Car Wash with Office
For Sale
$899,900
1845 N 21st Street Newark, Newark, OH 43055
Existing wash equipment, office space, and ample parking support continued automotive use at this commercial property.
Property Size5,896 SF
Price / SF$152.63
Days on Market58
Property Features for 1845 N 21st Street Newark
General Information
Standard status
Active
Size
5,896 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$14,396
Amenities
office space
No
0.79
5896.0
Building Details
Building Size
5,896 SF
Year Built
1994
Stories
1
Listing Agency:
(614) 660-5959
Listed By:
Brian McLaughlin
(614) 660-5959
Source:
Movenowohio
Added: Jul 5
Changed: Aug 31
Last Checked: Aug 31 at 2:57AM
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 Brian McLaughlin
Investment Insights
Based on property information with market context.
This 5,896-square-foot commercial property is configured as a car wash and includes the existing wash equipment. The building also provides office space, while the surrounding site offers ample parking. Built in 1994, the property can accommodate continued car wash operations or another use subject to the buyer securing any required approvals.
The site is positioned on a corner near State Route 13 and 1845 N 21st Street in Newark. It is also approximately 22 miles from the Intel plant being built in New Albany, providing regional context for the property.
The site is positioned on a corner near State Route 13 and 1845 N 21st Street in Newark. It is also approximately 22 miles from the Intel plant being built in New Albany, providing regional context for the property.
Key Highlights
- 5,896‑square‑foot commercial building
- Currently configured as a car wash
- Existing car wash equipment included
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
$68,505
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
7.61%
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%
$1,370,100
$1.4M
Cap Rate 7%
$978,643
$978.6K
Cap Rate 9%
$761,167
$761.2K
Market Conditions
NOI Build-Up for 5,896 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
$128.8K $21.84/SF
− Vacancy
−$30.9K −$5.24/SF
EGI
$97.9K $16.60/SF
− OpEx
−$29.4K −$4.98/SF
NOI
$68.5K $11.62/SF
Area
Licking County, OH
Vacancy
24.00%
Lease Rate
$21.84 /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%
$1,370,100
Cap Rate 7%
$978,643
Cap Rate 9%
$761,167
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.79M
NOI $107,445 @ 7.0% cap · market cap 11.94%
Second Best
Industrial
$978.6K
$856.3K – $1.14M
NOI $68,505 @ 7.0% cap · market cap 7.61%
Theoretical Best
Flex RnD
$4.74M
$4.14M – $5.52M
NOI $331,464 @ 7.0% cap · market cap 36.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
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 - Existing wash equipment, office space, and ample parking support continued automotive use at this commercial property.
Where is this car wash located?
The property is located at 1845 N 21st Street Newark Newark, OH.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 5,896‑square‑foot commercial building; Currently configured as a car wash; Existing car wash equipment included
