Mister Car Wash property in Florida trades for $6 million

A net-leased Mister Car Wash site in Port Charlotte, Florida, has sold for $6.01 million, a transaction that highlights how investors continue to value car wash real estate tied to long-term corporate leases.

The deal was brokered by Marcus & Millichap, according to reporting from Auto Laundry News. The firm identified a private, Indiana-based buyer completing a 1031 exchange, a structure that lets investors defer capital gains taxes by reinvesting proceeds from a prior property sale into a new one.

Details of the sale

The property sits on 1.47 acres at 12561 S. McCall Road and was built in 2022. It is covered by an absolute triple-net lease, meaning the tenant is responsible for property taxes, insurance, and maintenance costs rather than the landlord. The buyer plans to hold the asset long term for cash flow rather than redevelop or flip it.

Dominic Sulo, a senior managing director at Marcus & Millichap who specializes in investment sales, pointed to several factors that drew interest. He cited the combination of 100 percent bonus depreciation, the absolute triple-net lease, and a long-term corporate-guaranteed income stream as what made the listing attractive. Sulo worked on the transaction out of the firm's Chicago Oak Brook office in association with Ryan Nee, the firm's Florida broker of record.

Sulo said demand for tax-efficient net lease deals remains strong, especially in fast-growing Florida markets where demographic trends support real estate values over time.

Why it matters for operators

Transactions like this one reinforce a split that defines much of the modern car wash business: the operating company and the real estate underneath it are often two separate assets with two separate sets of buyers. For operators who own their dirt, the sale offers a useful data point on what a newer, well-located express site can command when it carries a strong corporate tenant and a clean triple-net lease.

The pricing power here comes less from car wash fundamentals than from the lease structure and the tenant's credit. A corporate-guaranteed income stream, a long lease term, and a tenant that handles taxes, insurance, and upkeep translate into predictable cash flow that passive investors will pay a premium for. Operators weighing a sale-leaseback should note how much those lease terms shape the final number.

The mention of 100 percent bonus depreciation is also worth attention. That tax treatment lets buyers accelerate deductions on qualifying property components, which can meaningfully improve after-tax returns and widen the pool of interested investors. Operators and their advisors should understand how depreciation and 1031 exchange rules affect what their property is worth to a given buyer.

Finally, the Florida angle matters. Markets with strong population growth continue to attract capital, and location remains a central driver of both operating performance and real estate value. For operators evaluating where to build or buy, the demographic trends that appeal to net lease investors are often the same ones that support car counts and membership growth at the wash itself.