Building Details

Year Built 2002

Year Renovated 2023

Buildings 1

Stories 1

Units 4

Listing Agency: Affordable Realty Services, LLC

Listed By: J J Harrison · License #KY Show Phone

Source: Crexi

Added: Jul 29, 2024 Changed: Aug 27 Last Checked: Sep 2 at 4:13AM

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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 Affordable Realty Services, LLC

Investment Insights

Based on property information with market context.

This property in New Richmond, Ohio, features a car wash with 4 bays, each measuring 26 feet deep by 12 feet wide, situated on a 0.49-acre lot. The 2,306 square foot brick building benefits from public water and sewer services. With 325 feet of frontage and high visibility, the location is suitable for a variety of business ventures. The property could continue as a car wash or be repurposed for retail, a drive-thru, or a fast food location.

Key Highlights

• Prime location in New Richmond, Ohio with high visibility and 325 feet of frontage.
• Versatile 0.49‑acre lot suitable for car wash, retail, drive‑thru, or fast food.
• Includes a 2306 sq ft brick building.

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

$12,062

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

5.13%

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%

$241,240 $241.2K

Cap Rate 7%

$172,314 $172.3K

Cap Rate 9%

$134,022 $134.0K

Market Conditions

NOI Build-Up for 2,306 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

$18.0K $7.80/SF

− Vacancy

−$755 −$0.33/SF

EGI

$17.2K $7.47/SF

− OpEx

−$5.2K −$2.24/SF

NOI

$12.1K $5.23/SF

Area

Clermont County, OH

Vacancy

4.20%

Lease Rate

$7.80 /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%

$241,240

Cap Rate 7%

$172,314

Cap Rate 9%

$134,022

Alternative Uses

Best Use

Specialty Retail

$387.6K

$339.1K – $452.2K (±1% cap)

NOI $27,131 @ 7.0% cap · market cap 11.55%

Second Best

Retail

$320.0K

$280.0K – $373.3K (±1% cap)

NOI $22,397 @ 7.0% cap · market cap 9.53%

Theoretical Best

Office A

$413.4K

$361.7K – $482.3K (±1% cap)

NOI $28,939 @ 7.0% cap · market cap 12.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Car washes

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Explore this area Business Placement

Demographics for 45157, OH

9,705

Population

4,069

Households

2.4

Avg Household Size

42

Median Age

25%

College-Educated

91%

High-School Grad

41.1 sq mi

ZIP Area

236

Density / Sq Mi

$96,875

Median Household Income

$43,651

Median Earnings

$874

Median Rent

$232,700

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 - Well-located car wash with redevelopment potential in New Richmond, Ohio.

Where is this car wash located?

The property is located at 1045 Old US Rte 52 New Richmond Ohio Mount Pisgah, OH.

What is the asking price?

The asking price for this property is $235,000.

What are key features of this property?

This property features: Prime location in New Richmond, Ohio with high visibility and 325 feet of frontage.; Versatile 0.49‑acre lot suitable for car wash, retail, drive‑thru, or fast food.; Includes a 2306 sq ft brick building.