Updated Car Wash with New
New
For Sale
$1,200,000
20913 JOY Rd, Detroit, MI 48228
Recent site, equipment, and signage improvements modernize this Detroit car wash facility.
Property Size2,530 SF
Days on Market4
Property Features for 20913 JOY Rd
General Information
Standard status
Active
Size
2,530 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,770
Amenities
Brand-new parking lot
New interior and exterior signage
Building Details
Building Size
2,530 SF
Year Built
2003
Listing Agency:
Sonic Realty LLC
(313) 888-7653
Listed By:
Samar Taha · License #6501426070
(313) 888-7653
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 7:36AM
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 Sonic Realty LLC
Investment Insights
Based on property information with market context.
Located at 20913 Joy Rd in Detroit, Michigan, this car wash was built in 2003 and has received several recent improvements. Work includes a new parking lot, new tunnel wash equipment, a replacement operating system, and updated interior and exterior signage.
The property is positioned on Joy Road and is described as serving surrounding residential and commercial neighborhoods. Walk Score is 47, Bike Score is 48, and Transit Score is 43. The combination of refreshed site infrastructure, operating equipment, and customer-facing signage provides a substantially updated physical platform for continued car wash operations.
The property is positioned on Joy Road and is described as serving surrounding residential and commercial neighborhoods. Walk Score is 47, Bike Score is 48, and Transit Score is 43. The combination of refreshed site infrastructure, operating equipment, and customer-facing signage provides a substantially updated physical platform for continued car wash operations.
Key Highlights
- New tunnel car wash equipment
- New parking lot
- New operating system
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
$34,610
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
2.88%
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%
$692,200
$692.2K
Cap Rate 7%
$494,429
$494.4K
Cap Rate 9%
$384,556
$384.6K
Market Conditions
NOI Build-Up for 2,530 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
$48.6K $19.20/SF
− Vacancy
−$2.4K −$0.96/SF
EGI
$46.1K $18.24/SF
− OpEx
−$11.5K −$4.56/SF
NOI
$34.6K $13.68/SF
Area
ZIP 48228
Vacancy
5.00%
Lease Rate
$19.20 /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%
$692,200
Cap Rate 7%
$494,429
Cap Rate 9%
$384,556
Alternative Uses
Best Use
Specialty Retail
$494.4K
$432.6K – $576.8K
NOI $34,610 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$445.2K
$389.5K – $519.4K
NOI $31,162 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$519.7K
$454.7K – $606.3K
NOI $36,376 @ 7.0% cap · market cap 3.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
7,756 visits/mo
0.5 miles
Dollar General
Shops & Services
7,585 visits/mo
0.1 miles
Mobil
Shops & Services
4,667 visits/mo
0.5 miles
Demographics for 48228, MI
53,893
Population
22,620
Households
2.4
Avg Household Size
31
Median Age
11%
College-Educated
78%
High-School Grad
8.9 sq mi
ZIP Area
6,055
Density / Sq Mi
$31,485
Median Household Income
$27,533
Median Earnings
$1,086
Median Rent
$55,100
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Recent site, equipment, and signage improvements modernize this Detroit car wash facility.
Where is this car wash located?
The property is located at 20913 JOY Rd Detroit, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: New tunnel car wash equipment; New parking lot; New operating system
