Car Wash NNN Market Read · Q2 2026
Car Wash NNN Market Read: 5.75% – 6.50%
Current cap rate range for absolute NNN car wash, corporate credit, 15+ year primary term.
Updated May 14, 2026 · refreshed quarterly
Recent trades
Sample comps — attributed to NetLeaseWorld + B+E + public sources.
| Location | Tenant | Cap | Price | Term | Source |
|---|---|---|---|---|---|
| Dallas, TX | Mister (Corp) | 5.80% | $7.1M | 18 yr | B+E |
| Tampa, FL | Tommy's Express (Franchisee) | 6.20% | $4.6M | 15 yr | NetLeaseWorld |
| Denver, CO | Quick Quack (Corp) | 5.95% | $6.8M | 20 yr | Public records |
| Charlotte, NC | Take 5 (Driven Brands) | 5.75% | $8.3M | 20 yr | B+E |
| Phoenix, AZ | El Car Wash (Corp) | 6.10% | $5.4M | 17 yr | NetLeaseWorld |
| Nashville, TN | Whistle Express (Franchisee) | 6.40% | $3.9M | 15 yr | Public records |
| Atlanta, GA | ZIPS (Post-Ch11 Corp) | 6.85% | $3.6M | 12 yr | B+E |
| Sacramento, CA | Spotless (Franchisee) | 6.30% | $5.1M | 15 yr | NetLeaseWorld |
What's driving pricing
YE 2026 bonus dep
The year-end 2026 bonus depreciation deadline is compressing the buy side. HNW and family-office capital is queueing for product they can close before December.
Industry consolidation
Mister/LGP, Whistle + Take 5, ZIPS post-Chapter 11. Institutional-credit supply is shrinking even as corporate-tenant demand grows.
PE-backed SLBs
PE-backed operators are using sale-leasebacks to fund growth — a healthy steady supply of corporate-credit NNN product, especially for buyers who can move quickly.
What we're seeing this quarter
"The bid is real but it's narrow. Corporate-credit NNN with 15+ years primary is trading inside 6%, and we're seeing multiple LOIs on the best assets. Franchisee credit is bid 50–125 bps wider and dependent on rent coverage. Sellers who price to the corporate end of the band without the credit to back it up are sitting. Sellers who run a quiet, off-market process with verified buyers are clearing — often above where a listed deal would have settled. That's the read."
— Ted Dowding, Managing Broker, TD Commercial Group
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