Multi-Service Car
For Sale
$1,700,000
28735 Joy Rd, Westland, MI 48185
Facility includes vehicle wash areas, an RV dumping station, propane filling, storage, and detailing space.
Property Size10,080 SF
Price / SF$168.65
Days on Market60
Property Features for 28735 Joy Rd
General Information
Standard status
Active
Size
10,080 SF
Additional Details
Business Included
Yes
Service Bays
1
Amenities
propane filling station
RV dump station
storage
Building Details
Year Built
1960
Listing Agency:
Sunflower Realty LLC
Listed By:
Mariam Baydoun
(313) 747-0700
Source:
Katie-k
Added: Jul 18
Changed: Sep 14
Last Checked: Sep 14 at 3:59PM
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 Sunflower Realty LLC
Investment Insights
Based on property information with market context.
The property is a 10,080 SF multi-service car wash facility at 28735 Joy Road, Unit SourceFi, in Westland, Michigan. Improvements include dedicated wash bays for cars, trucks, and RVs, along with an RV dumping station, propane filling station, storage areas, and a detailing bay. Inventory and equipment are included in the sale.
The offering also includes two additional parcels, expanding the overall property footprint beyond the primary facility. The site combines vehicle-wash improvements with supporting services for multiple vehicle types. The property is being sold as-is.
The offering also includes two additional parcels, expanding the overall property footprint beyond the primary facility. The site combines vehicle-wash improvements with supporting services for multiple vehicle types. The property is being sold as-is.
Key Highlights
- 10,080 SF multi‑service car wash facility
- Dedicated wash bays for cars, trucks, and RVs
- RV wash bay with dumping station
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
$130,637
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
7.68%
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%
$2,612,740
$2.6M
Cap Rate 7%
$1,866,243
$1.9M
Cap Rate 9%
$1,451,522
$1.5M
Market Conditions
NOI Build-Up for 10,080 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
$181.4K $18.00/SF
− Vacancy
−$7.3K −$0.72/SF
EGI
$174.2K $17.28/SF
− OpEx
−$43.5K −$4.32/SF
NOI
$130.6K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /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%
$2,612,740
Cap Rate 7%
$1,866,243
Cap Rate 9%
$1,451,522
Alternative Uses
Best Use
Specialty Retail
$1.87M
$1.63M – $2.18M
NOI $130,637 @ 7.0% cap · market cap 7.68%
Second Best
Retail
$1.36M
$1.19M – $1.59M
NOI $95,510 @ 7.0% cap · market cap 5.62%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 38%
Electronics 2%
Wendy's
Dining
15,185 visits/mo
0.4 miles
Dollar Tree
Shops & Services
14,095 visits/mo
0.4 miles
Exxon
Shops & Services
11,612 visits/mo
0.5 miles
7-Eleven
Shops & Services
6,221 visits/mo
0.5 miles
Ram's Horn
Dining
4,695 visits/mo
0.4 miles
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Car wash - Facility includes vehicle wash areas, an RV dumping station, propane filling, storage, and detailing space.
Where is this car wash located?
The property is located at 28735 Joy Rd Westland, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10,080 SF multi‑service car wash facility; Dedicated wash bays for cars, trucks, and RVs; RV wash bay with dumping station
