Dan kamsickas
GinSan Technician
Wait a minute.......Oklahoma and Nebraska still have football teams?
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- Thread starter Eric H
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traveler17
Well-known member
I guess I shouldn’t laugh, pushing a decade since Florida State has been relevant
soonermajic
Well-known member
Ok Danny.... we have hit a bump in the road. Or maybe we're in the ditch...
Roz
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8% CAP is great but frankly a meaningless comp as the related numbers (asking price, gross sales) are necessary to make it a valid data point. If the gross revenue is low (say $100K) you can easily have a 8 CAP if the land & building is worth more than the carwash business. Maybe mindsets are changing or you have a super location. This new listing is asking for a 4.86% CAP so maybe valuations for non tunnel carwashes is improving
www.loopnet.com
5005 Massaponax Church Rd, Fredericksburg, VA 22407 - Jack's Car Wash | LoopNet
5005 Massaponax Church Rd, Fredericksburg, VA 22407. This Specialty property is available for sale. Jack's is not named after a person, Jack's is named after a
soonermajic
Well-known member
Guessing this is 1 of Autecs "mini-tunnels"?8% CAP is great but frankly a meaningless comp as the related numbers (asking price, gross sales) are necessary to make it a valid data point. If the gross revenue is low (say $100K) you can easily have a 8 CAP if the land & building is worth more than the carwash business. Maybe mindsets are changing or you have a super location. This new listing is asking for a 4.86% CAP so maybe valuations for non tunnel carwashes is improving
5005 Massaponax Church Rd, Fredericksburg, VA 22407 - Jack's Car Wash | LoopNet
5005 Massaponax Church Rd, Fredericksburg, VA 22407. This Specialty property is available for sale. Jack's is not named after a person, Jack's is named after a
Roz
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Actually two Autec mini tunnels side by side.
soonermajic
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Well, thoughts on their setup & success? Tire Shine looks to be in it to. But dayummm $3.5 million??!!!!!
Roz
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The Mid-Atlantic Carwash Association visited them a few years ago just after they had opened their doors. It is an impressive building and they put a lot of thought into it. Hard to say if the ask is right or not, depends on their gross revenue. The listing is lite on meaningful details.Well, thoughts on their setup & success? Tire Shine looks to be in it to. But dayummm $3.5 million??!!!!!
soonermajic
Well-known member
OurTown
Well-known member
Based on the cap rate they are probably not doing half that and should have built a single IBE or just a double IBA. Asking about a million too much in my opinion. I doubt anyone could get a loan on that unless they put a boat ton down and then why would you do that?
Roz
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No idea on the financials. They are located in a busy part of VA, next to a large gas station, and have been pushing their membership programs from day one plus the wash offers free central vacs like a tunnel. I think the bays are 60' so they can process more cars than a normal IBA. It is a big ask but really comes down to the gross revenue - who knows maybe they have a very solid recurring monthly revenue. The couple who started the place are super nice.
Greg Pack
Wash Weenie
Great looking car wash. 20% down and 2.9 Million amortized at 7% for 20 years the payment is $22,500 per Month. Plus it will have to reloaded at least once during that time. But if the wash is grossing 65-70K per Month an investor could argue a quick enough return on their investment capital.
GIM doesn't take into account financing terms- a good reason to use it no more than a quick sanity check.
GIM doesn't take into account financing terms- a good reason to use it no more than a quick sanity check.
soonermajic
Well-known member
Greg, that's pretty much what i said. You just said it better. Ha.
Still, have to wash OVER TWO HUNDRED cars per day in a dbl iBA.
But Roz, you're correct also. It's a much faster iBA, & 200 is attainable. But they better have more than 2 cars total on beautiful days.
Still, have to wash OVER TWO HUNDRED cars per day in a dbl iBA.
But Roz, you're correct also. It's a much faster iBA, & 200 is attainable. But they better have more than 2 cars total on beautiful days.