Car Wash Redevelopment
For Sale
Contact for pricing
1603 DIXON ST, Fredericksburg, VA 22401
3,770 SF car wash with redevelopment potential.
Property Size3,770 SF
Price / SF$258.62
Days on Market90
Property Features for 1603 DIXON ST
General Information
Standard status
Active
Size
3,770 SF
Property subtype
Retail, Land, Special Purpose
Zoning
CH
Investment Type
Redevelopment
Building Details
Year Built
1979
Buildings
2
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Johnson Realty Advisors
(540) 548-2220
Listed By:
Fitzhugh Johnson · License #0225245881
Source:
Crexi
Added: May 12
Changed: Aug 8
Last Checked: Aug 8 at 3:08PM
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 Johnson Realty Advisors
Investment Insights
Based on property information with market context.
The property features an existing 3,770 square-foot car wash building. It benefits from strong frontage and visibility on Dixon Street (Route 2). The site presents a redevelopment opportunity and is surrounded by both residential and commercial developments, offering convenient access.
Key Highlights
- Strong frontage and visibility from Dixon Street (Rt. 2)
- 3,770 SF existing car wash building
- Redevelopment opportunity
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
$57,031
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
5.85%
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%
$1,140,620
$1.1M
Cap Rate 7%
$814,729
$814.7K
Cap Rate 9%
$633,678
$633.7K
Market Conditions
NOI Build-Up for 3,770 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
$78.7K $20.88/SF
− Vacancy
−$2.7K −$0.71/SF
EGI
$76.0K $20.17/SF
− OpEx
−$19.0K −$5.04/SF
NOI
$57.0K $15.13/SF
Area
Spotsylvania County, VA
Vacancy
3.40%
Lease Rate
$20.88 /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%
$1,140,620
Cap Rate 7%
$814,729
Cap Rate 9%
$633,678
Alternative Uses
Best Use
Specialty Retail
$814.7K
$712.9K – $950.5K
NOI $57,031 @ 7.0% cap · market cap 5.85%
Second Best
Retail
$766.7K
$670.9K – $894.5K
NOI $53,670 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,722 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 89%
Shops & Services 11%
Hardee's
Dining
10,188 visits/mo
0.1 miles
Dunkin' Donuts
Dining
6,251 visits/mo
0.2 miles
El Rodeo
Dining
2,602 visits/mo
0.5 miles
7-Eleven
Shops & Services
2,470 visits/mo
0.1 miles
Demographics for 22401, VA
27,799
Population
12,270
Households
2.3
Avg Household Size
32
Median Age
47%
College-Educated
93%
High-School Grad
10.4 sq mi
ZIP Area
2,673
Density / Sq Mi
$85,432
Median Household Income
$46,891
Median Earnings
$1,518
Median Rent
$461,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - 3,770 SF car wash with redevelopment potential.
Where is this car wash located?
The property is located at 1603 DIXON ST Fredericksburg, VA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Strong frontage and visibility from Dixon Street (Rt. 2); 3,770 SF existing car wash building; Redevelopment opportunity
