Investment - Car wash and storage units

Property Description: This is an ideal property for an investor that wants a steady predictable income stream from two separate revenue sources:
• Car wash with 5 bays
• 51 self-storage units
Agent notes: Wow! This property is easy to manage with minimal time investment. You could manage this property easily with 5 to 7 hours each week or could outsource property/rental management to a third party to reduce your operational time. Property has two distinct sources of revenue for diversity. Revenue is extremely stable/predictable and should result in a great return on your investment for many years to come.
This property has a great location on 12th Street in a high traffic area. The property is located within blocks of Emporia State University and thriving downtown Emporia. Emporia Kansas is a great place to invest.
CAR WASH:
Car wash consists of:
• Three covered self-serve bays with updated equipment
• One covered bay with automated car wash equipment
• One open self-serve bay for larger vehicles
All bays are equipped to accept credit cards or cash payments. Equipment for the self-serve bays is in great running order with strong water pressure and consistent upgrades/maintenance. Automated car wash equipment was installed in 2012 and has performed impeccably well. The Jim Coleman Water Wizard is the premier in bay automatic in the car wash industry. This equipment has completed approximately 84,000 car washes while the typical lifespan of this equipment is 250,000.
All equipment is in good running order with solid maintenance to ensure consistent operation. The automated weep system will prevent freezing during winter months to ensure smooth year-round operation.
Interior car-care equipment includes:
• A cement island located near the street with two vacuums/shampooers and trash receptacles. Additional vacuums are located behind the car wash.
• On-site vending machines include ArmorAll leather wipes, ArmorAll protectant sponge, QuickDry towels, automotive windshield cleaner, two change machines, and bottled Pepsi machines.
Building: The building was constructed in 1975 and a commercial-grade roof was installed in 2011. The building was constructed with durable materials and is in good condition. The building also includes a secured equipment room with a walk-in door for easy access.
Car wash revenue is approximately $5,358 per month in self-serve washes and $4,020 in automatic car wash revenue. Current expenses include water, electricity, and maintenance
STORAGE UNITS:
Self-storage revenues are consistent and stable. There are a total of 51 storage units. The first building was constructed in 1982 and includes 4,224 square feet. The second building was constructed in 1993 with 1,440 square feet. All doors in building one were replaced approximately three years ago.
The average rental length is approximately twelve years which has resulted in a very low turnover rate of 10%. The time invested in renting new units is minimal since the property seldom has vacancies.
• Seven units 8’ x 7.5’ with a rental rate of $35
• Thirty-four 10’x 12’ with a rental rate of $45.
• Ten units 8’ x 15’ with a rental rate of $45
All units are currently rented. Current rentals rates are below the market rate so the new owner would have the option of increasing rental rates and income.