $4,236,277 | $299,140 | 16.6 years |
| Zips Car Wash | 18 | 7.15% | $3,742,256 | $264,988 | 10.1 years |
| Mister Car Wash | 17 | 5.77% | $5,820,719 | $333,998 | 15.4 years |
| Quick Quack Car Wash | 17 | 5.36% | $4,237,311 | $226,792 | 18.5 years |
| Tidal Wave Auto Spa | 17 | 6.43% | $6,241,030 | $401,936 | 16.9 years |
| Bluewave Express Car Wash | 15 | 6.78% | $5,507,584 | $372,204 | 18.1 years |
| Mammoth Car Wash | 13 | 5.67% | $5,108,077 | $283,780 | 16.9 years |
| Clearwater Express Car Wash | 11 | 6.81% | $5,721,407 | $389,103 | 19.2 years |
| Club Car Wash | 11 | 5.82% | $5,115,609 | $305,106 | 19.7 years |
Sorted by number of listings, in the order shown in the report. Source: B+E 1031 Trade Database as of 10/01/2026. The full report lists 44 tenants.
Texas and Florida Lead Car Wash Listings by State
Texas leads all states with 59 listed car wash properties, followed by Florida with 39. Texas added 11 listings from August and Florida added 5. Georgia and California each have 16, and Illinois and Virginia each have 14. Illinois had one of the biggest jumps, rising from 5 listings in August. Together these six states account for 158 of the 299 listings, or 53%.
Cap rates vary widely by state. Among the top 10 states, California has the lowest average at 5.52% and Virginia the highest at 6.70%.
Top 10 States by NNN Car Wash Listings, September 2026
| State | # On Market | Avg. Cap Rate |
|---|---|---|
| Texas | 59 | 6.46% |
| Florida | 39 | 5.96% |
| Georgia | 16 | 6.61% |
| California | 16 | 5.52% |
| Illinois | 14 | 6.06% |
| Virginia | 14 | 6.70% |
| Tennessee | 13 | 6.08% |
| Ohio | 10 | 6.20% |
| North Carolina | 10 | 6.57% |
| Nevada | 10 | 6.47% |
Sorted by number of listings, in the order shown in the report. Source: B+E 1031 Trade Database as of 10/01/2026. The full report covers 39 states.
Long Lease Terms Keep Car Washes in Demand
Listed car wash properties carry an average remaining lease term of 17.5 years, the same as August. Tenant profiles, lease structures, and rents vary across the sector. Even so, car wash properties generally come with long-term lease commitments, which give investors stable income over many years.
Bonus Depreciation Continues to Shape Car Wash Activity
B+E’s August report credited the reinstatement of 100% bonus depreciation under the One Big Beautiful Bill Act (OBBBA) with increased transaction volume and new development in the car wash sector. 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 299 car wash properties listed in September, B+E estimates about 169 are truly available for acquisition. That’s roughly 57% of headline inventory. 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. In August, the same method put true availability at 148 of 238 listings.
Download the Full September 2026 Report
B+E’s September 2026 NNN Car Wash Listed Inventory Report also covers:
- Month-by-month inventory, cap rate, price, and NOI trends from April through September
- Market data for all 44 tenants
- State-by-state listings and cap rates for all 39 states
- B+E’s true-availability estimate
FAQ
What is the average cap rate for NNN car wash properties in September 2026? The average NNN car wash cap rate was 6.29% in September 2026, down from 6.34% in August, per B+E’s September 2026 NNN Car Wash Listed Inventory Report. It was the first monthly decline since April.
How many car wash properties are listed for sale? 299 NNN car wash properties were listed as of October 1, 2026, the highest count of the year. B+E estimates only about 169 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 45 listed properties in September 2026, followed by Go Car Wash (24) and Zips Car Wash (18). Mister Car Wash, Quick Quack Car Wash, and Tidal Wave Auto Spa each had 17.
Which states have the most car wash listings? Texas led with 59 listed car wash properties, followed by Florida (39), 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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