Self-Serve and Automatic Car
For Sale
$250,000
1935 Central Ave, Middletown, OH 45044
Configured with four self-serve bays, two automatic bays, and multiple vacuum and vending systems, plus related equipment and storage.
Property Size2,782 SF
Price / SF$89.86
Days on Market85
Property Features for 1935 Central Ave
General Information
Standard status
Active
Size
2,782 SF
Additional Details
Business Included
Yes
Service Bays
6
Taxes and HOA fees
Annual Taxes
$2,028
Listing Agency:
Keller Williams Advisors
(513) 227-9151
Listed By:
Patricia Hamilton
(937) 829-2684
Source:
Exprealty
Added: Jun 13
Changed: Aug 20
Last Checked: Sep 4 at 2:15PM
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 Keller Williams Advisors
Investment Insights
Based on property information with market context.
This property is currently set up as a car wash business and includes the equipment and inventory for ongoing operation. The wash features 4 self-serve bays and 2 automatic bays, along with 5 vacuums and 6 vending machines. Additional systems included are a fragramatic machine, a change machine, and a credit card reader. Hoses, brushes, and sprayers for the vacuums and self-serve bays are removed and stored inside the building.
The site is located at 1935 Central Ave in Middletown, OH, in a high-traffic area and next to a new Dollar Tree.
While it is operating as a car wash, the property can be repurposed for other commercial uses such as retail, office space, a restaurant, or a car lot, depending on buyer needs.
The site is located at 1935 Central Ave in Middletown, OH, in a high-traffic area and next to a new Dollar Tree.
While it is operating as a car wash, the property can be repurposed for other commercial uses such as retail, office space, a restaurant, or a car lot, depending on buyer needs.
Key Highlights
- Currently set up as a car wash business with 4 self‑serve bays and 2 automatic bays
- Includes approximately $250,000 in equipment and inventory
- Car wash amenities include 5 vacuums, fragramatic machine, change machine, and a credit card reader
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
$17,499
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
7.00%
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%
$349,980
$350.0K
Cap Rate 7%
$249,986
$250.0K
Cap Rate 9%
$194,433
$194.4K
Market Conditions
NOI Build-Up for 2,782 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
$26.7K $9.60/SF
− Vacancy
−$1.7K −$0.61/SF
EGI
$25.0K $8.99/SF
− OpEx
−$7.5K −$2.70/SF
NOI
$17.5K $6.29/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$9.60 /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%
$349,980
Cap Rate 7%
$249,986
Cap Rate 9%
$194,433
Alternative Uses
Best Use
Specialty Retail
$418.5K
$366.2K – $488.2K
NOI $29,294 @ 7.0% cap · market cap 11.72%
Second Best
Industrial
$250.0K
$218.7K – $291.7K
NOI $17,499 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$550.1K
$481.3K – $641.7K
NOI $38,504 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
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?
Self service car wash - Configured with four self-serve bays, two automatic bays, and multiple vacuum and vending systems, plus related equipment and storage.
Where is this self service car wash located?
The property is located at 1935 Central Ave Middletown, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Currently set up as a car wash business with 4 self‑serve bays and 2 automatic bays; Includes approximately $250,000 in equipment and inventory; Car wash amenities include 5 vacuums, fragramatic machine, change machine, and a credit card reader
