Self-Service Car
For Sale
$250,000
1935 Central Avenue, Middletown, OH 45044
Commercial Sale, Middletown, OH
Property Size2,782 SF
Lot Size0.51 Acres
Price / SF$89.86
Days on Market92
Property Features for 1935 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security Lighting
Interior features
Security Light, Smoke Detector, Alarm System, Drive-in Door
Exterior features
Lights
Directions
St Rt 122 to Dixie highway to R on Central Ave
Subdivision
Butler-W19
Standard status
Active
APN
Q6532028000101
Size
2,782 SF
Lot size
0.51 Acres
Utilities
Heating system
Natural Gas
Building Details
Year built
2002
Flooring type
Concrete
Building materials
Block, Brick
Roof type
Metal
Listing Agency:
Keller Williams Advisors · Keller Williams Realty
(513) 874-3300
Listed By:
Patricia Hamilton
(513) 766-9200
Added: Jun 13
Changed: Aug 19
Last Checked: Sep 12 at 8:06AM
MLS# 1883079
Copyright © 2026 MLS of Greater Cincinnati, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,782-square-foot car wash property occupies 0.51 acres and includes a combination of self-service and automatic washing facilities. The site has four self-service bays, two automatic bays, five vacuums, six vending machines, a fragrance machine, a change machine, and a credit card reader. Hoses, brushes, and sprayers for the vacuum and self-service equipment are stored inside the building.
Built in 2002, the block-and-brick building features concrete flooring, a metal roof, natural gas heat, a drive-in door, security lighting, smoke detection, and an alarm system. Exterior lighting supports the operating improvements. The property is located on Central Avenue in Middletown, next to a new Dollar Tree.
Built in 2002, the block-and-brick building features concrete flooring, a metal roof, natural gas heat, a drive-in door, security lighting, smoke detection, and an alarm system. Exterior lighting supports the operating improvements. The property is located on Central Avenue in Middletown, next to a new Dollar Tree.
Key Highlights
- 2,782‑square‑foot car wash on 0.51 acres
- Four self‑service bays and two automatic bays
- Five vacuums and six vending machines
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
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Established automotive property with automated and self-service washing components, vacuum stations, vending, and payment equipment.
Where is this car wash located?
The property is located at 1935 Central Avenue 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: 2,782‑square‑foot car wash on 0.51 acres; Four self‑service bays and two automatic bays; Five vacuums and six vending machines
