Car Washes in Prime Locations Remain in Strong Demand
Rancho Car Wash located at 27378 Jefferson Ave. in Temecula recently sold to a private investor for $6.05 million. The purchase included both the business and real estate. The buyer plans to remodel and upgrade the operation.
Established in 1988, Rancho Car Wash offers full-service hand car washes, auto detailing services, and an oil and lube center. A 140-foot double wide tunnel allows for oversized vehicle washes.
This location is off the heavily traveled I-15 freeway at the signalized intersection of Jefferson Avenue and Winchester Road with a traffic count of more than 64,000 cars per day. Furthermore, the property is in a heavily populated area with approximately 148,000 people and an average household income of $84,432 in a 5-mile radius.
The car wash is an outparcel to a strip center that includes a variety of shops and services. Neighboring retailers include Food 4 Less, TJ Maxx, Dollar Tree, Starbucks and Jack in the Box.
Progressive Real Estate Partners’ Victor Buendia represented the buyer and seller, also a Los Angeles County-based private investor.
“Car washes in prime locations continue to be in strong demand, and the excellent freeway adjacent location and 30-plus year operating history made this car wash especially attractive to the buyer,” says Buendia. “Not only are car washes an Internet-resistant use, they typically generate strong cash flow and have proven to be resilient regardless of the economic environment.”