Looking to buy a Mister Car Wash NNN property? 23 are observed for sale across 11 states, median asking cap rate 5.75%. View Mister Car Wash NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Company | Mister Car Wash |
| Parent | Mister Car Wash, Inc. |
| Ticker | None (taken private May 19, 2026; formerly Nasdaq: MCW) |
| Sector | Car Wash |
| S&P Rating | B |
| Moody’s Rating | no verified rating |
| US Locations | 549 in 21 states (March 31, 2026, Form 10-Q) |
| Revenue | $1.05B net revenues (fiscal 2025, Form 10-K) |
| Median asking cap rate | See the live table below |
| Lease Term | Varies (recent build-to-suit leases 15 to 20 years; sale-leasebacks 20 years, Form 10-K) |
| Building SF | Varies; confirm the building size for each property |
| Lot Size | Varies; confirm the lot size for each property |
| Lease Type | NNN |
| Guarantee | Varies; confirm in the lease |
Business Overview
Mister Car Wash operated 549 car washes in 21 states as of March 31, 2026 (Form 10-Q), and its fiscal 2025 Form 10-K describes it as the largest national car wash brand. S&P rates Mister Car Wash Holdings Inc. below the investment grade threshold, so it may not suit conservative income portfolios. Leonard Green & Partners, its longtime majority owner, completed a $3.1 billion take-private of the company on May 19, 2026, after it previously traded on Nasdaq (its listing moved there from the NYSE on January 2, 2025).
Mister Car Wash earns recurring revenue through its Unlimited Wash Club membership program (about 2.3 million members at December 31, 2025, Form 10-K). Its 2024 and 2025 sale-leasebacks used initial 20-year terms with annual rent escalations, and build-to-suit leases signed but not yet commenced at December 31, 2025 have initial terms of 15 to 20 years (Form 10-K). Because S&P rates it below investment grade, investors who consider it for a higher yield take on more credit risk, and any yield premium depends on the specific property and lease.
Credit Rating & Investment Grade / High Yield
Mister Car Wash is not investment grade. Mister Car Wash Holdings Inc. carries issuer rating of B from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
Source: S&P Global Ratings B, as of September 14, 2026. Ratings checked September 27, 2026.
Mister Car Wash is rated below investment grade by S&P. Ratings of BBB- and above at S&P and Fitch, or Baa3 and above at Moody’s, are investment grade; lower ratings indicate higher credit risk on the agencies’ scales. Below investment grade tenants may offer higher cap rates, but a rating is an opinion, not a guarantee of rent.
For detailed information on how credit ratings impact NNN valuations and lease pricing, consult our credit ratings guide.
Lease Structure & Triple Net Terms
Lease terms vary. Points to confirm in each Mister Car Wash lease:
- Initial Term: varies; the 2024 and 2025 sale-leasebacks used 20-year initial terms and recent build-to-suit leases 15 to 20 years (Form 10-K, fiscal 2025)
- Base Rent Escalations: annual on the 2024 and 2025 sale-leasebacks (Form 10-K); escalation rates vary, so confirm in the lease
- Renewal Options: the number and length of renewal options vary, and listing summaries can omit or mask them; confirm against the executed lease
- Expenses: NNN leases generally pass property taxes, insurance and maintenance to the tenant; confirm each party’s duties in the lease
- Corporate Guarantee: varies; confirm the guarantor in the lease
An NNN lease shifts operating expenses to the tenant to the extent the lease says so. Investors should confirm which Mister Car Wash entity signs and guarantees each lease, since Mister Car Wash is rated below investment grade by S&P.
Cap Rate & Investment Valuation
Live asking cap rates for Mister Car Wash listings (this table covers Mister Car Wash only):
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| Mister Car Wash | B / n/a | 5.75% | 5.61% to 5.98% | 22 | +51 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 19, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file.
Asking cap rates can reflect tenant credit, location, lease structure and interest rates; the table does not separate those factors. For how the rating scale works and where the investment grade line falls, see the investment grade guide.
For current market pricing on Mister Car Wash properties in your target markets, consult with a commercial real estate advisor who specializes in NNN investments.
Real Estate Footprint & Locations
Mister Car Wash operated 549 car washes in 21 states as of March 31, 2026 (Form 10-Q); at December 31, 2025 it leased 485 locations and owned 63 (Form 10-K). Building and lot sizes vary by site; confirm them for each property.
The company’s geographic spread is a feature of the issuer, not of a single property: an investor who owns one Mister Car Wash site still holds one location, so local market and site factors drive that investment’s risk.
Expansion & Growth Strategy
Current growth focus: greenfield openings plus opportunistic acquisitions, such as five Whistle Express locations bought in 2025 (Form 10-K, fiscal 2025). Private since May 2026.
Company growth does not by itself change the rent or value of a given property; rent changes follow the lease, and value depends on the site and the remaining term.
Investment Strengths & Risks
| Strengths | Risks |
|---|---|
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Comparable NNN Tenants
| Comparable Operators |
| Tidal Wave |
| Zips |
| Tommy’s Express |
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. Under IRC section 168(k), as amended by Public Law 119-21 in July 2025, qualified property with a recovery period of 20 years or less that is acquired after January 19, 2025 can be eligible for 100% bonus depreciation, subject to conditions such as the acquisition-date and used-property rules, and a taxpayer can elect out. How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. On a taxable sale, depreciation taken on this property can be recaptured as ordinary income (IRC 1245 and 1250), and a 1031 exchange may not defer the recapture in full (IRC 1245(b)(4) and 1250(d)(4)). This is general information; consult a tax professional. Car wash sites can include substantial equipment and site improvements; confirm in the lease and purchase documents whether the tunnel equipment belongs to the landlord or the operator. See the Car Wash NNN Depreciation Guide.
Related: Gas Station Bonus Depreciation
Frequently Asked Questions
Why is Mister Car Wash’s credit rating important?
A credit rating is an agency’s opinion of the rated entity’s ability to meet its financial obligations, not a guarantee of rent. S&P rates Mister Car Wash Holdings Inc. B, below investment grade, which signals more credit risk than an investment grade rating. Whether the rated entity stands behind a given lease depends on the tenant and guarantor named in the lease.
How stable is Mister Car Wash’s business?
Mister Car Wash’s Unlimited Wash Club membership program (about 2.3 million members, fiscal 2025 Form 10-K) provides recurring revenue across its 549 car washes (March 31, 2026, Form 10-Q). Mister Car Wash is rated below investment grade by S&P, so review the guarantor for each lease.
What are the renewal risks?
Whether a lease is renewed, and at what rent, depends on the renewal options in the lease, the unit’s performance, the operator and local demand for the property. A long remaining term sets a contractual rent schedule, not a guarantee of payment; initial terms vary, so confirm them in the lease.
Where can I find Mister Car Wash NNN properties?
Mister Car Wash properties come to market through net lease brokers. The live table on this page shows how many active Mister Car Wash listings with a published cap rate we track, and our team can search on-market and off-market properties for you.
Ready to Invest in Mister Car Wash NNN Properties?
Connect with a qualified commercial real estate advisor today to discuss available Mister Car Wash properties, cap rates, and investment strategy alignment.
Mister Car Wash Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Mister Car Wash properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
Mister Car Wash NNN Properties Observed For Sale
23 active Mister Car Wash net lease listings observed across public listing sources, most recently Oct 19, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Hesperia, CA | $3,333,333 | 6.00% | 6,474 | n/a | View listing |
| Los Lunas, NM | $5,359,858 | 5.65% | 5,436 | 18.4 yrs | View listing |
| Las Cruces, NM | $5,063,000 | n/a | 5,383 | n/a | View listing |
| Herriman, UT | $5,561,528 | 5.30% | 5,497 | n/a | View listing |
| PUEBLO, CO | $5,597,480 | 5.75% | 16,054 | n/a | View listing |
| EDEN PRAIRIE, MN | $7,812,645 | 5.35% | 5,402 | n/a | View listing |
| CHAMPLIN, MN | $4,241,806 | 5.60% | 5,000 | n/a | View listing |
| MANKATO, MN | $9,500,000 | 6.00% | 6,472 | n/a | View listing |
Search all 23 observed Mister Car Wash listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
