May
04
Originally published on April 21, 2021, by Tom Acitelli for Commercial Observer.
Real estate investors looking for a safe place to park money coming out of COVID might consider the humble car wash. The sudsy byproduct of the automotive age has, in just a few short years, become an unusually durable commercial real estate asset.
It is largely immune to the encroachment of the internet — unlike so much brick-and-mortar retail — and its leases run to the long side: 15 to 20 years usually, with rent coverage ratios at least two times earnings before interest, debt, depreciation, taxes and amortization (EBITDA).
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