Car Wash with Automatic and Self-Service
For Sale
$1,100,000
15610 Lake Shore Boulevard, Cleveland, OH 44110
Operating facility with round-the-clock access, multiple wash formats, and updated contactless payment capabilities.
Property Size4,292 SF
Lot Size0.62 Acres
Price / SF$256.29
Days on Market12
Property Features for 15610 Lake Shore Boulevard
General Information
Standard status
Active
Size
4,292 SF
Lot size
0.62 Acres
Site & Location
Traffic Count
14,000 vehicles/day
Road Access
Yes
Utilities to Site
Yes
Additional Details
Business Included
Yes
Car Wash Bays
5
Amenities
equipment room with roll-up door
Building Details
Year Built
2011
Abandoned
No
Listing Agency:
Olsen Ziegler Realty LLC
(216) 702-0537
Listed By:
Chris H Olsen · License #2007005771
Source:
Theacclaimedrealty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 1:12PM
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.
This operating car wash occupies a 0.62-acre corner parcel and was constructed in 2011. The facility includes one Belanger Freestyler Rollover soft-touch automatic bay and four self-service bays. Cash, credit cards, and tokens are accepted, while the 2026 technology upgrade added a point-of-sale system capable of processing contactless payments, mobile wallets, and encrypted credit transactions. Dual-motor vacuums, a fragrance machine, public water and sewer, forced air, radiant heat, and space heating support the operation. The site is open 24 hours.
Access is provided from Lake Shore Boulevard and E. 156th Street. Traffic volumes are reported at 13,500–14,000 vehicles per day on Lake Shore Boulevard and approximately 2,500 vehicles per day on E. 156th Street. Walgreens is directly adjacent, with AutoZone, Family Dollar, KFC, Georgio's Pizza, and Euclid Beach State Park nearby.
An extra-large equipment room with a rear roll-up door is configured to accommodate a detailing operation. Existing extra-deep wash pits and conveyor concrete provide infrastructure for a potential tunnel car wash conversion.
Access is provided from Lake Shore Boulevard and E. 156th Street. Traffic volumes are reported at 13,500–14,000 vehicles per day on Lake Shore Boulevard and approximately 2,500 vehicles per day on E. 156th Street. Walgreens is directly adjacent, with AutoZone, Family Dollar, KFC, Georgio's Pizza, and Euclid Beach State Park nearby.
An extra-large equipment room with a rear roll-up door is configured to accommodate a detailing operation. Existing extra-deep wash pits and conveyor concrete provide infrastructure for a potential tunnel car wash conversion.
Key Highlights
- 0.62‑acre corner parcel with access from Lake Shore Boulevard and E. 156th Street
- One Belanger Freestyler Rollover soft‑touch automatic bay and 4 self‑service bays
- Lake Shore Boulevard traffic reported at 13,500 - 14,000 vehicles per day
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
$53,886
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
4.90%
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%
$1,077,720
$1.1M
Cap Rate 7%
$769,800
$769.8K
Cap Rate 9%
$598,733
$598.7K
Market Conditions
NOI Build-Up for 4,292 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
$77.3K $18.00/SF
− Vacancy
−$5.4K −$1.26/SF
EGI
$71.8K $16.74/SF
− OpEx
−$18.0K −$4.19/SF
NOI
$53.9K $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%
$1,077,720
Cap Rate 7%
$769,800
Cap Rate 9%
$598,733
Alternative Uses
Best Use
Specialty Retail
$769.8K
$673.6K – $898.1K
NOI $53,886 @ 7.0% cap · market cap 4.90%
Second Best
Retail
$589.1K
$515.4K – $687.3K
NOI $41,235 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$1.05M
$916.5K – $1.22M
NOI $73,317 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
Business Placement
Demographics for 44110, OH
17,617
Population
11,140
Households
1.6
Avg Household Size
40
Median Age
13%
College-Educated
84%
High-School Grad
4.1 sq mi
ZIP Area
4,297
Density / Sq Mi
$30,973
Median Household Income
$28,263
Median Earnings
$821
Median Rent
$62,600
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 - Operating facility with round-the-clock access, multiple wash formats, and updated contactless payment capabilities.
Where is this car wash located?
The property is located at 15610 Lake Shore Boulevard Cleveland, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 0.62‑acre corner parcel with access from Lake Shore Boulevard and E. 156th Street; One Belanger Freestyler Rollover soft‑touch automatic bay and 4 self‑service bays; Lake Shore Boulevard traffic reported at 13,500 - 14,000 vehicles per day
