Building Details

Year built 1991

Roof type Asphalt

Listing Agency: Ohio Real Estate Auctions LLC Show Phone

Listed By: Christopher Cox · License #SL3538748 Show Phone

Added: Aug 7 Changed: Sep 4 Last Checked: Sep 6 at 2:06AM

Report an Issue

MLS# 11924954

Copyright © 2026 My State MLS. 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.

This manual car wash property includes a 2,432-square-foot building constructed in 1991. The site is configured for vehicle stacking and maneuvering, with approximately 20,000 square feet of asphalt paving surrounding the facility. The building has an asphalt roof and public water service.

Located at 1991 S Alex Rd in West Carrollton, Ohio, the property occupies a commercial site designed around an established car wash operation. The premises are offered in as-is condition, with inspections and due diligence to be completed before bidding.

Key Highlights

• 2,432‑square‑foot car wash building
• Approximately 20,000 square feet of asphalt paving for stacking and maneuvering
• Manual car wash operation at 1991 S Alex Rd, West Carrollton, OH 45449

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

$30,304

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

7.58%

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%

$606,080 $606.1K

Cap Rate 7%

$432,914 $432.9K

Cap Rate 9%

$336,711 $336.7K

Market Conditions

NOI Build-Up for 2,432 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

$43.8K $18.00/SF

− Vacancy

−$3.4K −$1.39/SF

EGI

$40.4K $16.61/SF

− OpEx

−$10.1K −$4.15/SF

NOI

$30.3K $12.46/SF

Area

Montgomery County, OH

Vacancy

7.70%

Lease Rate

$18.00 /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%

$606,080

Cap Rate 7%

$432,914

Cap Rate 9%

$336,711

Alternative Uses

Best Use

Specialty Retail

$432.9K

$378.8K – $505.1K (±1% cap)

NOI $30,304 @ 7.0% cap · market cap 7.58%

Second Best

Retail

$404.1K

$353.6K – $471.4K (±1% cap)

NOI $28,284 @ 7.0% cap · market cap 7.07%

Theoretical Best

Multifamily LT 5

$23.00M

$20.13M – $26.84M (±1% cap)

NOI $1,610,147 @ 7.0% cap · market cap 402.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Car washes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Spa & Massage Center Restaurant Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

644

Businesses Nearby

Explore this area Business Placement

Demographics for 45449, OH

18,976

Population

8,859

Households

2.1

Avg Household Size

40

Median Age

24%

College-Educated

92%

High-School Grad

6.8 sq mi

ZIP Area

2,791

Density / Sq Mi

$60,303

Median Household Income

$41,613

Median Earnings

$984

Median Rent

$147,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this car washes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Car wash - Existing manual wash facility with paved customer circulation and public water service.

Where is this car wash located?

The property is located at 1991 S Alex Rd West Carrollton, OH.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: 2,432‑square‑foot car wash building; Approximately 20,000 square feet of asphalt paving for stacking and maneuvering; Manual car wash operation at 1991 S Alex Rd, West Carrollton, OH 45449