6-Bay Self-Service Car
For Sale
$429,000
223 Oaklawn Drive, Corsicana, TX 75110
CommercialSale, Corsicana, TX
Property Size2,112 SF
Lot Size0.71 Acres
Price / SF$203.13
Days on Market67
Property Features for 223 Oaklawn Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
Corsicana
Directions
From 24th in Corsicana, turn onto Oaklawn, follow Oaklawn through the park, pass the YMCA and at the stop sign continue straight, prop is on the right. GPS Available.
Standard status
Active
APN
32757
Size
2,112 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Description
C0000 CORSICANA BLK 319G LOT 1-A 0.71 ACRES
Tax Annual Amount
3379
Legal Description
C0000 CORSICANA BLK 319G LOT 1-A 0.71 ACRES
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
vacuum bays
storage building
office space
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Brick
Roof type
Metal
Listing Agency:
Keller Williams Lonestar DFW · Keller Williams Realty
(817) 795-2500
Listed By:
Laura Smith · License #0645005
(817) 795-2500
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 29 at 1:06AM
MLS# 21279207
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This self-service car wash occupies approximately 0.71 acres and includes a 2,112-square-foot facility with 6 wash bays and 4 vacuum bays. The improvements also feature a separate storage building and a small office. Brick construction, concrete flooring, a metal roof, public water, and public sewer are reported, with the property built in 1985.
Located at 223 Oaklawn Drive in Corsicana, the site is near residential neighborhoods and retail uses. A corner portion is leased for an ice machine and is not owned by the seller, creating a separate site arrangement for that area.
Located at 223 Oaklawn Drive in Corsicana, the site is near residential neighborhoods and retail uses. A corner portion is leased for an ice machine and is not owned by the seller, creating a separate site arrangement for that area.
Key Highlights
- 6 wash bays and 4 vacuum bays
- Approximately 0.71 acres with a 2,112‑square‑foot facility
- Separate storage building and small office 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
8.76%
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 8.76%
Second Best
Retail
$500.8K
$438.2K – $584.3K
NOI $35,056 @ 7.0% cap · market cap 8.17%
Theoretical Best
Multifamily LT 5
$23.20M
$20.30M – $27.07M
NOI $1,624,177 @ 7.0% cap · market cap 378.60%
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
878
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 - The site includes vacuum bays, a storage building, and a small office.
Where is this self service car wash located?
The property is located at 223 Oaklawn Drive Corsicana, TX.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 6 wash bays and 4 vacuum bays; Approximately 0.71 acres with a 2,112‑square‑foot facility; Separate storage building and small office on site
