Touchless Car Wash with Self-Serve
For Sale
$360,000
225 W Houghton Lake Drive, Prudenville, MI 48651
COMMERCIAL - Prudenville, MI
Property Size2,880 SF
Lot Size2.00 Acres
Price / SF$125
Days on Market406
Property Features for 225 W Houghton Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Block
Lot features
Freestanding
Directions
Highway M55 Northeast of Prudenville stop light.
Subdivision
Roscommon
Standard status
Active
Size
2,880 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Description
See Associated Docs
Legal Description
See Associated Docs
Utilities
Water source
Private
Water front
1
Amenities
vacuums
vending machine
coin changers
storage/parking area
Building Details
Building materials
Block
Roof type
Asphalt
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS-HL
(989) 366-5522
Listed By:
RUTH CLEMENS · License #6506043271
(989) 429-3100
Added: Jul 12, 2025
Changed: Aug 4
Last Checked: Aug 21 at 6:06PM
MLS# 1936322
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 2880-square-foot car wash includes one touchless automatic wash and four self-service bays. Customer amenities include six vacuums, a vending machine, and coin changers. The building features block construction, an asphalt roof, and a private water source.
The 2-acre site fronts Highway M-55 and Denton Creek, with over 200' along each. It sits on the route between I-75 and US-127 and across from Houghton Lake, identified as Michigan's largest inland lake. The property is located in Prudenville, Michigan.
The 2-acre site fronts Highway M-55 and Denton Creek, with over 200' along each. It sits on the route between I-75 and US-127 and across from Houghton Lake, identified as Michigan's largest inland lake. The property is located in Prudenville, Michigan.
Key Highlights
- One touchless automatic wash and four self‑service bays
- 2880 square feet on a 2‑acre site
- Six vacuums, vending machine, and coin changers
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
$21,926
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
6.09%
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%
$438,520
$438.5K
Cap Rate 7%
$313,229
$313.2K
Cap Rate 9%
$243,622
$243.6K
Market Conditions
NOI Build-Up for 2,880 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
$40.4K $14.04/SF
− Vacancy
−$11.2K −$3.89/SF
EGI
$29.2K $10.15/SF
− OpEx
−$7.3K −$2.54/SF
NOI
$21.9K $7.61/SF
Area
Roscommon County, MI
Vacancy
27.70%
Lease Rate
$14.04 /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%
$438,520
Cap Rate 7%
$313,229
Cap Rate 9%
$243,622
Alternative Uses
Best Use
Specialty Retail
$313.2K
$274.1K – $365.4K
NOI $21,926 @ 7.0% cap · market cap 6.09%
Second Best
Retail
$297.9K
$260.7K – $347.6K
NOI $20,854 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$474.0K
$414.7K – $553.0K
NOI $33,178 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 48651, MI
4,396
Population
3,825
Households
1.1
Avg Household Size
56
Median Age
19%
College-Educated
92%
High-School Grad
71.0 sq mi
ZIP Area
62
Density / Sq Mi
$42,938
Median Household Income
$32,917
Median Earnings
$797
Median Rent
$156,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Operating facility combines automated and self-service washing with on-site customer amenities along a well-traveled commercial corridor.
Where is this car wash located?
The property is located at 225 W Houghton Lake Drive Prudenville, MI.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: One touchless automatic wash and four self‑service bays; 2880 square feet on a 2‑acre site; Six vacuums, vending machine, and coin changers
