Four-Bay Car Wash
For Sale
$350,000
247 W Aurora Rd, Northfield, OH 44067
Self-serve car wash on busy Aurora Road.
Property Size1,680 SF
Lot Size0.50 Acres
Price / SF$208.33
Days on Market213
Property Features for 247 W Aurora Rd
General Information
Standard status
Active
Size
1,680 SF
Lot size
0.50 Acres
Taxes and HOA fees
Annual Taxes
$3,188
Listing Agency:
Russell Real Estate Services
(440) 258-9126
Listed By:
Michael Pasadyn · License #2018005857
(440) 258-9126
Source:
Exprealty
Added: Jan 29
Changed: Aug 25
Last Checked: Aug 29 at 11:26AM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This self-service car wash is located on Aurora Road in Northfield. The property includes four bays and multiple vacuum stations. Situated on nearly half an acre, the car wash benefits from strong visibility and high daily traffic counts. The location provides easy access and ample on-site parking. This property is positioned on a well-traveled corridor. The property is suitable for an owner-operator or investor seeking a low-maintenance asset. The building size is 1680 square feet.
Key Highlights
- High‑traffic location on busy Aurora Road ensures strong visibility and customer flow.
- Four‑bay self‑serve car wash provides immediate income potential.
- Nearly half‑acre lot offers ample on‑site parking and potential for expansion.
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
$20,323
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
5.81%
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%
$406,460
$406.5K
Cap Rate 7%
$290,329
$290.3K
Cap Rate 9%
$225,811
$225.8K
Market Conditions
NOI Build-Up for 1,680 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
$28.0K $16.68/SF
− Vacancy
−$925 −$0.55/SF
EGI
$27.1K $16.13/SF
− OpEx
−$6.8K −$4.03/SF
NOI
$20.3K $12.10/SF
Area
Summit County, OH
Vacancy
3.30%
Lease Rate
$16.68 /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%
$406,460
Cap Rate 7%
$290,329
Cap Rate 9%
$225,811
Alternative Uses
Best Use
Specialty Retail
$290.3K
$254.0K – $338.7K
NOI $20,323 @ 7.0% cap · market cap 5.81%
Second Best
Retail
$152.1K
$133.1K – $177.4K
NOI $10,644 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$412.3K
$360.8K – $481.0K
NOI $28,860 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 83%
Dining 9%
Shops & Services 9%
Marc's
Groceries
20,732 visits/mo
0.5 miles
Exxon
Shops & Services
2,129 visits/mo
0.4 miles
Domino's Pizza
Dining
1,508 visits/mo
0.3 miles
Teresa's Pizza
Dining
666 visits/mo
0.4 miles
Demographics for 44067, OH
19,995
Population
9,201
Households
2.2
Avg Household Size
49
Median Age
40%
College-Educated
94%
High-School Grad
17.2 sq mi
ZIP Area
1,163
Density / Sq Mi
$89,082
Median Household Income
$51,312
Median Earnings
$1,242
Median Rent
$234,800
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?
Self service car wash - Self-serve car wash on busy Aurora Road.
Where is this self service car wash located?
The property is located at 247 W Aurora Rd Northfield, OH.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: High‑traffic location on busy Aurora Road ensures strong visibility and customer flow.; Four‑bay self‑serve car wash provides immediate income potential.; Nearly half‑acre lot offers ample on‑site parking and potential for expansion.
