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    Active Business with Car Wash Title is generated by Realmo AI

    2346 Highway 64 NW, Ramsey, IN 47166

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    Claim this Listing
    For Sale
    $255,000

    Commercial property with car wash, office, and workshop.

    Type:Industrial
    Property size:
    960 SF
    Price / SF:
    $265/SF
    Added:
    Aug 24, 2020
    Days on Market:
    2113
    Last Refresh:
    May 13 at 8:41 pm

    Property Features for 2346 Highway 64 NW

    General Information

    Standard status
    Active
    Size
    960 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Lee King

    Listing agent Lee King

    Listing office Schuler Bauer Real Estate Services ERA Powered

    Listing date Aug 24, 2020

    Source Xome

    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 Schuler Bauer Real Estate Services ERA Powered

    HighLights

    • Active business (Scott Auto Sales) with included inventory.
    • Turnkey main office building (24x40) is furnished and ready for business use.
    • Profitable 3‑bay car wash included, netting approximately $500 monthly with updated equipment.
    • Garage/workshop equipped with tools (excluding tire changer and golf carts).
    • New roofs on all buildings.
    • Well‑insulated main office building (4.5" Styrofoam under flooring, R40 walls and attic).

    Overview

    This commercial property, currently operating as Scott Auto Sales, offers multiple business opportunities. The main office building, measuring 24 x 40, includes a business foyer, two offices, storage space, a full kitchen, and a half bathroom. Constructed with 4.5" Styrofoam insulation under the flooring and R40 insulation in the walls and attic, the building is well-insulated and comes furnished. A recently filled owned L/P gas tank is on-site. All buildings feature new roofs. The property includes a 3-bay car wash that generates approximately $500 monthly. The car wash is equipped with updated pumps, an on-demand water heater, an air compressor for the bubble brush, a backflow system, and a change machine. The garage/workshop includes existing equipment, excluding the tire changer and golf carts, and has two bathrooms. There are two septic systems on the property. Additional acreage extending into the cornfield could potentially accommodate a storage building business, subject to a zoning variance. The location is suitable for an auto body shop and continued car sales.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Storage Facility Bar & Pub Electrical Service Daycare Center Plumbing Service Pet Grooming Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ramsey
    County
    Harrison
    State
    Indiana
    Longitude
    -86.1677556
    Latitude
    38.326464

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    FAQs

    What type of property is this?
    Car wash - Commercial property with car wash, office, and workshop.
    Where is this car wash located?
    The property is located at 2346 Highway 64 NW Ramsey, IN.
    What is the asking price?
    The asking price for this property is $255,000.
    What are key features of this property?
    This property features: Active business (Scott Auto Sales) with included inventory.; **Turnkey main office building (24x40) is furnished and ready for business use.**; **Profitable 3‑bay car wash included, netting approximately $500 monthly with updated equipment.**
    (812) 738-4232
    We can help!
    Listing Contact
    Lee King
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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