Car Wash with New
For Sale
$89,000
22234 Fenkell St, Detroit, MI 48223
Commercially zoned property with a recently replaced roof and prior hand car wash use.
Property Size1,220 SF
Price / SF$72.95
Days on Market33
Property Features for 22234 Fenkell St
General Information
Standard status
Active
Size
1,220 SF
Amenities
new roof
Building Details
Year Built
1939
Listing Agency:
Fathom Realty MI LLC
(248) 991-7355
Listed By:
Milton K Brown
Source:
Katie-k
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 25 at 4:57AM
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 Fathom Realty MI LLC
Investment Insights
Based on property information with market context.
This commercial property was previously operated as a hand car wash and includes a roof replaced approximately three months ago. The asset is identified for sale and may also accommodate a different business concept, subject to applicable requirements.
The property is located at 22234 Fenkell Street in Detroit, Michigan 48223. Built in 1939, it carries Commercial zoning and offers a documented automotive-service history for review by prospective purchasers.
The property is located at 22234 Fenkell Street in Detroit, Michigan 48223. Built in 1939, it carries Commercial zoning and offers a documented automotive-service history for review by prospective purchasers.
Key Highlights
- Former hand car wash property
- Roof replaced approximately 3 months ago
- Commercial zoning
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
$5,934
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
6.67%
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%
$118,680
$118.7K
Cap Rate 7%
$84,771
$84.8K
Cap Rate 9%
$65,933
$65.9K
Market Conditions
NOI Build-Up for 1,220 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
$8.9K $7.32/SF
− Vacancy
−$454 −$0.37/SF
EGI
$8.5K $6.95/SF
− OpEx
−$2.5K −$2.08/SF
NOI
$5.9K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /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%
$118,680
Cap Rate 7%
$84,771
Cap Rate 9%
$65,933
Alternative Uses
Best Use
Specialty Retail
$230.0K
$201.3K – $268.3K
NOI $16,100 @ 7.0% cap · market cap 18.09%
Second Best
Retail
$214.7K
$187.8K – $250.5K
NOI $15,027 @ 7.0% cap · market cap 16.88%
Theoretical Best
Office A
$269.1K
$235.5K – $314.0K
NOI $18,840 @ 7.0% cap · market cap 21.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Dining 11%
Marathon
Shops & Services
5,309 visits/mo
0.1 miles
BP
Shops & Services
2,781 visits/mo
0.3 miles
Sunoco
Shops & Services
2,743 visits/mo
0.4 miles
Krispy Krunchy Chicken
Dining
1,345 visits/mo
0.1 miles
Demographics for 48223, MI
22,956
Population
11,264
Households
2
Avg Household Size
36
Median Age
19%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
3,763
Density / Sq Mi
$42,324
Median Household Income
$30,119
Median Earnings
$1,013
Median Rent
$87,700
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 - Commercially zoned property with a recently replaced roof and prior hand car wash use.
Where is this car wash located?
The property is located at 22234 Fenkell St Detroit, MI.
What is the asking price?
The asking price for this property is $89,000.
What are key features of this property?
This property features: Former hand car wash property; Roof replaced approximately 3 months ago; Commercial zoning
