Six-Bay Car
For Sale
$299,000
308 Lawndale Dr., Tupelo, MS 38801
Established car wash in central Tupelo with direct road access and a substantial commercial site.
Property Size2,400 SF
Price / SF$124.58
Days on Market35
Property Features for 308 Lawndale Dr.
General Information
Standard status
Active
Size
2,400 SF
Property subtype
General Commercial
Listing Agency:
(662) 871-8274
Listed By:
Wesley Webb Real Estate
(662) 871-8274
Source:
Xome
Added: Jul 18
Changed: Aug 18
Last Checked: Aug 21 at 5:18AM
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 Wesley Webb Real Estate
Investment Insights
Based on property information with market context.
This car wash property includes a six-bay facility measuring 2,400 square feet. The site provides 262 feet of road frontage and extends 465 feet in depth, offering a substantial footprint for the existing operation.
The property is located on Lawndale Dr. in central Tupelo, Mississippi. Its position within a high-traffic area supports direct customer access and exposure from the road. The existing six-bay configuration is the primary improvement on the site.
The property is located on Lawndale Dr. in central Tupelo, Mississippi. Its position within a high-traffic area supports direct customer access and exposure from the road. The existing six-bay configuration is the primary improvement on the site.
Key Highlights
- Six‑bay car wash facility
- 2,400‑square‑foot property
- 262 feet of road frontage
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
$24,894
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
8.33%
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%
$497,880
$497.9K
Cap Rate 7%
$355,629
$355.6K
Cap Rate 9%
$276,600
$276.6K
Market Conditions
NOI Build-Up for 2,400 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
$36.0K $15.00/SF
− Vacancy
−$2.8K −$1.17/SF
EGI
$33.2K $13.83/SF
− OpEx
−$8.3K −$3.46/SF
NOI
$24.9K $10.37/SF
Area
Lee County, MS
Vacancy
7.80%
Lease Rate
$15.00 /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%
$497,880
Cap Rate 7%
$355,629
Cap Rate 9%
$276,600
Alternative Uses
Best Use
Specialty Retail
$355.6K
$311.2K – $414.9K
NOI $24,894 @ 7.0% cap · market cap 8.33%
Second Best
Retail
$284.6K
$249.0K – $332.0K
NOI $19,922 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$450.7K
$394.4K – $525.9K
NOI $31,551 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Explore this area
Business Placement
Demographics for 38801, MS
29,795
Population
13,717
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
86%
High-School Grad
73.0 sq mi
ZIP Area
408
Density / Sq Mi
$63,447
Median Household Income
$35,596
Median Earnings
$954
Median Rent
$187,600
Median Home Value
Market
Vacancy Rate% for Retail in South 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?
Car wash - Established car wash in central Tupelo with direct road access and a substantial commercial site.
Where is this car wash located?
The property is located at 308 Lawndale Dr. Tupelo, MS.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Six‑bay car wash facility; 2,400‑square‑foot property; 262 feet of road frontage
