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    Twelve-Bay Self-Service Car Wash Title is generated by Realmo AI

    2208 W Springfield Ave Champaign, Champaign, IL 61821

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    For Sale
    $825,000

    Twelve-bay car wash with mechanical room and restroom.

    Type:Retail
    Property size:
    7 SF
    Price / SF:
    $117,857/SF
    Added:
    Sep 10, 2025
    Days on Market:
    251
    Last Refresh:
    Apr 5 at 8:16 pm

    Property Features for 2208 W Springfield Ave Champaign

    General Information

    Standard status
    Active
    Size
    7 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Zach Wetherell, CCIM

    Listing agent Zach Wetherell, CCIM

    Listing office

    Listing date Sep 10, 2025

    Source Cbcworldwide

    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 Zach Wetherell, CCIM

    HighLights

    • Twelve‑bay self‑service car wash, all operable as of August 2024.
    • High NOI potential, with a projected $75,000-$80,000 for 2025.
    • Substantial building size of 7,680 SF with storage, mechanical room, and restroom.
    • Robust 3‑Phase, 600 amp electrical service.
    • Option to purchase with adjacent property at 2206 W. Springfield Ave.
    • Block building construction, built in 1979.

    Overview

    The subject property is a twelve-bay self-service car wash constructed in 1979. The block building totals 7,680 square feet and includes storage, a mechanical/maintenance room, and one restroom located in the middle of the building. It features 3-Phase, 600 amp service. Six of the twelve bays were not operable in 2023 and part of 2024, but all twelve bays were operable as of August 2024. There may be a need for a cross-access parking agreement with the property located at 2206 W. Springfield Ave next door to the east. The property can also be purchased along with 2206 W. Springfield Ave. The Net Operating Income (NOI) was $184,858 in 2023 and $108,346 in 2024. The projected NOI for 2025 is between $75,000 and $80,000, based on current performance.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    CU Auto Bath ... Car Wash

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2852
    Latitude
    40.1133

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    FAQs

    What type of property is this?
    Self service car wash - Twelve-bay car wash with mechanical room and restroom.
    Where is this self service car wash located?
    The property is located at 2208 W Springfield Ave Champaign Champaign, IL.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: Twelve‑bay self‑service car wash, all operable as of August 2024.; High NOI potential, with a projected $75,000-$80,000 for 2025.; Substantial building size of 7,680 SF with storage, mechanical room, and restroom.
    (217) 351-1988
    We can help!
    Listing Contact
    Zach Wetherell, CCIM
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    2208 W Springfield Ave Champaign, IL 61821, IL 61821
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