Prepared April 2026 · Confidential
Auto Spa Express is a well-positioned express tunnel car wash operating at 5198 University Parkway in Sarasota, Florida. The property benefits from exceptional demographics (median household income of $88,676 within a 3-mile radius), high traffic counts (59,560 VPD), direct co-tenancy with Whole Foods Market, and a proven operating history spanning over a decade since its conversion to the express format in 2015.
Based on an income approach assuming ~4,500 active members and a normalized EBITDA of approximately $1,501,700 (55.6% margin), combined with a sales comparison using Florida-only transactions and a branded-operator acquisition framework, we conclude that the most probable transaction outcome is in the range of $7,250,000 to $7,750,000, with a recommended list price of $8,500,000 to preserve negotiation headroom.
| Metric | Value |
|---|---|
| Address | 5198 University Parkway, Sarasota, FL 34243 |
| Parcel ID | 0016011002 |
| Land Area | 0.95 acres |
| Building Area | 8,132 SF |
| Tunnel Length | 104 feet (31' × 104' tunnel section) |
| Year Built / Effective | 2003 / 2015 |
| 2025 Just Value (Tax Roll) | $2,018,500 |
| Traffic Count | 59,560 VPD (University Parkway) |
The subject property consists of a 0.95-acre parcel improved with an 8,132 SF express tunnel car wash facility constructed in 2003 and converted to express-exterior format in 2015. The site is located within the University Center retail node anchored by Whole Foods Market, with direct access via Center Ring Road from University Parkway. The property is owned by University Park Auto Spa LLC according to Sarasota County tax records.
Trade-area demographics are exceptional: 5-mile population of 141,936 with 8.8% growth over the past 5 years, median household income of $88,676 within 3 miles, and strong daytime population supported by the University Town Center regional retail and employment hub.
Auto Spa Express operates a membership-based express exterior model with tiered monthly pricing, free self-serve vacuums, and a free mat wash. The business model is anchored by recurring membership revenue, which produces the stable cash flows that PE-backed acquirers prioritize.
| Tier | Price / Month |
|---|---|
| Basic Wash | $19.99 |
| Deluxe Wash | $29.99 |
| Premium Wash | $39.99 |
| Ultimate Wash | $49.99 |
| Line Item | Amount |
|---|---|
| Gross Revenue | $2,702,400 |
| Operating Expenses | $1,065,700 |
| Reported EBITDA | $1,636,700 |
| Owner Add-Back / Normalization | ($135,000) |
| Normalized EBITDA | $1,501,700 (55.6%) |
GoCommercial applies a dual-framework valuation: (1) a financial buyer framework using EBITDA multiples against Florida comparable transactions, and (2) a branded operator framework that values the component parts and deducts the renovation/rebranding investment required to convert the site to a national brand.
| Scenario | Multiple | Value |
|---|---|---|
| Conservative | 6.40x | $9,619,000 |
| Base Case | 7.25x | $10,887,000 |
| Aggressive | 8.05x | $12,090,000 |
A branded operator (El Car Wash, Whistle Express, Tommy's, Mister Car Wash) will typically pay a premium for the site's real estate and demographics but will deduct renovation and rebranding costs from the purchase price. Estimated renovation budget:
| Transaction | Year | Notes |
|---|---|---|
| El Car Wash — Miami | 2025 | $6,746,031 single-site acquisition |
| Driven Brands / Whistle Express Portfolio | 2025 | $385M national portfolio sale |
| Mister Car Wash / Clean Streak Ventures | 2022 | ~$390M, 33-location Florida portfolio |
| Johnny Clean Car Wash → El Car Wash | 2025 | Florida single-site consolidation |
| Andover Properties FL Acquisitions | Nov 2025 | Multiple FL express tunnels |
| Member Count | Implied Revenue | Implied Value (7.25x) |
|---|---|---|
| 3,500 | ~$2,100,000 | ~$8,400,000 |
| 4,000 | ~$2,400,000 | ~$9,600,000 |
| 4,500 (base) | ~$2,700,000 | ~$10,900,000 |
| 5,000 | ~$3,000,000 | ~$12,100,000 |
The 104-foot tunnel supports an estimated practical capacity of 80–110 cars per hour, equating to a theoretical maximum of approximately 5,000–5,500 members before service degradation. Current operating levels (~550 cars/day) are well within capacity, providing headroom for membership growth under a branded operator program.
A credible valuation analysis demands an honest treatment of risk. The following summarizes the primary investor concerns for this asset type and GoCommercial's documented mitigating factors — the framework our buyer underwriting team will use to support our target pricing in buyer conversations.
Risk: Tunnel equipment is approximately 11 years old, entering the final third of its useful life.
Mitigation: For a branded operator, a full strip-and-replace is already budgeted in renovation plans. For a financial buyer, $50K–$75K/year maintenance capex plus a $500K–$1M refresh reserve within 3–5 years addresses the concern.
Risk: At 104 feet, the tunnel is shorter than the modern 120–160 foot standard, capping practical membership at ~5,000–5,500.
Mitigation: Current operations have significant headroom to capacity; the limitation is already reflected in a 0.25x multiple discount. Lower equipment cost for a shorter tunnel partially offsets the constraint.
Risk: Access is via Center Ring Road rather than direct University Parkway frontage, limiting impulse capture.
Mitigation: This configuration enhances membership dependency and creates stickier recurring revenue. Co-tenancy with Whole Foods drives destination trips, and app-based branded operators rely on GPS navigation regardless.
Risk: The Sarasota/Bradenton corridor has seen significant express tunnel development.
Mitigation: The University Parkway corridor serves a distinct high-income trade area with limited new-site land availability. Whole Foods co-tenancy creates a competitive moat.
Risk: Industry-average monthly churn of 7–8%; renovation closure could accelerate attrition.
Mitigation: Experienced operators phase renovations to 2–4 week downtime, offer member freezes, and budget 3–6 month rebuild periods.
Risk: Sarasota's winter resident population creates revenue cyclicality.
Mitigation: Auto Spa Express already offers seasonal membership holds. Year-round rain, pollen, and salt air drive consistent demand from the expanding permanent-resident base (9.1% 5-mile growth).
Risk: Higher rates compress buyer multiples.
Mitigation: PE-backed operators deploy significant equity alongside debt, reducing sensitivity. Recurring membership cash flows remain highly financeable, and SBA 7(a)/504 programs continue to support qualified buyers.
The North American express car wash market is projected to reach $21.7 billion by 2030 at a 5.8% CAGR. Top performers achieve 40–55%+ EBITDA margins. Florida remains among the most active acquisition markets nationally, with El Car Wash (Warburg Pincus) expanding to 80+ stores, Whistle Express tripling via the $385M Driven Brands acquisition, and Mister Car Wash continuing to pursue single-site and portfolio deals.
Current-market EBITDA multiples have settled at 7–8x for high-quality single-site operations with owned real estate and 3+ years of operating history. Smaller operations are trading at 7.5–9x in favorable markets.
Auto Spa Express represents a well-positioned express tunnel car wash in one of Sarasota's premier retail corridors. Under a branded operator acquisition framework — which represents the most likely transaction scenario — the probable transaction range is $7,250,000 to $7,750,000, with a single-point estimate of $7,500,000.
GoCommercial deploys a structured three-phase disposition program engineered to generate competitive tension among the most relevant buyer pools: PE-backed car wash consolidators (El Car Wash, Whistle Express, Tommy's, Mister Car Wash), 1031 exchange buyers, and special-use commercial investors.
Professional drone and ground photography, confidential offering memorandum, and a transaction-specific deal room with full diligence materials.
Direct principal-to-principal outreach to active car wash acquirers, plus distribution to 1031 and special-use buyers through our network and select syndicated channels. Structured call-for-offers process.
Buyer underwriting support, offer selection, and closing coordination including environmental, equipment, membership audit, and financial diligence.
GoCommercial operates on a seller-aligned model with no upfront fees and fully performance-based compensation.
Total commission of 5.0% of the gross sale price, payable at closing. Co-broker commission of 2.5% offered to buyer-side brokers. No upfront marketing, retainer, or expense reimbursements.
Standard listing agreement with a 15-day mutual termination clause.
| Milestone | Timing |
|---|---|
| Listing agreement executed | Day 0 |
| Offering memorandum and deal room launched | Days 5–7 |
| Active marketing and buyer tours | Days 7–45 |
| Call for offers / offer selection | Days 30–45 |
| Purchase and sale agreement executed | Days 45–60 |
| Due diligence period | Days 60–90 |
| Closing | Days 90–105 |
Offices on Lincoln Road in Miami Beach and in Palm Beach, with direct, on-the-ground knowledge of the Sarasota / Bradenton submarket and Gulf Coast investment community.
Active, principal-level relationships with senior acquisition leadership at every major PE-backed car wash platform operating in Florida.
Affiliation with Compass provides institutional technology, marketing infrastructure, and financial stability that independent boutiques cannot match.
GoCommercial absorbs all marketing, media, and deal room costs. Compensation is fully contingent on a successful closing.
Review this analysis with seller principals and confirm alignment on the $8,500,000 list price and $7,250,000–$7,750,000 probable range.
Execute the GoCommercial listing agreement at 5.0% total commission, 15-day termination, zero upfront fees.
Deliver trailing 24-month P&L, membership roster and counts, equipment list, lease/title documentation, and any environmental or building reports.
Within 5–7 business days of executed listing and complete diligence package, GoCommercial will launch the offering to the full target buyer universe.