Car Wash Building With
For Sale
$120,000
1040 W North St, Kalamazoo, MI 49007
Former wash-station improvements include an attached service garage configured for vehicle movement.
Property Size1,156 SF
Price / SF$103.81
Days on Market117
Property Features for 1040 W North St
General Information
Standard status
Active
Size
1,156 SF
Property subtype
Retail
Zoning
LW1
Amenities
attached garage
pull-through layout
two overhead doors
Building Details
Year Built
1956
Buildings
1
Listing Agency:
Callander Commercial
(269) 360-7616
Listed By:
Thomas Keyte
(269) 360-7616
Source:
Carwm.resimplifi
Added: May 6
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 Callander Commercial
Investment Insights
Based on property information with market context.
The property includes a 1,156-square-foot building with an attached garage arranged for drive-through vehicle movement. Two overhead doors support access through the garage, and the improvements were previously used as a car wash station.
Built in 1956, the building is located at 1040 W North St in Kalamazoo, Michigan. Its existing automotive-oriented configuration may suit continued service use or a repositioning plan, subject to applicable approvals and requirements.
Built in 1956, the building is located at 1040 W North St in Kalamazoo, Michigan. Its existing automotive-oriented configuration may suit continued service use or a repositioning plan, subject to applicable approvals and requirements.
Key Highlights
- 1,156‑square‑foot building with attached garage
- Pull‑through garage configuration supports vehicle circulation
- Two 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
$10,846
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
9.04%
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%
$216,920
$216.9K
Cap Rate 7%
$154,943
$154.9K
Cap Rate 9%
$120,511
$120.5K
Market Conditions
NOI Build-Up for 1,156 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
$15.2K $13.14/SF
− Vacancy
−$729 −$0.63/SF
EGI
$14.5K $12.51/SF
− OpEx
−$3.6K −$3.13/SF
NOI
$10.8K $9.38/SF
Area
Kalamazoo County, MI
Vacancy
4.80%
Lease Rate
$13.14 /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%
$216,920
Cap Rate 7%
$154,943
Cap Rate 9%
$120,511
Alternative Uses
Best Use
Industrial
$249.1K
$218.0K – $290.6K
NOI $17,438 @ 7.0% cap · market cap 14.53%
Second Best
Specialty Retail
$154.9K
$135.6K – $180.8K
NOI $10,846 @ 7.0% cap · market cap 9.04%
Theoretical Best
Warehouse
$302.5K
$264.7K – $352.9K
NOI $21,175 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
2,978 visits/mo
0.3 miles
Advia Credit Union
Shops & Services
2,088 visits/mo
0.5 miles
Demographics for 49007, MI
10,353
Population
5,102
Households
2
Avg Household Size
31
Median Age
24%
College-Educated
84%
High-School Grad
3.5 sq mi
ZIP Area
2,958
Density / Sq Mi
$39,309
Median Household Income
$24,723
Median Earnings
$1,017
Median Rent
$103,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Former wash-station improvements include an attached service garage configured for vehicle movement.
Where is this car wash located?
The property is located at 1040 W North St Kalamazoo, MI.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: 1,156‑square‑foot building with attached garage; Pull‑through garage configuration supports vehicle circulation; Two overhead doors
