Listing Agency: MCCOLLUM REAL ESTATE m***@onecliq.net Show Phone

Listed By: TERRIE MORRIS · License #475130847

Source: Crexi

Added: Oct 6, 2023 Changed: Aug 11 Last Checked: Aug 11 at 9:56AM

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Investment Insights

Based on property information with market context.

This property features 3.44 acres located on Route 37, improved with two buildings. The original building includes a bathroom. The new building has an overhead door suitable for equipment storage and a finished area. The property is currently used as a car lot, but it could be suitable for various businesses such as retail or an insurance office. The site includes 3.12 acres of woods and a .32-acre car lot. The property is located within the WF HS SD, Unit 168.

Key Highlights

• 3.44 Acres on Rt 37
• Two buildings included
• Suitable for various businesses (car lot, retail, insurance office, etc.)

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

$7,792

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

6.50%

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%

$155,840 $155.8K

Cap Rate 7%

$111,314 $111.3K

Cap Rate 9%

$86,578 $86.6K

Market Conditions

NOI Build-Up for 572 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

$10.8K $18.96/SF

− Vacancy

−$455 −$0.80/SF

EGI

$10.4K $18.16/SF

− OpEx

−$2.6K −$4.54/SF

NOI

$7.8K $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%

$155,840

Cap Rate 7%

$111,314

Cap Rate 9%

$86,578

Alternative Uses

Best Use

Specialty Retail

$111.3K

$97.4K – $129.9K (±1% cap)

NOI $7,792 @ 7.0% cap · market cap 6.50%

Second Best

Retail

$66.7K

$58.4K – $77.8K (±1% cap)

NOI $4,670 @ 7.0% cap · market cap 3.89%

Theoretical Best

Office A

$120.6K

$105.5K – $140.7K (±1% cap)

NOI $8,441 @ 7.0% cap · market cap 7.04%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Car washes

Suggested Use

Top Pick Building Supply Furniture & Home Goods Auto Repair Shop Veterinary Clinic Grocery & Convenience Store Gym & Fitness Center

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

Location Intelligence

Trade Area within ½ mile

21

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this car washes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Car wash - 3.44 acres with two buildings on Route 37.

Where is this car wash located?

The property is located at 17902 Route 37 Johnston City, IL.

What is the asking price?

The asking price for this property is $119,900.

What are key features of this property?

This property features: 3.44 Acres on Rt 37; Two buildings included; Suitable for various businesses (car lot, retail, insurance office, etc.)