Two-Bay Self-Service Car
For Sale
$675,000
2926 State Route 28, Old Forge, NY 13420
Operating around the clock with automatic and self-service washing options.
Property Size2,108 SF
Price / SF$320.21
Days on Market9
Property Features for 2926 State Route 28
General Information
Standard status
Active
Size
2,108 SF
Additional Details
Business Included
Yes
Car Wash Bays
2
Amenities
Outdoor washing station
Building Details
Year Built
1972
Buildings
1
Abandoned
No
Listing Agency:
Benn Realty
(917) 698-3473
Listed By:
David Bradt · License #10401315222
Source:
Skinnercnyrealty
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 25 at 5:28AM
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 Benn Realty
Investment Insights
Based on property information with market context.
This 2,108-square-foot car wash at 2926 State Route 28 includes two washing bays: one automatic and one self-service. An additional outdoor wash station is positioned along the side of the building. The operation runs continuously, and equipment installed beginning in 2022 includes a PDQ LaserWash 360 touchless automatic system.
Located in Old Forge, the property serves a resort community with both seasonal and year-round traffic. The facility combines automated and customer-operated washing formats within a compact commercial building.
Located in Old Forge, the property serves a resort community with both seasonal and year-round traffic. The facility combines automated and customer-operated washing formats within a compact commercial building.
Key Highlights
- 2,108 SF car wash at 2926 State Route 28, Old Forge, NY
- Two bays: one automatic and one self‑service
- Additional outdoor washing station along the building’s side
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
$34,494
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
5.11%
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%
$689,880
$689.9K
Cap Rate 7%
$492,771
$492.8K
Cap Rate 9%
$383,267
$383.3K
Market Conditions
NOI Build-Up for 2,108 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
$50.6K $24.00/SF
− Vacancy
−$1.3K −$0.62/SF
EGI
$49.3K $23.38/SF
− OpEx
−$14.8K −$7.01/SF
NOI
$34.5K $16.36/SF
Area
Herkimer County, NY
Vacancy
2.60%
Lease Rate
$24.00 /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%
$689,880
Cap Rate 7%
$492,771
Cap Rate 9%
$383,267
Alternative Uses
Best Use
Retail
$492.8K
$431.2K – $574.9K
NOI $34,494 @ 7.0% cap · market cap 5.11%
Second Best
Specialty Retail
$389.5K
$340.8K – $454.4K
NOI $27,263 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$627.4K
$549.0K – $732.0K
NOI $43,921 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 13420, NY
1,263
Population
2,441
Households
0.5
Avg Household Size
55
Median Age
62%
College-Educated
91%
High-School Grad
148.2 sq mi
ZIP Area
9
Density / Sq Mi
$107,770
Median Household Income
$47,346
Median Earnings
$348,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self service car wash - Operating around the clock with automatic and self-service washing options.
Where is this self service car wash located?
The property is located at 2926 State Route 28 Old Forge, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,108 SF car wash at 2926 State Route 28, Old Forge, NY; Two bays: one automatic and one self‑service; Additional outdoor washing station along the building’s side
