Freestanding Auto Shop
For Sale
$350,000
268 W Lewis Avenue, Ash Fork, AZ 86320
1954 auto/mechanical building on a 0.33-acre lot, currently used as Cowper Garage with room for parking and storage.
Property Size744 SF
Lot Size0.33 Acres
Price / SF$470.43
Days on Market68
Property Features for 268 W Lewis Avenue
General Information
Standard status
Active
Size
744 SF
Lot size
0.33 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$791
Building Details
Building Size
744 SF
Year Built
1954
Buildings
1
Listing Agency:
RE/MAX Fine Properties
(928) 699-1917
Listed By:
Weston T Foster · License #SA689135000
(928) 699-1917
Source:
Sunhaven-realestate
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 9 at 1:58PM
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 RE/MAX Fine Properties
Investment Insights
Based on property information with market context.
This freestanding auto shop building was built in 1954 and is currently used as Cowper Garage. The property includes a 744 SF building designed for automotive or mechanical use, positioned on a 0.33-acre lot.
The site’s oversized lot supports practical operations, including space for parking and storage, with room for additional development. The property is located at 268 W Lewis Avenue in Ash Fork, and is described as part of Arizona Route 66 history.
With its existing garage configuration and generous lot area, the property is well suited to an owner-user seeking an automotive-focused workspace or an investor looking for a small commercial asset with room to expand the site’s use.
The site’s oversized lot supports practical operations, including space for parking and storage, with room for additional development. The property is located at 268 W Lewis Avenue in Ash Fork, and is described as part of Arizona Route 66 history.
With its existing garage configuration and generous lot area, the property is well suited to an owner-user seeking an automotive-focused workspace or an investor looking for a small commercial asset with room to expand the site’s use.
Key Highlights
- Built in 1954
- Currently used as Cowper Garage
- 744 SF auto shop building
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
$14,368
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
4.11%
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%
$287,360
$287.4K
Cap Rate 7%
$205,257
$205.3K
Cap Rate 9%
$159,644
$159.6K
Market Conditions
NOI Build-Up for 744 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
$21.6K $29.04/SF
− Vacancy
−$1.1K −$1.45/SF
EGI
$20.5K $27.59/SF
− OpEx
−$6.2K −$8.28/SF
NOI
$14.4K $19.31/SF
Area
Yavapai County, AZ
Vacancy
5.00%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
30.00%
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%
$287,360
Cap Rate 7%
$205,257
Cap Rate 9%
$159,644
Alternative Uses
Best Use
Industrial
$205.3K
$179.6K – $239.5K
NOI $14,368 @ 7.0% cap · market cap 4.11%
Second Best
Retail
$184.2K
$161.2K – $215.0K
NOI $12,897 @ 7.0% cap · market cap 3.68%
Theoretical Best
Warehouse
$249.2K
$218.1K – $290.8K
NOI $17,447 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 86320, AZ
2,111
Population
1,349
Households
1.6
Avg Household Size
55
Median Age
13%
College-Educated
82%
High-School Grad
806.8 sq mi
ZIP Area
3
Density / Sq Mi
$43,553
Median Household Income
$41,131
Median Earnings
$1,063
Median Rent
$186,600
Median Home Value
Market
Vacancy Rate% for Retail in West 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?
Auto shop - 1954 auto/mechanical building on a 0.33-acre lot, currently used as Cowper Garage with room for parking and storage.
Where is this auto shop located?
The property is located at 268 W Lewis Avenue Ash Fork, AZ.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Built in 1954; Currently used as Cowper Garage; 744 SF auto shop building
