Marcus & Millichap announced the sale of a brand new El Car Wash in Miami, Florida, for $6,746,031.

“This is the fifth sale leaseback we have completed for El Car Wash, which dominates the South Florida market and strategically acquires the best sites for their express washes,” said Jonathan De La Rosa, senior vice president, investments. “Express carwashes and gas stations remain highly sought after by buyers, driven by the benefits of bonus depreciation. There is ongoing speculation about the potential reinstatement of 100% bonus depreciation under the new administration.”

De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the seller in the transaction.

Located at 9901 Coral Way, the property includes a newly constructed, state-of-the-art express carwash facility with a 120-foot tunnel, stated the press release.

As the only express carwash built in the Miami, Florida, submarket of Westchester in the past 40 years, it benefits from a corporate-guaranteed lease, 2% annual rent increases and proximity to Florida International University with over 210,000 residents within three miles.