CAR WASH OR REDEVELOPMENT OPPORTUNITY

The property is a highly profitable car wash and consists of 2 buildings located on high traffic Middlesex St in Lowell (one of the city's busiest streets). It is 1 1/2 miles from Routes 495 and 3. The property borders the UMass Lowell campus and is located in front of a new 6 story 510 student dormitory. The front building was constructed in 2008 and contains two automatic car wash bays with state of the art touchless Mark VII aqua jet machines with hub scrub wheel cleaners and car detailing equipment. The seller is currently adding a roast beef take out business with outdoor seating to the building and will either stay as a tenant or sell the business. The 2nd building contains 5 self service car wash bays with 11 vacuums, 1 fragrance machine, 1 micro towel machine, 1 spot protector/carpet protector machine, 1 wheel bright machine, and 2 vending machines. The 3rd building is in the process of being completed and is at insulation stage. It contains 4 garage bays with 10' overhead doors on the first floor. The second floor has the potential to be finished as 4 one bedroom apartments with lofts and is currently being rented out as cold storage for $5000/month. The property has a 24/7 city "all business" license and has a 24/7 food license.

The zoning is L1 (Light Industrial) which has no height restriction or required setbacks from property lines. It has a FAR of 2 which has the potential to be waived by the Zoning Board if sufficient underground parking is provided. The highest and best use for the property would be as a large building with retail/office/restaurant use catering to the 17,000 students next door. The seller will assist in obtaining permits and variances if needed. Included in a potential sale would also be approximately $100,000 in restaurant/pizza equipment now stored on the property.

The best comparable sale is a car wash with large laundry 1 mile farther from Routes 3 and 495 on the same street that sold in 2016 for $4,100,000. Please call Felecia Elias (listing broker) at 978-273-6561 for Operating Income Projections.