6-Bay Self-Service Car
For Sale
$449,000
223 Oaklawn Dr, Corsicana, TX 75110
Six wash bays, four vacuum bays, an office, and a separate storage building support on-site car wash operations.
Property Size2,112 SF
Lot Size0.71 Acres
Price / SF$212.59
Days on Market39
Property Features for 223 Oaklawn Dr
General Information
Standard status
Active
Size
2,112 SF
Lot size
0.71 Acres
Additional Details
Business Included
Yes
Road Access
Yes
Car Wash Bays
6
Amenities
wash bays
vacuum bays
storage building
office space
ice machine
Building Details
Year Built
1985
Abandoned
No
Listing Agency:
Keller Williams Lonestar DFW
(770) 503-7070
Listed By:
Laura Smith · License #0645005
Source:
Dfwsouth
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 28 at 1:07PM
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 self-service car wash occupies approximately .71 acres at 223 Oaklawn Drive and includes 6 wash bays, 4 vacuum bays, a small office, and an additional storage building. The property is configured for customer wash and vacuum services with supporting on-site administrative and storage space.
Located in Corsicana near residential neighborhoods and retail, the property occupies the corner of Oaklawn Drive and includes an area leased for an ice machine. The ice machine is not owned by the seller, while the lease generates rental income. The mailing address is 223 Oaklawn Drive, Corsicana, TX 75110.
Located in Corsicana near residential neighborhoods and retail, the property occupies the corner of Oaklawn Drive and includes an area leased for an ice machine. The ice machine is not owned by the seller, while the lease generates rental income. The mailing address is 223 Oaklawn Drive, Corsicana, TX 75110.
Key Highlights
- Approximately .71 acres with 6 wash bays
- 4 vacuum bays plus a small office and additional storage building
- Located at 223 Oaklawn Drive in Corsicana, TX 75110
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
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
157
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self service car wash - Six wash bays, four vacuum bays, an office, and a separate storage building support on-site car wash operations.
Where is this self service car wash located?
The property is located at 223 Oaklawn Dr 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: Approximately .71 acres with 6 wash bays; 4 vacuum bays plus a small office and additional storage building; Located at 223 Oaklawn Drive in Corsicana, TX 75110
