Car Wash Property with Drive-Around
For Sale
$634,000
10215 China Spring Road, Waco, TX 76708
CommercialSale, Waco, TX
Property Size4,500 SF
Lot Size0.55 Acres
Price / SF$140.89
Days on Market107
Property Features for 10215 China Spring Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-3
Parking features
Parking Lot
Security features
Security
Subdivision
Cougar Ridge Pt 2
Lot features
Corner Lot
Directions
Off US-77 Find Industrial Blvd East to FM-3051 Continue onto Farm to Market Road 3051 also called Steinbeck Bend Dr and continue for 2.7 miles Slight right toward China Spring Rd and continue for 312 feet Merge onto China Spring Rd and continue for 3.0 miles Turn right onto Granada Dr On Right
Standard status
Active
APN
180210030002000
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
COUGAR RIDGE PT 2 LOT 1A BLOCK 2 ACRES 0.553
Tax Annual Amount
10137
Legal Description
COUGAR RIDGE PT 2 LOT 1A BLOCK 2 ACRES 0.553
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Brick, Concrete
Roof type
Metal
Listing Agency:
Attlee Realty, LLC
(972) 886-8357
Listed By:
Melissa Croll · License #9004811
(214) 929-3388
Added: Jun 7
Changed: Sep 4
Last Checked: Sep 21 at 6:06PM
MLS# 21259008
Copyright © 2026 North Texas Real Estate Information Systems, Inc. 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 car wash property includes a single-story masonry building measuring 4,500 SF on a 0.553-acre parcel. The site provides surface parking and drive-around circulation, with concrete flooring, brick and concrete construction, a metal roof, and public water and sewer service. C3 zoning supports the recorded commercial classification.
The property fronts China Spring Road SH1637 and borders Granada Dr on the west side. It is near Saddle Creek Road, with neighboring restaurant, tobacco shop, auto detailing, and insurance office uses. A residential subdivision extends to the north along Valencia Dr. The lot contains 22,216 SF and is served by direct road frontage.
The property fronts China Spring Road SH1637 and borders Granada Dr on the west side. It is near Saddle Creek Road, with neighboring restaurant, tobacco shop, auto detailing, and insurance office uses. A residential subdivision extends to the north along Valencia Dr. The lot contains 22,216 SF and is served by direct road frontage.
Key Highlights
- 4,500 SF single‑story masonry building
- 0.553‑acre lot containing 22,216 SF
- Direct frontage on China Spring Road SH1637
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
$52,438
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
8.27%
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%
$1,048,760
$1.0M
Cap Rate 7%
$749,114
$749.1K
Cap Rate 9%
$582,644
$582.6K
Market Conditions
NOI Build-Up for 4,500 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
$83.7K $18.60/SF
− Vacancy
−$8.8K −$1.95/SF
EGI
$74.9K $16.65/SF
− OpEx
−$22.5K −$4.99/SF
NOI
$52.4K $11.65/SF
Area
Waco, TX
Vacancy
10.50%
Lease Rate
$18.60 /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%
$1,048,760
Cap Rate 7%
$749,114
Cap Rate 9%
$582,644
Alternative Uses
Best Use
Specialty Retail
$864.0K
$756.0K – $1.01M
NOI $60,477 @ 7.0% cap · market cap 9.54%
Second Best
Retail
$749.1K
$655.5K – $874.0K
NOI $52,438 @ 7.0% cap · market cap 8.27%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,106 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
83k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 37%
McDonald's
Dining
16,397 visits/mo
0.0 miles
Dollar General
Shops & Services
15,361 visits/mo
0.0 miles
SONIC Drive In
Dining
10,158 visits/mo
0.3 miles
Bush's Chicken
Dining
9,347 visits/mo
0.1 miles
Dollar Tree
Shops & Services
7,735 visits/mo
0.1 miles
Demographics for 76708, TX
28,499
Population
11,241
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
85%
High-School Grad
48.1 sq mi
ZIP Area
592
Density / Sq Mi
$66,764
Median Household Income
$39,409
Median Earnings
$1,087
Median Rent
$204,600
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 South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - C3-zoned car wash property with direct China Spring Road access, surface parking, and circulation around the building.
Where is this car wash located?
The property is located at 10215 China Spring Road Waco, TX.
What is the asking price?
The asking price for this property is $634,000.
What are key features of this property?
This property features: 4,500 SF single‑story masonry building; 0.553‑acre lot containing 22,216 SF; Direct frontage on China Spring Road SH1637
