Highlights
• 15-year corporate NNN lease, new April 2025, with six 5-year renewal options and 1.5% annual rent increases. • 100% bonus depreciation on qualifying improvements for immediate cash flow boost. • Post-bankruptcy rent reset provides durable, realistic cash flow at attractive yields. • Hands-off ownership: Fee simple, zero landlord responsibilities. • Prime hard-corner location: 1.5-acre parcel with 54K VPD, ideal for long-term value.
Description
Pegasus Investments Real Estate Advisory and ParaSell, Inc., as exclusive advisors for the seller, are pleased to present the fee simple interest in a Zips Car Wash in the highly desirable Greensboro–High Point metro area. The property features a 4,469-square-foot express tunnel car wash on a 1.49-acre parcel, secured by a brand-new absolute triple net (NNN) corporate lease executed in April 2025. The lease provides a 15-year primary term with 1.5% annual rent increases and six 5-year renewal options, each with continued escalations, offering long-term, predictable, passive income. Additionally, the structure enables new bonus depreciation under the federal “Big New Bill” passed in July 2025, providing potential tax efficiencies (investors should consult their tax advisors). Strategically positioned at the signalized hard corner of Patterson Street and S Holden Road, the property enjoys exceptional visibility and accessibility between US-70 and I-40, two of Greensboro’s busiest thoroughfares. The site is located within a dense industrial corridor that houses over 30 logistics, warehouse, and industrial businesses, and sits within a well-established automotive hub alongside operators such as B&B Truck Repair, Auto Solutions of Greensboro, and Randall’s Tire & Automotive, making it ideal for sustained car wash operations. The surrounding 3-mile trade area serves nearly 100,000 residents and 40,000 households, averaging two vehicles per household, providing a strong and consistent customer base. The property benefits from reinstated 100% bonus depreciation, allowing investors to immediately expense qualifying improvements, equipment, and systems, enhancing early cash flow and overall IRR potential. Greensboro’s economy is strong and growing, anchored by major employers including Honda Aircraft Company, HAECO Americas, Qorvo, Mack Trucks, The Fresh Market, and FedEx, with Piedmont Triad International Airport serving as a regional logistics hub. The metro is further strengthened by Toyota’s new battery manufacturing facility in nearby Randolph County. Following Zips’ successful emergence from Chapter 11 bankruptcy in early 2025, the property operates under a restructured lease with market-level rent, creating a healthier EBITDA margin for the tenant. This offering represents a stabilized, essential service asset with long-term, tax-efficient income in one of the strongest commercial corridors in the country.
Listing Details
- Cap Rate
7.25%
- Tenancy
Single
- Space Type
specialty
- Sub Category
car-wash
- Sale Type
Investment Sale
- Date Listed
10/8/2025
- Ownership Info
Fee Simple
- Broker/Agent Co-op
Yes
- Net Operating Income
$300,000
- Parking Info
6.94/1,000 SF
Property Specifics
- Property Name
2806 Patterson St - Absolute NNN Zips Car Wash
- Property Class
B
- No of Buildings
1
- No of Stories
1
- No of Units
1
- Year Built
2016
- Building Size
4,469 SF
- Lot Size
1.49 AC
- APN
0017899
- Zoning
Commercial (HI)
- Occupancy
100%