Established Car Lot with Vacant
For Sale
Contact for pricing
17092 Route 37 N, Johnston City, IL 62951
Car lot with vacant land suitable for various business uses.
Property Size744 SF
Lot Size3.84 Acres
Price / SF$161.29
Days on Market162
Property Features for 17092 Route 37 N
General Information
Standard status
Active
Size
744 SF
Lot size
3.84 Acres
Property subtype
Special Purpose
Building Details
Year Built
31
Listing Agency:
CENTURY 21 House of Realty Marion
Listed By:
Mary Jo Gilmore · License #IL
Source:
Crexi
Added: Mar 12
Changed: Aug 17
Last Checked: Aug 18 at 11:14AM
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 CENTURY 21 House of Realty Marion
Investment Insights
Based on property information with market context.
This property features an established car lot with an additional 3.52 acres of vacant land. The car lot, situated just north of Johnston City, is 0.32 acres. The location offers high visibility, making it suitable for various business uses. The lot has previously accommodated up to 40 vehicles, making it suited for auto sales. Alternative commercial ventures include storage building sales, trailer sales, a gaming/slot location, or equipment sales. The property provides road visibility and space for inventory and expansion, offering flexibility for different business models. The current owner operates a thriving business at this location. Parcel 02-12-200-048 has a building on it, while parcel 02-12-200-046 is land to the north. The property size is 744 square feet.
Key Highlights
- Highly visible location ideal for various business uses.
- Includes both a .32 acre car lot and 3.52 acres of vacant land.
- Proven location with a thriving existing business.
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
$10,135
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
8.45%
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%
$202,700
$202.7K
Cap Rate 7%
$144,786
$144.8K
Cap Rate 9%
$112,611
$112.6K
Market Conditions
NOI Build-Up for 744 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
$14.1K $18.96/SF
− Vacancy
−$592 −$0.80/SF
EGI
$13.5K $18.16/SF
− OpEx
−$3.4K −$4.54/SF
NOI
$10.1K $13.62/SF
Area
Williamson County, IL
Vacancy
4.20%
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%
$202,700
Cap Rate 7%
$144,786
Cap Rate 9%
$112,611
Alternative Uses
Best Use
Specialty Retail
$144.8K
$126.7K – $168.9K
NOI $10,135 @ 7.0% cap · market cap 8.45%
Second Best
Retail
$86.8K
$75.9K – $101.3K
NOI $6,075 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$156.8K
$137.2K – $183.0K
NOI $10,979 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 62951, IL
5,136
Population
2,705
Households
1.9
Avg Household Size
44
Median Age
17%
College-Educated
89%
High-School Grad
27.7 sq mi
ZIP Area
185
Density / Sq Mi
$49,694
Median Household Income
$36,087
Median Earnings
$854
Median Rent
$89,600
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?
Car wash - Car lot with vacant land suitable for various business uses.
Where is this car wash located?
The property is located at 17092 Route 37 N Johnston City, IL.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Highly visible location ideal for various business uses.; Includes both a .32 acre car lot and 3.52 acres of vacant land.; Proven location with a thriving existing business.
