Building Details

Year built 2002

Flooring type Concrete

Roof type Metal

Listing Agency: Eager Realty Group, Inc.

Listed By: John Eager · License #RB14032054 Show Phone

Added: Dec 9, 2025 Changed: Aug 30 Last Checked: Sep 19 at 6:06AM

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MLS# 202548472

Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, 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 self-service car wash includes four self-service bays, one automatic wash bay, and a heated mechanical room within a 3,226-square-foot facility. Built in 2002 by the current owner, the property sits on 0.87 acres and features concrete flooring with a metal roof. Each bay includes a 4-foot by 6-foot concrete dirt trap and drain secured by steel grates.

The operating setup includes a Futura-SSA No Touch Rollover System, Future Genesis Drying System, brushes, wands, bill changers, vending machines, and stainless steel vacuum units. Municipal sewer service, electricity, and natural gas serve the property, while water is supplied by an on-site well. Miscellaneous supplies on hand are included.

Key Highlights

• Four self‑service bays plus one automatic wash bay
• 3,226‑square‑foot facility on 0.87 acres
• Built in 2002 by the current owner

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

$18,109

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

6.04%

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%

$362,180 $362.2K

Cap Rate 7%

$258,700 $258.7K

Cap Rate 9%

$201,211 $201.2K

Market Conditions

NOI Build-Up for 3,226 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

$29.0K $9.00/SF

− Vacancy

−$3.2K −$0.98/SF

EGI

$25.9K $8.02/SF

− OpEx

−$7.8K −$2.41/SF

NOI

$18.1K $5.61/SF

Area

Allen County, IN

Vacancy

10.90%

Lease Rate

$9.00 /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%

$362,180

Cap Rate 7%

$258,700

Cap Rate 9%

$201,211

Alternative Uses

Best Use

Retail

$433.6K

$379.4K – $505.8K (±1% cap)

NOI $30,350 @ 7.0% cap · market cap 10.12%

Second Best

Industrial

$258.7K

$226.4K – $301.8K (±1% cap)

NOI $18,109 @ 7.0% cap · market cap 6.04%

Theoretical Best

Office A

$743.6K

$650.6K – $867.5K (±1% cap)

NOI $52,049 @ 7.0% cap · market cap 17.35%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Self service car ...

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Big Box & Wholesale Store Dental Office Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Yes

Water rights

Yes

Grease trap

Location Intelligence

Trade Area within ½ mile

169

Businesses Nearby

29k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 85% Dining 15%

BP Shops & Services

8,825 visits/mo 0.1 miles

GetGo Gas Station Shops & Services

5,513 visits/mo 0.1 miles

Dollar General Shops & Services

5,352 visits/mo 0.3 miles

Shell Shops & Services

5,141 visits/mo 0.4 miles

SUBWAY Dining

2,678 visits/mo 0.1 miles

Demographics for 46765, IN

5,580

Population

2,070

Households

2.7

Avg Household Size

41

Median Age

38%

College-Educated

98%

High-School Grad

12.6 sq mi

ZIP Area

443

Density / Sq Mi

$105,114

Median Household Income

$52,500

Median Earnings

$1,148

Median Rent

$281,900

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 self service 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?

Self service car wash - Established car wash facility with multiple wash formats, operating equipment, and dedicated mechanical space.

Where is this self service car wash located?

The property is located at 14419 Leo Road Leo, IN.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: Four self‑service bays plus one automatic wash bay; 3,226‑square‑foot facility on 0.87 acres; Built in 2002 by the current owner