Turnkey Car Wash on Corner
For Sale
$550,000
16436 Miles Ave, Cleveland, OH 44128
Turnkey car wash with two automatic bays and four self-service bays, open 24 hours on a signalized corner.
Property Size4,008 SF
Lot Size0.39 Acres
Price / SF$137.23
Days on Market50
Property Features for 16436 Miles Ave
General Information
Standard status
Active
Size
4,008 SF
Lot size
0.39 Acres
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Business Included
Yes
Service Bays
6
Building Details
Year Built
2005
Listing Agency:
Olsen Ziegler Realty LLC
Listed By:
Chris H Olsen · License #2007005771
(216) 702-0537
Source:
Theacclaimedrealty
Added: Jul 21
Changed: Sep 8
Last Checked: Sep 7 at 12:48PM
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 Olsen Ziegler Realty LLC
Investment Insights
Based on property information with market context.
Aqua Clean Car Wash is a turnkey facility built in 2005 on a 0.39-acre signalized corner lot. The car wash offers 2 automatic bays, including 1 Soft Cloth Automatic Bay (Belanger Freestyler Rollover) and 1 No-Touch Automatic Bay (Hydroblast), plus 4 self-service bays. All bays accept credit and tokens. The site includes equipment such as vacuums, scent machines, and a shampooer. A 2026 technology upgrade includes a newly installed high-end point of sale (POS) system supporting modern contactless payments, mobile wallets, and encrypted credit transactions. Retail amenities include on-site vending products, and the facility is open 24 hours.
The property provides entrance access on Lee Road and exit access on Miles Avenue. Traffic counts are reported as 19,943 vehicles per day on Lee Rd and 13,918 vehicles per day on Miles Ave. Nearby businesses include AutoZone, O’Reilly Auto Parts, McDonald’s, Taco Bell, and Dunkin. Utilities are provided via public water and public sewer, with forced air plus radiant and space heater systems.
The property provides entrance access on Lee Road and exit access on Miles Avenue. Traffic counts are reported as 19,943 vehicles per day on Lee Rd and 13,918 vehicles per day on Miles Ave. Nearby businesses include AutoZone, O’Reilly Auto Parts, McDonald’s, Taco Bell, and Dunkin. Utilities are provided via public water and public sewer, with forced air plus radiant and space heater systems.
Key Highlights
- Aqua Clean Car Wash built in 2005 on a 0.39‑acre signalized corner lot in Cleveland (Cuyahoga County).
- 2 automatic bays: 1 soft cloth Belanger Freestyler Rollover and 1 no‑touch Hydroblast.
- Additional 4 self‑service bays; all bays accept credit and tokens.
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
$50,320
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
9.15%
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%
$1,006,400
$1.0M
Cap Rate 7%
$718,857
$718.9K
Cap Rate 9%
$559,111
$559.1K
Market Conditions
NOI Build-Up for 4,008 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
$72.1K $18.00/SF
− Vacancy
−$5.1K −$1.26/SF
EGI
$67.1K $16.74/SF
− OpEx
−$16.8K −$4.19/SF
NOI
$50.3K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /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%
$1,006,400
Cap Rate 7%
$718,857
Cap Rate 9%
$559,111
Alternative Uses
Best Use
Specialty Retail
$718.9K
$629.0K – $838.7K
NOI $50,320 @ 7.0% cap · market cap 9.15%
Second Best
Retail
$550.1K
$481.3K – $641.8K
NOI $38,507 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$978.1K
$855.8K – $1.14M
NOI $68,466 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Service bays
Turnkey business
Opportunity
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
Explore this area
Business Placement
Demographics for 44128, OH
28,146
Population
14,184
Households
2
Avg Household Size
41
Median Age
18%
College-Educated
90%
High-School Grad
8.8 sq mi
ZIP Area
3,198
Density / Sq Mi
$44,615
Median Household Income
$32,719
Median Earnings
$957
Median Rent
$90,200
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Turnkey car wash with two automatic bays and four self-service bays, open 24 hours on a signalized corner.
Where is this car wash located?
The property is located at 16436 Miles Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Aqua Clean Car Wash built in 2005 on a 0.39‑acre signalized corner lot in Cleveland (Cuyahoga County).; 2 automatic bays: 1 soft cloth Belanger Freestyler Rollover and 1 no‑touch Hydroblast.; Additional 4 self‑service bays; all bays accept credit and tokens.
