Car Wash Property with Two-Bay
For Sale
$2,500,000
1135 S Water Street, Wilmington, IL 60481
COMMERCIAL - Wilmington, IL
Property Size16,724 SF
Lot Size4.06 Acres
Price / SF$149.49
Days on Market350
Property Features for 1135 S Water Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
I 55 South to North River Rd Left on North Rover Rd Right on N Kankakee St Right on E Baltimore Left on S Water Street
Subdivision
Wilmington
Standard status
Active
APN
0317364000620000
Lot size
4.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
35198
Utilities
Cooling system
Central Air
Amenities
lobby
private offices
waiting room
break room
service area
shop
Building Details
Year built
1998
Floors in Building
1
Listing Agency:
Lori Bonarek Realty
(815) 518-2300
Listed By:
Lori Bonarek · License #471022278
(815) 518-2300
Added: Sep 3, 2025
Changed: Aug 4
Last Checked: Aug 18 at 4:06PM
MLS# 12461788
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1135 S Water Street in Wilmington, IL, this car wash property is built on a 4.0552-acre site and includes a 14,224-square-foot main building paired with a 2,500-square-foot two bay car wash. The main building offers a lobby, six private offices, a waiting room, break room, service area, and a large shop with five overhead doors, supporting a range of service and operational uses.
The property provides central air and has parking for about 180 vehicles. The car wash unit adds on-site functionality, and the sellers require a 36-month leaseback to provide immediate, consistent rental income for the buyer.
Built in 1998 and zoned COMMR, this configuration combines a substantial enclosed work space with dedicated car wash bays and on-site parking for day-to-day operations.
The property provides central air and has parking for about 180 vehicles. The car wash unit adds on-site functionality, and the sellers require a 36-month leaseback to provide immediate, consistent rental income for the buyer.
Built in 1998 and zoned COMMR, this configuration combines a substantial enclosed work space with dedicated car wash bays and on-site parking for day-to-day operations.
Key Highlights
- 14,224‑square‑foot main building plus 2,500‑square‑foot two bay car wash
- 4.0552‑acre lot
- Shop with five overhead doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$200,909
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,018,180
$4.0M
Cap Rate 7%
$2,870,129
$2.9M
Cap Rate 9%
$2,232,322
$2.2M
Market Conditions
NOI Build-Up for 16,724 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$377.3K $22.56/SF
− Vacancy
−$109.4K −$6.54/SF
EGI
$267.9K $16.02/SF
− OpEx
−$67.0K −$4.00/SF
NOI
$200.9K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,018,180
Cap Rate 7%
$2,870,129
Cap Rate 9%
$2,232,322
Alternative Uses
Best Use
Office B
$2.87M
$2.51M – $3.35M
NOI $200,909 @ 7.0% cap · market cap 8.04%
Second Best
Specialty Retail
$2.85M
$2.50M – $3.33M
NOI $199,840 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$3.79M
$3.32M – $4.43M
NOI $265,510 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Explore this area
Business Placement
Demographics for 60481, IL
11,518
Population
5,553
Households
2.1
Avg Household Size
46
Median Age
17%
College-Educated
92%
High-School Grad
123.5 sq mi
ZIP Area
93
Density / Sq Mi
$76,398
Median Household Income
$45,563
Median Earnings
$975
Median Rent
$224,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Car wash site with a large shop, offices, and ample parking on a 4.0552-acre parcel zoned COMMR.
Where is this car wash located?
The property is located at 1135 S Water Street Wilmington, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 14,224‑square‑foot main building plus 2,500‑square‑foot two bay car wash; 4.0552‑acre lot; Shop with five overhead doors
