Self-Service Car Wash with Six
For Sale
$449,000
223 Oaklawn Ave, Corsicana, TX 75110
Established car wash with six wash bays and four vacuum bays, plus office and storage on Oaklawn Ave.
Property Size2,112 SF
Lot Size0.71 Acres
Price / SF$212.59
Days on Market75
Property Features for 223 Oaklawn Ave
General Information
Standard status
Active
Size
2,112 SF
Lot size
0.71 Acres
Additional Details
Business Included
Yes
Service Bays
6
Listing Agency:
Keller Williams Lonestar DFW
(817) 795-2500
Listed By:
Laura Smith · License #0645005
(817) 795-2500
Source:
Exprealty
Added: May 26
Changed: Jul 10
Last Checked: Aug 8 at 7:26AM
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 Keller Williams Lonestar DFW
Investment Insights
Based on property information with market context.
This for-sale property is an established self-service car wash designed for on-site customer use. The site includes six wash bays, four vacuum bays, and a small office space, along with an additional storage building to support day-to-day operations.
Located at 223 Oaklawn Ave in Corsicana, TX, the car wash is positioned on Oaklawn Drive in a high-traffic area. The property benefits from visibility to passing motorists and sits near residential neighborhoods and retail, supporting convenient access for customers who are already in the area.
For buyers and operator-users, the layout supports a streamlined self-service model with separate wash and vacuum bays, on-site office space, and storage. With the core infrastructure already in place, it offers a practical option for those seeking to own a functioning automotive-related facility in a busy commercial corridor.
Located at 223 Oaklawn Ave in Corsicana, TX, the car wash is positioned on Oaklawn Drive in a high-traffic area. The property benefits from visibility to passing motorists and sits near residential neighborhoods and retail, supporting convenient access for customers who are already in the area.
For buyers and operator-users, the layout supports a streamlined self-service model with separate wash and vacuum bays, on-site office space, and storage. With the core infrastructure already in place, it offers a practical option for those seeking to own a functioning automotive-related facility in a busy commercial corridor.
Key Highlights
- Established self‑service car wash on busy Oaklawn Drive in Corsicana
- Approximately 0.71 acres with 6 wash bays and 4 vacuum bays
- Includes small office space on‑site
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
$37,560
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
8.37%
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%
$751,200
$751.2K
Cap Rate 7%
$536,571
$536.6K
Cap Rate 9%
$417,333
$417.3K
Market Conditions
NOI Build-Up for 2,112 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
$52.7K $24.96/SF
− Vacancy
−$2.6K −$1.25/SF
EGI
$50.1K $23.71/SF
− OpEx
−$12.5K −$5.93/SF
NOI
$37.6K $17.78/SF
Area
Navarro County, TX
Vacancy
5.00%
Lease Rate
$24.96 /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%
$751,200
Cap Rate 7%
$536,571
Cap Rate 9%
$417,333
Alternative Uses
Best Use
Specialty Retail
$536.6K
$469.5K – $626.0K
NOI $37,560 @ 7.0% cap · market cap 8.37%
Second Best
Retail
$500.8K
$438.2K – $584.3K
NOI $35,056 @ 7.0% cap · market cap 7.81%
Theoretical Best
Multifamily LT 5
$23.20M
$20.30M – $27.07M
NOI $1,624,177 @ 7.0% cap · market cap 361.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Explore this area
Business Placement
Demographics for 75110, TX
30,336
Population
11,980
Households
2.5
Avg Household Size
35
Median Age
17%
College-Educated
77%
High-School Grad
137.5 sq mi
ZIP Area
221
Density / Sq Mi
$53,053
Median Household Income
$29,804
Median Earnings
$1,043
Median Rent
$169,200
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?
Self service car wash - Established car wash with six wash bays and four vacuum bays, plus office and storage on Oaklawn Ave.
Where is this self service car wash located?
The property is located at 223 Oaklawn Ave Corsicana, TX.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Established self‑service car wash on busy Oaklawn Drive in Corsicana; Approximately 0.71 acres with 6 wash bays and 4 vacuum bays; Includes small office space on‑site
