Operating Car Wash in Midwest
For Sale
Contact for pricing
208 S Air Depot Blvd, Midwest City, OK 73110
Operating car wash in developing area with highway access.
Property Size7,825 SF
Price / SF$121.41
Days on Market993
Property Features for 208 S Air Depot Blvd
General Information
Standard status
Active
Size
7,825 SF
Property subtype
Special Purpose
Zoning
C-3
Building Details
Year Built
1984
Listing Agency:
LaGree Associates
(405) 308-7281
Listed By:
John Archiniaco · License #OK 179880
Source:
Crexi
Added: Nov 22, 2023
Changed: Aug 8
Last Checked: Aug 9 at 7:44AM
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 LaGree Associates
Investment Insights
Based on property information with market context.
This operating Red Carpet Car Wash is situated in a developing area of Midwest City, near the southeast corner of E. Reno Ave and S. Air Depot Blvd. The location provides access to both I-40 and I-35, with proximity to restaurants and retail outlets. The building is equipped with systems including Wash Systems of Texas, Sherman, Unimac, Spencer, and CarTrol. The property includes a large electronic signage system. The property size is 7,825 square feet.
Key Highlights
- Located in a developing area of Midwest City with great access to I‑40 and I‑35.
- Low‑competition area for the car wash market.
- Equipped with wash systems from Wash Systems of Texas, Sherman, Unimac, Spencer, & CarTrol.
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
$82,594
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
8.69%
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%
$1,651,880
$1.7M
Cap Rate 7%
$1,179,914
$1.2M
Cap Rate 9%
$917,711
$917.7K
Market Conditions
NOI Build-Up for 7,825 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
$130.5K $16.68/SF
− Vacancy
−$12.5K −$1.60/SF
EGI
$118.0K $15.08/SF
− OpEx
−$35.4K −$4.52/SF
NOI
$82.6K $10.56/SF
Area
Oklahoma County, OK
Vacancy
9.60%
Lease Rate
$16.68 /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%
$1,651,880
Cap Rate 7%
$1,179,914
Cap Rate 9%
$917,711
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,594 @ 7.0% cap · market cap 8.69%
Second Best
Specialty Retail
$1.18M
$1.03M – $1.37M
NOI $82,309 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,086 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
430k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 31%
Home Improvements & Furnishings 10%
Electronics 8%
Lowe's
Home Improvements & Furnishings
42,036 visits/mo
0.2 miles
Raising Cane's Chicken Fingers
Dining
36,501 visits/mo
0.0 miles
Five Below
Shops & Services
30,038 visits/mo
0.4 miles
Sam's Club Gas Station
Shops & Services
29,294 visits/mo
0.4 miles
Midwest City #3
Shops & Services
28,376 visits/mo
0.1 miles
Demographics for 73110, OK
33,156
Population
15,826
Households
2.1
Avg Household Size
35
Median Age
20%
College-Educated
91%
High-School Grad
15.5 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,436
Median Household Income
$35,043
Median Earnings
$1,007
Median Rent
$119,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Operating car wash in developing area with highway access.
Where is this car wash located?
The property is located at 208 S Air Depot Blvd Midwest City, OK.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Located in a developing area of Midwest City with great access to I‑40 and I‑35.; Low‑competition area for the car wash market.; Equipped with wash systems from Wash Systems of Texas, Sherman, Unimac, Spencer, & CarTrol.
