6-Bay Operating Car
For Sale
$595,000
1011 W Fair Avenue, Lancaster, OH 43130
The facility includes recently upgraded equipment as part of the sale.
Property Size2,940 SF
Lot Size0.40 Acres
Price / SF$202.38
Days on Market145
Property Features for 1011 W Fair Avenue
General Information
Standard status
Active
Size
2,940 SF
Lot size
0.40 Acres
Property subtype
Commercial
Zoning
CG
Additional Details
Business Included
Yes
Road Access
Yes
Car Wash Bays
6
Taxes and HOA fees
Annual Taxes
$2,785
Building Details
Building Size
2,940 SF
Year Built
1985
Listing Agency:
Best Corporate Real Estate
(614) 716-8953
Listed By:
Valerie Tivin · License #2019002160
(614) 716-8953
Source:
Carolgoffrealestate
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 1:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Best Corporate Real Estate
Investment Insights
Based on property information with market context.
An operating six-bay car wash occupies approximately 2,940 square feet on approximately 0.3987 acres. Recently upgraded equipment is included with the property. Built in 1985, the facility carries CG, or Commercial General, zoning.
Located at 1011 W Fair Avenue in Lancaster, Ohio, the property sits at an intersection within the community. The existing car-wash configuration, equipment package, and established operation define the offering. The property has also remained under long-term ownership.
Located at 1011 W Fair Avenue in Lancaster, Ohio, the property sits at an intersection within the community. The existing car-wash configuration, equipment package, and established operation define the offering. The property has also remained under long-term ownership.
Key Highlights
- Operating 6‑bay car wash
- ± 2,940 Square Feet on ± 0.3987 Acres of Land
- Recently upgraded equipment included
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
$34,160
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
5.74%
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%
$683,200
$683.2K
Cap Rate 7%
$488,000
$488.0K
Cap Rate 9%
$379,556
$379.6K
Market Conditions
NOI Build-Up for 2,940 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
$64.2K $21.84/SF
− Vacancy
−$15.4K −$5.24/SF
EGI
$48.8K $16.60/SF
− OpEx
−$14.6K −$4.98/SF
NOI
$34.2K $11.62/SF
Area
Fairfield County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$683,200
Cap Rate 7%
$488,000
Cap Rate 9%
$379,556
Alternative Uses
Best Use
Industrial
$488.0K
$427.0K – $569.3K
NOI $34,160 @ 7.0% cap · market cap 5.74%
Second Best
Specialty Retail
$177.4K
$155.3K – $207.0K
NOI $12,421 @ 7.0% cap · market cap 2.09%
Theoretical Best
Warehouse
$592.6K
$518.5K – $691.3K
NOI $41,479 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 43130, OH
62,010
Population
26,434
Households
2.3
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
164.5 sq mi
ZIP Area
377
Density / Sq Mi
$68,242
Median Household Income
$43,936
Median Earnings
$1,031
Median Rent
$215,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Car wash - The facility includes recently upgraded equipment as part of the sale.
Where is this car wash located?
The property is located at 1011 W Fair Avenue Lancaster, OH.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Operating 6‑bay car wash; ± 2,940 Square Feet on ± 0.3987 Acres of Land; Recently upgraded equipment included
