Car Wash with Event
New
For Sale
$565,000
5940 S Ashland Avenue, Chicago, IL 60636
Business Opportunity, Chicago, IL
Property Size5,644 SF
Lot Size0.19 Acres
Price / SF$100.11
Days on Market3
Property Features for 5940 S Ashland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Ashland Ave to 59th St. Property is located on Ashland Ave, just south of 59th St.
Subdivision
CHI - West Englewood
Standard status
Active
APN
20184070410000
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17332
Amenities
three drive-in doors
two curb cuts
rear alley access
waiting area and event space
service/garage areas
fenced rear parking
Building Details
Floors in Building
1
Listing Agency:
Keller Williams ONEChicago · Keller Williams Realty
(312) 216-2422
Listed By:
Iris McBride · License #475.174137
(312) 622-5105
Added: Oct 2
Last Checked: Oct 4 at 2:06PM
MLS# 12775114
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.
Configured for hand washing and vehicle detailing, the property contains approximately 5,644 SF of building space on an 8,331 SF site. Three drive-in doors serve the automotive areas, which include service and garage space. An attached event area and customer waiting room are also part of the layout. The rear parking area is fenced.
Ashland Avenue frontage measures approximately 75 feet. The site also has two curb cuts and access from the rear alley. The sale includes the existing U-Haul business and its associated trucks, along with the property.
Ashland Avenue frontage measures approximately 75 feet. The site also has two curb cuts and access from the rear alley. The sale includes the existing U-Haul business and its associated trucks, along with the property.
Key Highlights
- Approximately 5,644 SF of building space on an 8,331 SF site
- Approximately 75 feet of frontage along Ashland Avenue
- Three drive‑in doors and two curb cuts
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
$35,393
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
6.26%
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%
$707,860
$707.9K
Cap Rate 7%
$505,614
$505.6K
Cap Rate 9%
$393,256
$393.3K
Market Conditions
NOI Build-Up for 5,644 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
$53.2K $9.43/SF
− Vacancy
−$2.7K −$0.47/SF
EGI
$50.6K $8.96/SF
− OpEx
−$15.2K −$2.69/SF
NOI
$35.4K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
30.00%
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%
$707,860
Cap Rate 7%
$505,614
Cap Rate 9%
$393,256
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $105,046 @ 7.0% cap · market cap 18.59%
Second Best
Mixed Use
$1.36M
$1.19M – $1.59M
NOI $95,243 @ 7.0% cap · market cap 16.86%
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,279 @ 7.0% cap · market cap 32.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
Explore this area
Business Placement
Demographics for 60636, IL
34,800
Population
14,363
Households
2.4
Avg Household Size
35
Median Age
11%
College-Educated
78%
High-School Grad
3.9 sq mi
ZIP Area
8,923
Density / Sq Mi
$35,077
Median Household Income
$30,411
Median Earnings
$1,135
Median Rent
$150,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - An attached event area and included U-Haul business add complementary operating components.
Where is this car wash located?
The property is located at 5940 S Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Approximately 5,644 SF of building space on an 8,331 SF site; Approximately 75 feet of frontage along Ashland Avenue; Three drive‑in doors and two curb cuts
