A car-wash deal with a tenant founded in 2021 gets renegotiated down to a 6% cap rate and $252,000 NOI. The tenant lacks national credit strength, raising default risk and forcing a rewrite of the Letter of Intent to reflect the weaker economics.
I do. So, and so here's the other part. The company was founded in 2021. So this is not a national credit triple net. So like they don't, your risk, like this guy could go and get a drug habit tomorrow and you're done, right? Your tenant's out. So keep going down. All right. Keep going down. All right. So it probably rewrote the LOI. Let's redo the economics on it real quick. We want to rewrite the economics. We understand that they're saying it's a 6% 6 cap, and that's why they're justifying the $252,000 NOI at that price.
