Building Details

Year built 1991

Roof type Asphalt

Listing Agency: Ohio Real Estate Auctions LLC Show Phone

Listed By: Christopher Cox · License #SL3538748 Show Phone

Added: Aug 7 Last Checked: Aug 8 at 10:06PM

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MLS# 11924954

Copyright © 2026 My State MLS. 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 established manual car wash property includes a 2,432-square-foot building constructed in 1991. Approximately 20,000 square feet of surrounding asphalt paving provides space for vehicle stacking and on-site maneuvering. The property is being offered in as-is condition, with public water service and an asphalt roof.

The site is located at 1991 S Alex Rd in West Carrollton, Ohio. Its existing car wash building and paved circulation area support continued automotive service use, subject to the buyer’s inspections and due diligence.

Key Highlights

• 2,432‑square‑foot car wash building
• Approximately 20,000 square feet of asphalt paving
• Established manual car wash operation

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

$30,304

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

7.58%

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%

$606,080 $606.1K

Cap Rate 7%

$432,914 $432.9K

Cap Rate 9%

$336,711 $336.7K

Market Conditions

NOI Build-Up for 2,432 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

$43.8K $18.00/SF

− Vacancy

−$3.4K −$1.39/SF

EGI

$40.4K $16.61/SF

− OpEx

−$10.1K −$4.15/SF

NOI

$30.3K $12.46/SF

Area

Montgomery County, OH

Vacancy

7.70%

Lease Rate

$18.00 /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%

$606,080

Cap Rate 7%

$432,914

Cap Rate 9%

$336,711

Alternative Uses

Best Use

Specialty Retail

$432.9K

$378.8K – $505.1K (±1% cap)

NOI $30,304 @ 7.0% cap · market cap 7.58%

Second Best

Retail

$404.1K

$353.6K – $471.4K (±1% cap)

NOI $28,284 @ 7.0% cap · market cap 7.07%

Theoretical Best

Multifamily LT 5

$23.00M

$20.13M – $26.84M (±1% cap)

NOI $1,610,147 @ 7.0% cap · market cap 402.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Spa & Massage Center Restaurant Nail Salon

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

190

Businesses Nearby

Explore this area Business Placement

Demographics for 45449, OH

18,976

Population

8,859

Households

2.1

Avg Household Size

40

Median Age

24%

College-Educated

92%

High-School Grad

6.8 sq mi

ZIP Area

2,791

Density / Sq Mi

$60,303

Median Household Income

$41,613

Median Earnings

$984

Median Rent

$147,700

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 - Established manual car wash with dedicated paving for customer circulation and vehicle stacking.

Where is this car wash located?

The property is located at 1991 S Alex Rd West Carrollton, OH.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: 2,432‑square‑foot car wash building; Approximately 20,000 square feet of asphalt paving; Established manual car wash operation