Operating Self-Service Car
For Sale
$325,000
120 S 3rd St, Sand Lake, MI 49343
Commercially zoned car wash property with additional land for expansion or another permitted business use.
Property Size1,612 SF
Lot Size2.64 Acres
Price / SF$201.61
Days on Market26
Property Features for 120 S 3rd St
General Information
Standard status
Active
Size
1,612 SF
Lot size
2.64 Acres
Property subtype
Retail
Zoning
201-COMMERCIAL-IMPROVED
Listing Agency:
Five Star Real Estate (Main)
(616) 901-8730
Listed By:
Danielle Lopez
(616) 901-8730
Source:
Carwm.resimplifi
Added: Aug 7
Changed: Aug 31
Last Checked: Aug 31 at 1:08PM
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 Five Star Real Estate (Main)
Investment Insights
Based on property information with market context.
This 2.64-acre commercial property includes an operating self-service car wash and substantial undeveloped land. The additional acreage may support expansion of the existing facility or development of a complementary business, subject to applicable approvals.
The property is identified as 201-COMMERCIAL-IMPROVED and is located in Nelson Township near Sand Lake, Michigan. Potential future uses, including a gas station or liquor store, require verification with Nelson Township and the Michigan Liquor Control Commission, including any necessary licensing.
The property is identified as 201-COMMERCIAL-IMPROVED and is located in Nelson Township near Sand Lake, Michigan. Potential future uses, including a gas station or liquor store, require verification with Nelson Township and the Michigan Liquor Control Commission, including any necessary licensing.
Key Highlights
- 2.64‑acre property in Nelson Township near Sand Lake, Michigan
- Operating self‑service car wash on site
- Substantial remaining acreage for expansion or additional development
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
$22,327
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
6.87%
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%
$446,540
$446.5K
Cap Rate 7%
$318,957
$319.0K
Cap Rate 9%
$248,078
$248.1K
Market Conditions
NOI Build-Up for 1,612 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
$30.6K $18.96/SF
− Vacancy
−$795 −$0.49/SF
EGI
$29.8K $18.47/SF
− OpEx
−$7.4K −$4.62/SF
NOI
$22.3K $13.85/SF
Area
St. Clair County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$446,540
Cap Rate 7%
$318,957
Cap Rate 9%
$248,078
Alternative Uses
Best Use
Specialty Retail
$319.0K
$279.1K – $372.1K
NOI $22,327 @ 7.0% cap · market cap 6.87%
Second Best
Retail
$297.7K
$260.5K – $347.3K
NOI $20,838 @ 7.0% cap · market cap 6.41%
Theoretical Best
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,829 @ 7.0% cap · market cap 26.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 49343, MI
5,669
Population
2,528
Households
2.2
Avg Household Size
43
Median Age
15%
College-Educated
91%
High-School Grad
55.3 sq mi
ZIP Area
103
Density / Sq Mi
$81,722
Median Household Income
$46,050
Median Earnings
$694
Median Rent
$236,200
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?
Self service car wash - Commercially zoned car wash property with additional land for expansion or another permitted business use.
Where is this self service car wash located?
The property is located at 120 S 3rd St Sand Lake, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2.64‑acre property in Nelson Township near Sand Lake, Michigan; Operating self‑service car wash on site; Substantial remaining acreage for expansion or additional development
